Diversification and Transformation of Business Models in Raw Material Companies

Abstract

A business model represents an enterprise’s strategic framework that defines how the company creates, delivers, and converts value for its customers into profit. It serves as the organization’s distinctive formula for generating sales, achieving operational cost efficiency, and managing investments and financing activities over both short- and long-term horizons. In response to emerging challenges – such as market pressures, sustainability requirements, the energy transition, and industrial digitalization – new business model concepts have emerged, integrating innovation, diversification strategies, and circular economy principles as essential drivers of adaptability and long-term competitiveness. The aim of this article is to present and analyze the evolution of business models in economic practice. The research methods employed are based on a comprehensive review and analysis of the literature as well as reports from selected enterprises. The findings indicate that the ongoing transformations in business models are fundamental in nature, necessitating a shift in traditional thinking and approaches to conducting business operations. Challenges arising from economic growth, including resource depletion, suggest that the transformation of traditional business models will be both inevitable and critical for future economic growth and development.