See attached file.
Read the Urban Outfitters Continuing Case Study (see attached file): Creating a business. You are to answers the following questions:
1. Identify at least three challenges when setting up a business. Explain why they are challenges.
2. Define what a "niche" product is. Give at least three examples of niche products.
3. Explain why a niche company might have an advantage in a market. Would price necessarily be an advantage? Explain why or why not.
4. Identify and explain three reasons why customers would pay more for exclusivity.
5. Explain how a niche player "chips away" at a larger competitor's base. Give three examples of retailers who have done this.
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Three challenges for new businesses are finding enough money, finding people who can work together successfully, and understanding the target market and how you can serve them. Finding enough money is difficult, especially if one doesn't have access to available money or limited credit. Making sure that when one finds money, the money is used in the most effective way is also a challenge. Proper methods of accounting and purchasing, making sure resources and stock have appropriate quality and value, and if there are transportation issues, that those working those understand the best methods of shipping and handling of products.
Beyond finding business partners and employees, a company should find an accountant that works well with the owner(s). Employees and partners should have the same goals for success and while they do not have to have the same work style, it is important that these differences are discussed and ...
A discussion on three challenges for businesses and about the niche' markets.