How managerial reflection initiates demand-side business model innovation

Purpose Changes in the business environment present opportunities and challenges for companies, requiring managerial attention and active sensemaking concerning demand-side factors. In such situations, it is often necessary to challenge existing beliefs and mental models within the organisation by examining how these changes may impact the company's business model (BM). Aligned with the cognitive approach in business model innovation (BMI) research, this paper aims to develop a conceptual framework and propose a diagnostic tool to support managerial reflection. Design/methodology/approach The paper offers a conceptual analysis that draws on recent research in BMI and marketing. Findings The study proposes guidelines to support managerial reflection on the BM in use, focusing on key demand-side elements – customers, offerings, and markets – as well as three expressions of the BM – doing, observing, and thinking. Research limitations/implications The discussion concentrates on demand-side aspects of BMs. Practical implications This paper introduces a tool designed to inspire and support individual managers in reflecting on and renewing their company's BM in response to changing business environments. Originality/value This study builds on three core foundations: (1) a focus on demand-side phenomena in BMs, (2) the adoption of a cognitive perspective on BMI, and (3) attention to the role of individual managers within organisations during the early stages of BMI. The primary contribution is an enhanced understanding of the role and nature of managerial reflection in BMI.