The Necessity of the Products In recent years, there has been an increase in the number of people who need prescribed eyeglasses around the world. Eyeglasses continues to be a necessity globally, which is good news for a company like Warby Parker that sells affordable and high quality eyewear. Most consumers automatically gravitate to low cost but high quality eyewear. WEAKNESSES OF WARBY PARKER Like any other company in the eyewear industry, Warby Parker also exhibits some weaknesses. Some of the company’s main weaknesses are:
WARBY PARKER 20 Marketing methods. Exporting resources. Does not accept insurance. Numerous Competitors. Low brand awareness. Marketing Methods Warby Parker’s marketing method is deemed weak because the company was willing allocate low funds for advertising purposes. Warby Parker spends very little on their products advertisement; instead they take advance of social media and word of mouth method of advertising. Not spending adequate money on marketing is considered a weakness to a company, because it has the ability to not increase sales. Exporting Resources Warby Parker is still considered a new company, and they do not have efficient funds to allocate to exporting as they would like. This is a weakness because it may hinder the company from growing and expanding rapidly. If Warby Parker can export resources it will increase their investors and allocate funds. Does Not Accept Insurance Considering that Warby Parker sales their products at an extremely low price, they do not accept insurance. This poses as a weakness to the company, because it excludes consumers that purchase eyewear through their insurance. If this particular weakness can be addressed, it has the ability to yield additional sales and consumers.
WARBY PARKER 21 Numerous Competitors Warby Parker uses mostly the online platform to provide sales for its consumers. There are a lot of online websites that sale fashionable and prescription eyewear; which creates competition. Warby Parker has a limited distribution channel because of its online sales platform. Warby Parker should consider other outlets to reach additional markets, as it will reduce competitions. Low Brand Awareness Warby Parker compared to its competition has lesser visibility and brand awareness. Most consumers in the eyewear market do not recognize Warby Parker’s brand. MARKETING STRATEGIES Warby Parker’s marketing strategy is to continue to expand in the eyewear industry and eventually to be recognized globally. Warby Parker uses marketing strategies such as its price, product, place, and promotion in hopes that the company will be able to target new niches in the eyewear market. Price Compared to other high quality eyewear brands, Warby Parker sells their eyewear product at a lower price. An average pair of eyeglasses sold by Warby Parker cost an average of $90 to $95.
You've reached the end of your free preview.
Want to read all 28 pages?
- Spring '14
- Marketing, Case Study, MBA, Brand, Warby Parker