Eyeing The Future: Fanatically Focusing On Execution And Bra ✓ Solved

Eyeing the Future Fanatically focusing on execution and brand. That

Eyeing the Future Fanatically focusing on execution and brand. That’s how analysts describe the strategic approach of Warby Parker, a New York City eyewear startup that’s quickly disrupting the old-fashioned eyewear business. Co-founded in 2010 by David Gilboa and Neil Blumenthal (who are also now co-CEOs), Warby Parker has shown itself to be a fierce and successful competitor. So what does Warby Parker do? To appreciate what Warby Parker is doing, we need to look back at how the idea for the company came about. After leaving a $700 pair of Prada frames in a seat-back pocket on a flight while backpacking in Southeast Asia, Gilboa began questioning why he had a $200 iPhone in his pocket that had the technology to do a number of really cool things and yet replacing that pair of glasses—a technology that’s hundreds of years old—would cost way more than that $200 iPhone.

Like many other entrepreneurs, he believed there had to be a better way. His research exposed an industry that was a virtual monopoly with a very powerful eyewear supplier, thus the reason for the high-priced eyewear. Gilboa and a friend, who were both in Wharton’s MBA program, weren’t even sure they could take on such a powerful competitor until they teamed up with Blumenthal (also at Wharton). Blumenthal was rumored to know “more than pretty much anyone else in the world about how to work outside of the traditional eyeglass-supply chains.” Well, it didn’t take long for the crew to start selling eyewear online from a Philadelphia apartment.

Future Vision Today, Warby Parker designs and manufactures its own trendy, stylish frames and sells them directly to consumers over the Internet for an affordable $95 a pair. That price also includes prescription lenses, shipping, and a donation to VisionSpring, a not-for-profit where Blumenthal served as a director. The company has begun opening brick-and-mortar stores, with 11 open currently. Other growth plans include expanding their product mix, diversifying their frame selection into areas such as kids’ frames and glasses with progressive lenses, and exploring revolutionary technologies that would do eye exams online.

Warby Parker was named Fast Company’s Most Innovative Company of 2015 and was honored as a finalist in the 2014 USA Today Entrepreneur of the Year. Another thing Warby Parker does is its “Buy a Pair, Give a Pair” program, which benefits visually impaired individuals in developing countries. Meanwhile, to carry on the company’s success, Gilboa and Blumenthal will continue being disciplined in all they do, fanatically focusing attention on execution and brand. That future vision should help Warby Parker continue on its successful journey. Prepare a 2-page paper answering the following questions.

Paper For Above Instructions

Warby Parker’s strategic approach to planning and execution is not only revolutionary but necessary for their sustenance in the competitive landscape of eyewear. As Warby Parker looks to the future, goals will play a significant role in shaping the company’s direction. The establishment of clear, well-structured goals can instill a culture of accountability and focus within the organization. According to specific management theories, effective goals typically adhere to the SMART criteria—Specific, Measurable, Achievable, Relevant, and Time-bound (Doran, 1981). Therefore, setting such goals will enable Warby Parker to track its progress and adjust strategies as necessary.

Some key goals Warby Parker should consider include:

• Expand market share by 25% within the next five years by introducing new product lines.
• Achieve a customer satisfaction rate of 90% through enhanced customer service initiatives over the next three years.
• Increase online sales by 15% annually by optimizing the e-commerce platform and enhancing digital marketing strategies.
• Launch tailored eyewear products for children by the end of the next fiscal year.
• Establish five new retail locations each year for the next four years in strategic metropolitan areas.

These goals are designed to be quantifiable, targeting specific areas of growth and improvement for the company. Their achievement would require the dedication of resources and efforts, aligning the organizational workforce toward common objectives.

A variety of plans will be essential for Warby Parker to remain successful. Both long-term and short-term planning strategies will be necessary in the eyewear industry due to its rapidly evolving nature. Long-term plans might focus on strategic partnerships, product innovation, and geographic expansion. Short-term plans may include quarterly sales targets, marketing campaigns, and inventory management practices (Mintzberg, 1994). Long-term planning will be particularly important for adapting to changing consumer preferences and technological advances in eyewear.

The importance of these plans cannot be overstated; well-laid plans will guide Warby Parker’s decision-making and ensure its continued relevance in an intensely competitive market. Moreover, a structured approach to planning fosters responsiveness to changes in external environments, which can directly impact company performance (Harrison & John, 2011).

Contingency factors affecting Warby Parker’s planning efforts could include shifts in consumer trends, fluctuations in raw material prices, changes in regulatory policies, and technological advancements. For instance, the increasing prevalence of online shopping necessitated Warby Parker's initial e-commerce focus, but further technological developments could change the way products are marketed and delivered (Bharadwaj et al., 2013). If raw material costs rise unexpectedly, it could impact pricing strategies, requiring swift adjustments to forecasted profit margins and market positioning.

Similarly, sociocultural factors like shifts in consumer attitudes towards sustainability can shape purchasing decisions. Warby Parker has already demonstrated its commitment to social responsibility through initiatives like “Buy a Pair, Give a Pair.” However, as these trends continue to evolve, staying ahead of consumer expectations will be critical. Anticipating these shifts can allow Warby Parker to shape its strategies proactively rather than reacting to crises or declining trends (Kotler & Keller, 2016).

In conclusion, strategic planning for Warby Parker involves the careful establishment of goals that are measurable and relevant, paired with both long-term and short-term planning. Acknowledging the potential contingency factors that may impact these plans is crucial for preparing successful adaptive strategies. By remaining disciplined and focused on their execution and brand while being responsive to the external environment, Warby Parker can continue to thrive in the competitive landscape.

References

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