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The present study provides a conceptualization of the business model construct from which a multi-dimensional evaluation tool is developed that provides the basis for drawing up a taxonomy and analysing its comparative efficacy. The empirical data was obtained from a sampling of 159 Spanish business organisations. The cluster analysis revealed the existence of four business models that were designated as “multidivisional”, “integrated”, “hybrid” and “network”. The results also indicate that the adoption of a certain business model is not enough to attain superior performance, highlighting the need to consider other contingent factors.