Marketing Mix (6 points maximum)
Identify key elements of each component of Warby Parker’s Marketing Mix. Feel free to speculate, but support your answers with some evidence as found in the project resources and your own research. Use the terms and concepts from the course material in your answers. Be sure to identify and explicitly name any of the concepts you have encountered in this course. For example, do not just narratively describe what you think Warby Parker’s pricing strategy is. You must name it and explain your answer in a way that demonstrates you understand the concept and can apply it in this real-world case.
1. Product
2. Place (Distribution)
3. Price
4. Promotion
Discussion Questions (3 points maximum)
Provide answers to the questions below, using complete sentences (bulleted lists are strongly encouraged when appropriate if they are introduced or summarized using complete sentences). When the question refers to specific topics or terms from the course content, be sure to make it obvious that you understand the concepts by identifying those parts of your answers explicitly. The distribution of points in this section is not always equally weighted to each question but is allocated in a way that is commensurate with the scope and complexity of each question.
1. Briefly summarize the eyewear industry (especially as it was when Warby Parker entered the scene). What barriers to entry existed for a small business? How did Warby Parker overcome these barriers?
2. Should Warby Parker charge more for frames purchased in stores than for frames purchased online to offset the higher cost of rent and store employees? Why or why not? Be sure to identify concepts from this course in your answer.
3. Describe your understanding of Warby Parker’s target market as specifically and quantitatively as possible. Support your answer with your research.
Follow-up Experiential / Exploratory Activity (1 point maximum)
The assignment for this section is to explore an industry of your interest and to provide your own observations and reflections on that industry. The “deliverable” you provide for this assignment is in the form of answers to the following questions—which are your opportunity to demonstrate that you completed the analysis. Answering the questions with as much detail as possible to provide evidence that you completed the assignment is a good way to ensure that you earn maximum credit for this portion of the case study.
Refer to the industry report provided in this case study. Perform a “mini” version of similar market research on an industry of your interest (remember, an “industry” is a group of firms or businesses that produce a particular kind of good or service; an “industry” is not an individual company so please don’t just write about one company). Provide information you would typically find in an industry analysis, such as:
· How many companies seem to share the majority (80% or so) of sales in this industry? Can you identify who they are? What is the typical size of these competitors?
· Does the industry appear to be growing or shrinking?
· What are the future trends anticipated for this industry? Are the existing players in the industry poised and ready to follow those trends?
· What industry groups or trade associations exist in your industry?
