..., adjusted by costs. This paper introduces a conceptual framework that helps understand value creation and appropriation in demand-driven markets and shows how to influence them through strategic decision-making. Design/methodology/approach This paper uses an axiomatic approach combined with an extended...

... to understand regarding BMI. Originality/value The main value of this study lies in its synthesis of the current knowledge of BMI. Business model innovation (BMI) is considered an emergent phenomenon. It represents a new activity system that includes innovation, value creation, and the value capture...