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Evaluate VisionSpring and recommend which one is most likely to achieve Warby Parker’s main corporate objective - Edexcel - A-Level Business - Question 1 - 2019 - Paper 2
Question 1
Evaluate VisionSpring and recommend which one is most likely to achieve Warby Parker’s main corporate objective. Warby Parker already have a good reputation for sel... show full transcript
Worked Solution & Example Answer:Evaluate VisionSpring and recommend which one is most likely to achieve Warby Parker’s main corporate objective - Edexcel - A-Level Business - Question 1 - 2019 - Paper 2
Step 1
Evaluate VisionSpring and recommend which one is most likely to achieve Warby Parker’s main corporate objective
Answer
To evaluate VisionSpring's potential to achieve Warby Parker's corporate objective, we need to establish Warby Parker's mission first, which is to grow its business while being socially responsible.
Analysis of Contact Lenses
Warby Parker's decision to introduce contact lenses can be seen through Ansoff's Product Development strategy. By leveraging their established reputation for quality and affordability, they could attract existing glasses customers to purchase contact lenses as well. This innovation creates an additional product offering that aligns with their core brand values of low cost and high quality.
Potential in the Low-Income Market
The low-income market presents a significant opportunity as it comprises approximately 4 billion people lacking access to affordable glasses. Warby Parker's strategy of selling high-quality products at competitive prices could resonate well within this demographic. Since VisionSpring is already established in this market, it could present a challenge, but Warby Parker's strong brand and online presence could help penetrate this market effectively.
Recommendations
Based on the evaluation:
- Contact Lenses: This option aligns well with Warby Parker's mission and allows expansion into a growing segment of eye care products, potentially leading to increased market share and customer loyalty.
- Low-Income Market Penetration: Entering this market could lead to a significant volume of sales and brand recognition among a currently underserved population, promoting their corporate social responsibility agenda. While VisionSpring has a presence, Warby Parker's unique value proposition could distinguish them.
In summary, Warby Parker should consider both strategies but may find greater immediate success in pursuing the contact lens option initially due to their existing reputation, before later addressing the low-income market.