What is Variety

The basic functions such as production, marketing, and finance continue to be the same from an agricultural economy to an industrial economy. Business processes, procedures, methods, strategy, management thinking, and approach related to basic functions have been changed due to global market competition. Consequent to global competition, business activities have become more complex. Due to this complexity, the type and quantum of information required by the business enterprises are increasing. It is interesting to note that information and communication technology is providing many new concepts to handle and manage the complex information to remain competitive in the global market. The concepts such as big data and cloud computing along with other collaborative technology facilitate creating conceptual business models for facing realities in the global market. This chapter mainly explains with two case illustrations of the importance of the above concepts for developing business models for textile and retail sectors.