旅行業扮演者將觀光資源從供應端加以整合,再銷售予消費者的角色。然而,旅行業有其脆弱性,除了受經濟、政局等外在環境因素所影響,旅遊資訊揭露不完全,使得消費者易於以價格為選擇之依據,業者則容易陷入削價競爭的價格戰中。此外,旅遊行程不受專利保護,當業者投入成本開發旅遊行程,另一家業者易於模仿、複製。全台旅行社近三千家總公司、八百多家分公司,如何維持自身競爭優勢的可持續性,成了關鍵的課題。因此,本研究從商業模式的角度來分析旅行業的經營,企圖回答「旅行業的商業模式思考及執行流程為何?」 本研究首先回顧旅行業之定義、特性與產業結構,並回顧商業模式與價值鏈之文獻。再藉由訪談與次級資料之蒐集,以商業模式十大元件為探針,結合個案研究與紮根理論方法,找出選定個案的關鍵活動與其價值鏈,以提供其他業者參考,使其明確的定位並設計出屬於自己的價值鏈,創造更多利潤。;Travel agencies play an integrating role between suppliers and customers. However, numerous factors affect travel agencies. In addition to economics and politics, information asymmetry influences the industry. When information in the market is incomplete or imperfect, customers tend to choose low-priced travel products. To attract customers, travel agencies reduce prices, engaging in price wars with competitors. Furthermore, once a travel agency assumes the costs of developing new travel products, competitors can imitate it easily because of the lack of patents for these products. For travel agencies in Taiwan, which total approximately 3,000 head offices and 800 branches, maintaining a sustainable competitive advantage is critical. Accordingly, this study explored how Taiwanese travel agency business models are developed and implemented. In this study, the literature concerning travel agencies was reviewed to understand their characteristics and the industrial structure. Additionally, the literature regarding business models, value chains, and competitive advantage was reviewed. Furthermore, data were collected through interviews and secondary data sources. A grounded theory approach was employed for data analysis by using the components of certain business models as probes. This study combined a case study and grounded theory research method to determine key activities and devise value chains for the case company. The results of this study could be referenced by travel agencies in developing their own value chains.