A SWOT analysis for New Venture/Entrepreneurial Strategy Warby Parker

Questions: Describe the strategic approach Warby Parker uses in selling eyewear. Who is the target market for Warby Parker, and how do they reach this market? According to the text, some missions may actually hurt an organization's performance. How do you think Warby Parker's mission impacts the company's performance? Answers: 1: The company in the study is Warby Parker. Warby Parker is a US based eyewear company, which operates its business mainly in the New York City. There are different kinds of innovative strategies, which are adopted by the company to diversify the company. The company in the study Warby Parker develops all its business strategies based on the requirements of the customers. There are different kinds of techniques, which Warby Parker adopts in the operation of selling eyewear. Online selling and marketing are the primary options, which this particular organization develops in the business processes. The buyers are benefited in different ways by the mode of online shopping. The key advantage of online shopping is all the products are sold at a much lower price as compared with the retail market (Media.pearsoncmg.com, 2016). The organization developed advanced software, which will allow the buyers to scan their face to conclude the best frame from the different set of frames. To make it more accurate, the company delivers five sample frames to customers for five days with no obligation to buy. It offers the customers additional benefits to select and decide whether to buy or not. 2: The objective of the Warby Parker is to develop a diversity target marketing. The primary purpose of the Warby Parker is to offer all the products and services at a much lower price as compared with the original market price. The average price of per frame is around $.95, which is much lesser than the market price original retail price in the market. Price is one of the most crucial factors while developing a market plan, which includes the notion of the target market. It is one of the most fundamental factors, which affects the purchasing decisions of the customers. If the organization develops the bulk of its business strategies based on the requirements of the customers by analyzing the entire crucial factor intact, the organization will be surely able to develop a functional and several market structures (Media.pearsoncmg.com, 2016). The whole eyewear industry maintains a functional market structure. 3: Challenges are always there in different organizations. The best way to resolve different managerial challenges is to apply the best alternative solutions to solve the particular problems and challenges. Developing a sound organizational structure and culture is the ultimate objective of any organization. The most difficult and challenging job which this particular organization faces towards developing its visions and missions is to select the best employees who will fit into the organization's culture and ensure in the achievement of the common organizational goals and objectives (Media.pearsoncmg.com, 2016). If the right person is not hired for a good job, it will hurt the organization's performance. Another challenge which is highlighted in the study is the maintaining a proper inventory level. Warby Parker performs as a team and maintaining harmony in the organization will allow the organization to emphasize on the common organizational goals and activities. Reference List Media.pearsoncmg.com,. (2016).Warby Parker: New Venture/Entrepreneurial Strategy. Retrieved 4 February 2016, from https://media.pearsoncmg.com/ph/streaming/bp/2013/MGMT/Strat/Strat2012_Warby_Venture.html