URBAN OUTFITTERS CONTINUING CASE STUDY

Urban Outfitters Continuing Case Study

Urban Outfitters Continuing Case Study

Introduction

Urban Outfitters is a specialty retailer that boasts a kind of merchandise. The business encourages its goods exactly to and for the consumer. Each shops administration group double-checks that no two shops are alike, Urban Outfitters deal originality. In setting up its enterprise Urban Outfitters functioned without liability, with allotments of individual effort by every individual engaged, and with no need of entrepreneurial ingenuity. There are often many of trials when setting up any kind of business (Whittemore, 2009).

 

Identify at least 3 challenges when setting up a business. Explain why they are challenges.

Know the basics of enterprise management

Not understanding the ins and outs of beginning up a enterprise is a dispute inside itself. You require to be adept to realize the rudimentary purposes of a enterprise (i.e. accounting, investment, administration, trading, output, and planning). In supplement to understand the rudimentary purposes you require to be a large salesperson.

 

Insufficient income

You can have the best trading concepts and an very good administration group, but if there is not sufficient cash to cover the costs then you lose. The need or decline in earnings is due to diverse causes, for example down turn in administration anxieties, income not sufficient to cover enterprise functioning costs, and poor cash administration, just to title a few. This determinants smaller wages, declined motivation, declined productivity and declined profits (Davis & Senk, 2009).

Low motivation

Low motivation is one of the most significant causes for the challenge. Usually this occurs because the proprietor does not understand what they propose on managing as far as their enterprise aim is concerned (Chin, 2009).

 

2.  Define a “niche” product. Give 3 examples of “niche” products.

“Niche” merchandise is merchandise that is conceived and sold to apply to focused interests; they are distinct from all other products (Barry, Lewicki & Saunders, 2007).

Laptop fans

Bebe clothing- begun in 1976 by Manny Mashouf

I-Phone

 

3. Explain why a niche company might have an advantage in a market. Would price necessarily be an advantage? Explain why or why not?

The benefit of a niche business is that it often focuses in a merchandise or service that assists a lesser piece (niche) of the market. Niche market permits you to expert a merchandise or service conceived to assist only one kind heritage in the market. This permits the benefit to solely aim on an one-by-one centre competency (Chin, 2009). The ...