1. Why do you think Urban Outfitters has been so successful? What can other firms learn from Urban Outfitter's success? What is their strategy? ➢ Urban Outfitters has been so successful because of its ability to introduce diversification in its market. It has been able to attract shoppers by introducing an eclectic mix of full price clothing and also introduce home goods in most of its stores.
➢ Secondly, it has managed to give employees a chance to create their own displays in the shopping stores thus creating a broad range of ideas, products and modern fashion clothing to offer to their consumers.
➢ Urban Outfitters has managed to make big profits by going global. It has managed to open new stores in different countries and also introduce new products to sale; Terrain is one of its stores that was opened in April. Terrain sells gardening and antiques products which are aimed at baby boomers.
➢ Efficiency improvements have also played a big role towards the success of Urban Outfitters. By using technology to track sales by color, sleeve type and other attributes it has managed to reduce cost of the surplus created from not selling those products that are still in the market (products which aren’t selling). Also by making supply chains more efficient through the introduction of new talent and creating more jobs Urban Outfitters has made more profit. What other firms can learn
Firms should know that diversification and the introduction of new products plays an important role towards the success of a company. Secondly if a company has put into play a proper vision and mission statement and make sure that it’s being followed and implemented then often a company will be successful. An effective strategy also has to be introduced; the strategy has to be evaluated and implemented to make sure that the company reaches its objectives. Urban Outfitter’s Strategy
The strategy is to create a different...