A systematic approach for developing a new business model using morphological analysis and integrated fuzzy approach

  • Authors:

  • Kwanyoung Im;Hyunbo Cho

  • Affiliations:

  • Department of Technology and Innovation, Management, Pohang University of Science & Technology, San 31 Hyoja, Pohang 790-784, Republic of Korea;Department of Creative IT Engineering, Pohang University of Science & Technology, San 31 Hyoja, Pohang 790-784, Republic of Korea and Department of Industrial and Management Engineering, Pohang Un ...

  • Venue:
  • Expert Systems with Applications: An International Journal
  • Year:
  • 2013

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Abstract

Despite the growing importance of developing a novel business model, most previous studies on business model remain conceptual and theoretical. A paucity of empirical studies has hindered the use of the business model concept in practical purposes. Hence, this study proposes a systematic approach to new business model development (NBMD) that helps business practitioners to develop, evaluate and select the best business model to meet the business objectives. The proposed approach comprises two stages: identification of business model alternatives and business model evaluation and selection. During the first stage, a set of business model alternatives are derived by exploring all the possible combinations of a morphological matrix, and in the second stage, we conduct an evaluation and selection of a suitable business model. Morphological analysis (MA) has been employed for the derivation and aggregation of business model alternatives, and decision-making approach that integrates fuzzy extent analytic hierarchy process (FAHP) and fuzzy technique for order of preference by similarity to ideal solution (TOPSIS) methods is used as an evaluation and selection tool. Finally, to illustrate the applicability of proposed approach, a case study on the development of a business model for a Telco has been presented.