A Niche Business
URBAN OUTFITTERS CASE STUDY
Identify at least three challenges when setting up a business. Explain why they are challenges.
There are many challenges to starting up a business but starting a “niche business” has challenges of its own. One of the first and most important challenges is to find a unique idea or product to sell. Another concern should be finding the right name for the (going forward we will use product as our example) product. The name is vital to the success of the business. It should have a name that will peak the consumers curiosity enough take the next step to look into what it is. Once the product and name is decided it must be researched looking for any previous exclusive rights to either the name or product. If neither has been previously obtained, then the process of patenting and trademarking can begin. In the case of starting an “on line” business it is crucial to find an experienced web designer to setup the website. This site can make or break the business. It must have many key words to direct the consumer to the site. The home page must be an attention-grabber so the consumer won’t leave your site. The longer it is reviewed the better chance of a sale.
Define what a “niche” product is. Give at least three examples of niche products.
A niche product means a product that is sold as a spin off from a much larger product market. It is designed to satisfy a want or need of a smaller group or location. It may be unique or a novelty that cannot be reproduced by another person or company. For example a major makeup company sells makeup, but then puts out a line of makeup for consumers who have allergies. Another would be a handcrafted item because it cannot be duplicated exactly the same way as
URBAN OUTFITTERS CASE STUDY the original item. Novelty items like the one that came out about twenty years ago where someone made pets out of rocks.
Explain why a niche company might have an advantage in a market.
Identify at least three challenges when setting up a business. Explain why they are challenges.
There are many challenges to starting up a business but starting a “niche business” has challenges of its own. One of the first and most important challenges is to find a unique idea or product to sell. Another concern should be finding the right name for the (going forward we will use product as our example) product. The name is vital to the success of the business. It should have a name that will peak the consumers curiosity enough take the next step to look into what it is. Once the product and name is decided it must be researched looking for any previous exclusive rights to either the name or product. If neither has been previously obtained, then the process of patenting and trademarking can begin. In the case of starting an “on line” business it is crucial to find an experienced web designer to setup the website. This site can make or break the business. It must have many key words to direct the consumer to the site. The home page must be an attention-grabber so the consumer won’t leave your site. The longer it is reviewed the better chance of a sale.
Define what a “niche” product is. Give at least three examples of niche products.
A niche product means a product that is sold as a spin off from a much larger product market. It is designed to satisfy a want or need of a smaller group or location. It may be unique or a novelty that cannot be reproduced by another person or company. For example a major makeup company sells makeup, but then puts out a line of makeup for consumers who have allergies. Another would be a handcrafted item because it cannot be duplicated exactly the same way as
URBAN OUTFITTERS CASE STUDY the original item. Novelty items like the one that came out about twenty years ago where someone made pets out of rocks.
Explain why a niche company might have an advantage in a market.