This article suggests that the definition of a business model depends on the application context: products, platforms, or ecosystems. Building on existing literature and illustrative examples, the paper clarifies the business model construct by emphasizing the context of analysis. The article presents three different approaches for evaluating business models in different settings and delin- eating the context-specific characteristics for each business model. Also, the paper strengthens the explanatory power of the business model concept beyond the boundaries of a focal firm, offering clarity to complex settings without a clear division between a supplier and a customer.