EVOLUTION OF BUSINESS MODELS DURING THE COVID-19 PANDEMIC

Year 2022, , 89 - 92, 30.07.2022

Suat Teker Emre Orendıl

https://doi.org/10.17261/Pressacademia.2022.1583

Abstract

Purpose - The purpose of this study is to propose a comprehensive definition for business models, reviews and summarizes the findings of a
previous work by Guckenbiehl and Corral de Zubielqui (2022) about how business models have evolved by providing insights from reshaped
businesses during the COVID-19 pandemic.
Methodology - In this study, an extensive literature review is followed to learn about definition of business models and how business model
have been adapted or even innovated during the times of the COVID-19 pandemic.
Findings - Construction of a well-planned business model is a requirement for an organization to reach success. In the times of disruptive
events, business models go through adaptive or innovative changes which is a necessity for survival and further success. It is observed that
organizations generate different responses to crises (e.g., the COVID-19 pandemic) in means of business model changes. The understanding
of these differences is facilitated by the aforementioned work through grouping organizations in six different clusters.
Conclusion - The structure of a business model prior to the COVID-19 pandemic was also one of the determinants of a business’s response
to the pandemic. Businesses either made no changes in their business models, or made notable innovations, or little adaptations in response
to the disruptive environment.

Keywords

Business models, adaptation, innovation, COVID-19, pandemic

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