Challenges When Setting Up a Business Read the Urban Outfitters Continuing Case Study: Creating a bu

Challenges When Setting Up a Business

Read the Urban Outfitters Continuing Case Study: Creating a
business You are to write a 3 report that 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