Urban Outfitters Continuing Case Study Essay Example | Topics and Well Written Essays - 1000 words

Urban Outfitters Continuing fortune Study - Essay ExampleHowever, small businesses are an asset to any country and really provoke the overall GDP. Limited funds are a challenge as they have a submit 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 affluent cash to carry on with the daily operations, and hence, capital is invariably the main concern. The location is of utmost immensity especially in the case of the retailer. In the case study Urban Outfitters decided to focus their memory board openings near colleges so that the students seeking for funky designs and used vesture can easily purchase in close proximity. Location in terms of clusters and target market are factors to be considered. The proximity and comical distribution creates exclusivity and helps companies with their corner marketing tactics. Employing efficient human resource is vi tal 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) restore 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 blue potential market which is small in size but profitable to cater. The specific product features intentional are aimed to satisfy a specific market (Advantages of Niche Marketing 2009). In erect to pester this sort of a potential market, the gap in the market has to be identified. These can be customized items as well 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. ply 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 institutionalize can be websites that provide wait ons for specific categories for example finding your perfect match online, relationships and dating. such(prenominal) services fulfill the needs of thousands of people but are very limited in its service and not mass marketed. Q3) Explain wherefore a niche company might have an receipts 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 client 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. Therefo re, the niche market allows the company to do out energy on reaching out to the right people. resources are not wasted in mass marketing but are instead focused on serving the small share 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