Warby Parker
Warby Parker, a new concept in eyewear was founded by four friends in business school who felt that the best businesses comes from creating solutions to accommodate real needs. Their objective was to create boutique quality, classically crafted eyewear at a much lower price compared to other retailers. Their glasses starts at $95 with prescription and for every pair of glasses sold, a pair is distributed to someone in need. By cutting down the middleman and selling directly through customers without the use of physical storefronts, they were able to offer high-end quality glasses at reasonable prices.
Warby Parker’s strategic approach is focused on governance and strategy as well as always making sure that they are in the right path to achieving their mission and vision that they had set out when they first started the business. The owners believe that it is important for young companies to create systems up front to ensure good governance of the business. They also feel that new entrepreneurs need to have a strong believe in the business that they are conducting and have their business grounded in strong data. Warby Park believes that they owe their success from careful discussions and friendly debates about every single contingency while pushing one another in a positive way. This leadership approach belongs to the Symbolic and human resource framework approach of leadership where leaders in the organization are empowering, supportive, inspiring and visionary.
Warby Parker’s currently targets the young and hip with its vintage inspired eye wear designs. In the next ten years they are hoping to widen their target demographic to cater to everyone who wears eyeglasses. Their products are mostly sold exclusively online or by appointment at their corporate headquarter in New York City. Customers are able to try on glasses online by utilizing facial recognition software on their website or have five frames sent to their home to try on with no obligation to purchase.
I believe as a young a company starting out that this is the most strategic market for this company. The approach to selling eyewear exclusively or majorly online is a fairly new concept and therefore the young and hip will be the best target market for such a concept. The young and hip demographic is also one that has the ability to drive change as well as the ability to generate acceptance of new concepts within the masses outside of their own demographic.
Warby Parkers strategy approach has helped them to create a sustained competitive advantage through the investment of corporate social responsibility to enhance customer value. Warby Parker business model shows how a for-profit organization should behave by being an engine for social change and positive impact as well as thinking about all the stakeholders that are involved in the process. Warby Parker partnership with VisionSpring to deliver glasses to somebody in need for every pair sold has created a sustained competitive advantage for the company as they are getting their customers involved in making a positive impact with them. Customers who purchase from Warby Parker will not only hip and cool with their new glasses but will also feel satisfied that their purchase is creating a positive social impact.
