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Administrative Science Quarterly (forthcoming)
The term “business model” has attracted much attention among both practitioners and scholars, especially in the area of strategic management. Writers for both audiences have tended to focus on identifying alternative business models (e.g., by assessing the business models of incumbents versus disruptive entrants in a sector) and explaining why some business models are more successful than others. Generally, some combination of value proposition, choice of market, choice of activities, and how a firm captures value is thought to explain competitive success.