Question

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. Why? “One word, deliberate.” They are disciplined about their brand, but embrace and exploit technology in disrupting the staid and conservative way eyewear has traditionally been sold. 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.^{57 (Links to an external site.)} 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.

1. What role do you think goals might play in planning for Warby Parker’s future? List some goals you think might be important. (Make sure these goals have the characteristics of well-written goals.)

2. What types of plans would be needed in an industry such as this one? (For instance, long-term or short-term, or both?)Explain why you think these plans would be important.

3. What contingency factors might affect the planning efforts of Warby Parker executives? How might those contingency factors affect the planning?

Answer 1

Answer-) I think that setting goals plays a major role in success. It clears gives and clarity to what we want to achieve and also shows a path the we have to follow. Without setting goals or target, a company cannot survive in the long term . In the case of Warby parker's future, goal setting will play a crucial role in their operations and as well as expansion. Without goals, the Employees wont have any meaning to work and will be lost . Warby parker's vision and goals only will help them set benchmark in various functions and what is required bto be done.

Some goals that might be important for Warby Parker are as follows -

1-) The first and foremost goal is to make the website more user-friendly. The goal should be continuos innovation in Technology so that the online business is more convenient, users get recommended products based on their previous buyings, 3d virtual face mapping where people can actually see in virtually 3d model how the glasses will look upon them etc, so the goal should be innovation and development in certain areas.

2-) The second goal should be penetrate more into deeper markets by online delivery and by brick & mortar stores so that their glasses can reach into semi urban areas. This will help the company to increase its revenue and explore new markets.

3-) Adding more varieties of frames and lenses , so that the customers have nice collection to look upon and can also customise the look they want. Adding more brands so that more customers can come in.

4-) An important goal shall be to work in the supply chain management where faster deliveries can be done. Building a strong and automated process by which order can be collected from the vendor , packed , shipped and delivered to the customers .

5-) The goal is to build the brand. As Warby parker does charity work , it is important that the charity plays a positive role in business where people can know by their buying , some poor people are getting benefited. This brand image should be developed by various campaigns and advertisings.

A hybrid of long term and short plan is to be needed because in this type of Industry, uncertainty is huge. People might not like the products that they are selling, or some other competetors can also pop up which sells the same type of glasses in a lower cost , so it is important that short term plans are needed by which uncertainty or interruption in service can be avoided and a long term plan to which the company will follow. Basically , it is the execution of several short term plans to achieve long term plans. These plans are important because without planning , we cant be prepared for what is going to happen next. So planning is essential for any drawbacks or succes.

Answer-3) Contingency factors that might affect the planning efforts of Warby parker's executives can be -1) Abrupt new competetion in market that the executives might have not predicted. 2-) An recession where people do not have much disposable income to spend in glasses. 3-) Changes in trends where people may want new type of glasses that warby parker does not sell. These contingency factors cannot be dealt with the old planning process. These factors may destroy the objectives the company had in planning and the company might require a new plan to follow