Value is a key concept in the business model literature. Yet business models are not only about value and how it is created. They are also key to understanding how organisations create outcomes for stakeholders and impact the natural environment and society. So far, however, business model studies have paid little attention to the conceptual differences and particularities of outcomes, impacts and value. This prevailing vagueness is critical. Lacking an understanding of how organisations create outcomes and impacts while aiming to create value with and for their stakeholders can harm both communities and the organisations involved, despite their best intentions.Hence, this article clarifies the differences between business model outcomes, impacts and value and offers an activity system theory-based framework to map and analyse business models. Using the example of TOMS, this article shows how changes in a business model's activity system influence the outcomes, impacts and value it creates. Finally, we argue that a stakeholder perspective is necessary but insufficient to understand the system-level impacts of business models and that it needs to be complemented with a systems theory lens.

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