Building a sustainable business model as a function of the company's strategy and specific characteristics
Department of Social Sciences, University of Architecture, Civil Engineering and Geodesy, 1 Hristo Smirnensky, 1046 - Sofia, Bulgaria.
Research Article
Global Journal of Engineering and Technology Advances, 2024, 20(02), 187–198.
Article DOI: 10.30574/gjeta.2024.20.2.0155
Publication history:
Received on 11 July 2024; revised on 24 August 2024; accepted on 27 August 2024
Abstract:
Purpose: Sustainable development requires a radical change in strategic company behavior and the creation of a completely new business model, a problem that in recent years occupies an increasingly large place in theoretical research. The purpose of the research is:
· Defining a sustainable business model, a function of company strategy,
· Development of different sustainable business models, as a function of the strategy and specific characteristics of the company.
Method: The research uses a method based on data collection and processing in an open and standardized way.
Results: The results of the empirical study should demonstrate the relationship between building a sustainable business model, as a function of the strategy and specific characteristics of the company, and realizing competitive advantages.
Empirical research was conducted among 45 companies with different characteristics, operating in different markets.
Conclusions: The study and conclusions summarize several possibilities for building a sustainable business model, as a function of strategy and company specifics: 1) Transformation of the current business model into a sustainable business model in large, market-established companies, 2) Building a new sustainable business model in start-ups where an entirely new organization is created, 3) Through transfer and diversification in small and medium-sized companies, as a result of participation in strategic alliances.
Keywords:
Sustainable Development; Dynamic Capabilities; Company Strategy; Sustainable Business Model; Competitive Advantages
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