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Urban Outfitters Continuing Case Study - Essay Example

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The biggest challenge in setting up a business is capital. Either the entrepreneur has his own money or needs to borrow. Borrowing has several issues depending on the type of business opening, its security, and long term success anticipation. …
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Urban Outfitters Continuing Case Study
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"Urban Outfitters Continuing Case Study"

Download file to see previous pages However, small businesses are an asset to any country and really enhance the overall GDP. Limited funds are a challenge as they have a direct effect on the growth of the business because there is pressure to pay off debts and concentration on growth is low. Even once the initial investment is made, there might not be enough cash to carry on with the daily operations, and hence, capital is always the main concern. The location is of utmost importance especially in the case of the retailer. In the case study Urban Outfitters decided to focus their store openings near colleges so that the students seeking for funky designs and used clothes can easily purchase in close proximity. Location in terms of clusters and target market are factors to be considered. The proximity and unique distribution creates exclusivity and helps companies with their niche marketing tactics. Employing efficient human resource is vital for creating an impact on consumers. In the case study, Richard and Belair, had entrepreuniral skills and a genuine interest in running their business, therefore they did a good job. Q2) Define what a "niche" product is. Give at least three examples of niche products.  A) A niche product is the one made and marketed for a small but profitable market. It is made for a high potential market which is small in size but profitable to cater. The specific product features designed are aimed to satisfy a specific market (Advantages of Niche Marketing 2009). In order to tap this sort of a potential market, the gap in the market has to be identified. These can be customized items too for example a cake shop customizing cakes for every individual according to their choice. Occasions are always brightened with some delicacy and catering to a customized market can be profitable. Catering to the elite by exclusively creating something can also be called a niche product for example a Rolls Royce. Catering to a particular demographics, class and personality all create niches. A case in point can be websites that provide services for specific categories for example finding your perfect match online, relationships and dating. Such services fulfill the needs of thousands of people but are very limited in its service and not mass marketed. Q3) Explain why a niche company might have an advantage in a market. Would price necessarily be an advantage? Explain why or why not.  A) Customization and exclusivity creates the importance of a niche market. Besides these factors, satisfying the needs of specific demographics in itself is an advantage because the customer feels his/her specific wants are been catered too. In the case study, the stores were located near colleges and the college students were being targeted, therefore, the sale of used clothes was identified as the missing gap for college students that have an economical budget. Therefore, the niche market allows the company to exert out energy on reaching out to the right people. resources are not wasted in mass marketing but are instead focused on serving the small segment of loyal customers. Price may not necessarily be an advantage as seen clearly in this case study. Richard and Belair identified the needs of college students and then further increased their product line in order to synchronize the unique feel and look of each store. Many businesses in the world that operate in niche markets do have an advantage over price such as Lexus that produces limited cars and earns ...Download file to see next pagesRead More
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