Management of Art Galleries – Business Models - Universität St.Gallen

Conceptual Basis 19 / 225Impact of SFinterviewees- SF (if known) can easily becopied and lose their impact- Using average values is notuseful in achieving greaterimpact- SF can describe only onecomponent in the success of afirmbut is secured as far as possiblethrough transparency and controlmechanisms- SF represent only potentialcompetitive advantages- SF develop their own dynamicSource: Adapted from Bauer & Sauer (2004), Fritz (2004), Ghematwat (1991), Homburg & Krohmer (2004) andNicolai & Kieser (2002a)The discussion above illustrates that most criticism of success factor research revolves aroundmethodological flaws. Although each researcher highlights the practical usage of the successfactor approach, the limitations are obvious. Success factor research maps several factors thatdescribe the success of a company. However, by reducing the complexity of the success formula,key components might be left out of the equation. Furthermore, there are severe doubtsconcerning validity, generalisability and reliability.2.1.4 Relevance and Application of Success Factor Research for This DissertationThe identification of success factors in art galleries is part of the research question of this study.As indicated above, the success factor concept is a valuable tool in identifying the core featuresof success in art galleries. However, in order to avoid potential errors that might bias theoutcome, we must heed the issues mentioned above.In order to avoid error, three safeguards are applied: (1) The scientific research approach must besound and refer to most common standards. This responds to criticism from the scientificcommunity concerning methodological faults when applying the success factor approach.(2) Success factor research is applied in combination with the business model concept. Asliterature suggests, the business model concept has proved to be a valuable tool for analysingbusinesses (Baden-Fuller & Morgan, 2010; Boehnke, 2007; Chesbrough, 2010; Teece, 2010).This combination of two theoretical constructs helps to identify those factors that are mostrelevant. (3) Through the unique combination of qualitative and quantitative research, theidentification of success factors will be double-checked. This ensures that critical factors arespotted and interdependencies discovered.2.2 The Business Model ConceptThe concept of the business model is the unit of analysis in this dissertation and is introduced inthis section.The following part is divided into four: (1) A brief overview of the evolution of analysisperspective in management science is given. (2) Several business model definitions are