Urban Outfitters Continuing Case Study

1640 words - 7 pages

Urban Outfitters Continuing Case Study Part 1:
The business environment
Connie Beach
Professor John Kell
Introduction to Business – BUS 100
October 30, 2009

Urban Outfitters Continuing Case Study Part 1:
The business environment
The business environment plays a key role in determining whether a business, or our economy, succeeds or fails (Kelly & McGowen, 2009, p. 7). In this report we will be answering the following questions:
1. What three barriers might a new entrant have to overcome when entering the retail industry?
2. What three factors would you have to know about your customers when entering the retail apparel market?
We will also give examples of at least three ...view middle of the document...

They would need the business plan in order to get the loan; it will give the banker the insight into the entrant’s business information and how they will succeed.
The biggest barrier would be the new entrant themselves. They feel that they do not have the time to start a business, yet time is something that they can control. They feel that they don’t have the resources and afraid of losing their benefits. But there are cost-saving healthcare benefits out there. They may feel that they won’t get their family’s support, when they just need to explain their plans, their family will see that the entrant had thought this through. And then not having the courage, but these are just excuses. From an interview with Tony Magee, the CEO of Lagunitas Brewery, on My PrimeTime, “It’s a matter of learning to accept fear as a silent companion you can beat every day” (Zahorsky, para.5). They should use their fear to their advantage.
What three factors would you have to know about your customers when entering the retail apparel market? The first factor would “know your customer”. Who are they? Where do they live? And what characteristics do they have in common? They could be young, old, men, women, and/or children. There is some detailed research to getting this information. You could do surveys, study the map of the surrounding area, and enter this information into a database. You need to know your customer before you can know what they want (Watkins, 2001).
This brings the second factor. What do they want? What do they need? You need this information to know what products will be successful. And it is not just the products; they want excellent customer service; they want to be listened to. If they go into a store and receive terrible customer service, you have lost that customer. It is so much easier to keep a customer than to make a new one.
Which brings the third factor, “How to keep their loyalty”? You do this through exceptional customer service, (the customer is always number one), start a customer loyalty program, and keeping in touch, (keep them informed of new products and any special offers).You need to know how to keep them happy; and ask yourself how would you want to be treated. You want that customer to keep coming back and also to do your advertising for you by telling others about your business (Schmidt).
Here are examples of at least three popular retailers who have understood their market and been successful. The first is Wal-Mart. They are ranked 2nd on the Fortune 500 List (Fortune 500 2009: Fortune 1000 Companies 1 - 100, 2009). Wal-Mart is the world’s largest retailer. It began from a simple belief from founder Sam Walton: “Offer shoppers lower prices than they get anywhere else” (Wilbert, para. 1). That belief built its culture and propelled its growth. Because Wal-Mart is so large, they are able to keep their prices low through cutting edge technology, their culture and pushing their suppliers to sell their merchandise at low...

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