Read the Urban Outfitters Continuing Case Study: Creating a business. You are to write a 3 report that answers the following questions:
Problem 1. Identify at least three challenges when setting up a business. Explain why they are challenges.
Problem 2. Define what a niche product is. Give at least three examples of niche products.
Problem 3. Explain why a niche company might have an advantage in a market. Would price necessarily be an advantage? Explain why or why not.
Problem 4. Identify and explain three reasons why customers would pay more for exclusivity.
Problem 5. Explain how a niche player chips away at a larger competitor's base. Give three examples of retailers who have done this.