Reference no: EM131365987

Assignbment

Part 1

For this assignment you are to write a 1 - 2-page double spaced paper, using proper APA citations.

Read Case Warby Parker's Business vision and answer the all three Questions

Fashionable, affordable prescription eyeglasses sold directly to customers-that's the business vision of Warby Parker, a fast-growing small firm based in New York City. Founded by four friends from the Wharton business school, Warby Parker uses easy-on-the-eyes styling and easy-on-the-budget pricing to com¬pete with national chains such as LensCrafters as well as with neighborhood optical shops. Its exclusive retro-style prescription glasses are priced under $100, with prescription sunglasses priced at $150. Warby Parker's affordable prices include extras such as free shipping, free in-home frame try-ons, and a money-back guarantee. Just as important is that, for every pair of glasses purchased, the company donates one pair to someone in need.

Rather than pay to license famous brand names for its frames, Warby Parker designs its own, inspired by styles from the 1950s and 1960s and manufactured in, China. Based on each customer's individual prescription, the company has the optical lenses made to order by a U.S. lab. After the lenses are set in place, the finished product is inspected twice before glasses are shipped to customers.

Because Warby Parker's prices are significantly lower than those of traditional eyeglass providers, customers can afford to buy frames as fashion accessories, not just for vision correction. Co-founder David Gilboa points out that while U.S. consumers typically buy new eyeglasses every other year, many Warby Parker customers "are buying six, seven, eight pairs at a time." They choose different frames for different occasions, such as one pair for going to work and another pair for going out with friends, and they buy frames to fit with particular outfits. The largest single order Warby Parker ever received was from a customer who ordered 14 pairs at once.

Warby Parker operates a showroom at its headquarters in the hip SoHo section of New York, plus seven other showrooms inside fashion boutiques across the country. It also invites customers to call a toll-free number for information and ordering. The main focus, however, is on the interactive Web site, where customers can browse more than two dozen frames, narrow down the choice by color; shape, and size, and uploads a digital headshot for a virtual "try on" before ordering. Customers can order up to five frames and try them on at home for five days-enough time, to post photos on Warby Parker's Facebook page, if they choose, and ask for feedback on which frames are the most flattering. Shipping and returns are paid by the company, which takes the risk out of trying and buying.

Customers feel good about buying from Warby Parker because they save money and they know each purchase covers a donation of eyeglasses. The company's "buy one, give one" policy allows it to donate more than 100,000 pairs of eyeglasses a year to people in need worldwide through a connection with the nonprofit organization VisionSpring. Now, with the help of venture capital fund¬ing, Warby Parker is expanding. It has more than 50 employees and uses social media such as Twitter, Tumblr, and Pinterest to publicize its business vision. Because satisfied customers tell friends and relatives about their experiences, "over 50 percent of our sales are driven by word of mouth," says co-founder Neil Blumenthal.

Questions

1. If you were writing a business plan for Warby Parker, what critical risks and challenges would you mention? What are the business implications' of each risk or challenge?

2. Why would Warby Parker have eyeglass frames made in China but optical lenses made in America?

3. Do you agree with Warby Parker's decision to open show-rooms inside trendy boutiques in addition to operating on the Internet? Explain your answer.

Part 2

An organization's mission is a statement of the basic purpose that makes the organization different from others. Clearly, a mission statement, by indicating the purpose of a business, directly affects the company's employees, customers, and stockholders.

1. Find the mission, vision and or strategy statements of three large corporations in different industries. For example, you might search these sites:

Technology Industry: www.apple.com or other companies like Dell

Food Industry: www.benjerry.com or other companies like Heinz or Kraft

Retail Industry: www.walmart.com or other companies like American Eagle or Holister

Manufacturing Industry: www.caterpillar.com or other companies like Ford or John Deere

Education Industry: www.laroche.edu or other companies like Yale or Pitt.

a) Compare and comment on their statements on the basis of what each reflects about the company's philosophy and its concerns for employees, customers, and stockholders

b) provide the website link to each company

2. Which company would you like to work for and why?

3. Finally, comment on at least two other student's post before this assignment is due.

Do additional work and provide at a minimum, one resource to back up your opinion. Be sure to provide a citation for an excellent response.

Part 3

Today, many people work for a sole proprietorship, partnership, or corporation. Still others decide to become entrepreneurs and start their own business.

Assume that you are now age 25 and have graduated from college.

Questions:

1) Would you prefer to work in someone else's business or one that you would start? Explain your answer.

2) Assuming that you have decided to start your own small business, what type of business will you start? What special skills and experiences will you need to be successful? (Note: you may want to talk with someone who owns a business before answering this question.)
In this and other journals and papers: Incorporate additional research in your responses, demonstrating that you did some investigating that relates to the journal topic, and/or supports your answers. Even though this is a personal journal, it should also include some additional research as well as reflection.