Understanding business model - literature review of concept and trends

This article undertakes the literature review to understand the emerging trends on the conceptualisation of business model theme. The purpose of this article is to stimulate the reflective introspection towards the feasibility of theoretical grounding of business model concept based upon the comprehensive review of the existing academic literature around business model theme. Since 1990s, business model theme has received increasing attention as a recipe for competitive advantage among the academic and practitioner communities. However, despite the attention, business 100 S. Goyal et al. model theme still lacks consensus on different attributes like definition, components, theoretical baseline, configuration and applicability for the emerging economies. The purpose of this article is to synthesise the research literature on business model theme and provide the diagnostic outcome of the same in terms of future scope and trends.