The lifecycle model is well-attuned to those product areas that have rapid product lifecycles and the need to continually bring new innovation into key markets. The lifecycle model of creating new ventures looks to capitalize on factors that will force a business to ascend or grow quickly over time. This is the case with Internet start-ups and the rise of e-commerce for example (Shi, Manning, 2009). The learning model is significantly different from the other two as it concentrates on creating a knowledge-sharing network within which information, insight, both tacit and explicit knowledge is shared throughout the network of people striving to create an effective business model (Shi, Manning, 2009). The learning model is the precursor to a business model becoming a knowledge-sharing network over time (Leavy, 2010). This type of model places knowledge at the center of the competitive advantage for any company first and then builds out the processes and systems necessary to attain competitive advantage.

What is meant by the term business approach and methodology?

The business approach of a business model concentrates on the underlying series of assumptions of the business model is based on, and the methodology used for fueling new tacit and explicit knowledge in the company as well (Shi, Manning, 2009). This focus on business approach also strives to define the creation of value through knowledge-sharing networks as well (Shi, Manning, 2009).

What is meant by the...

Business modeling from an architectural standpoint refers to the development of a business model that can scale to keep pace and in step with customers' needs and preferences over time as well (Leavy, 2010).
References

Carolyn Heller Baird, & Cristene Gonzalez-Wertz. (2011). How top performers achieve customer-focused market leadership. Strategy & Leadership, 39(1), 16-23.

Ghezzi, a., Balocco, R., & Rangone, a.. (2010). How to get strategic planning and business model design wrong: the case of a mobile technology provider. Strategic Change, 19(5/6), 213.

Phillip a. Laplante, & Colin J. Neill. (2004). Opinion: The Demise of the Waterfall Model Is Imminent. ACM Queue, 1(10).

Brian Leavy. (2010). A system for innovating business models for breakaway growth. Strategy & Leadership, 38(6), 5-15.

Porter, Michael E.. (1986). Changing Patterns of International Competition. California Management Review, 28(2), 9.

Shi, Y., & Manning, T.. (2009). Understanding Business Models and Business Model Risks. The Journal of Private Equity, 12(2), 49-59.

Wikstrom, K., Artto, K., Kujala, J., & Soderlund, J..…