Warby Parker: Strategic Planning and Business Innovation Report

This report provides a comprehensive analysis of Warby Parker's business strategies, focusing on its innovative approach to disrupting the eyewear industry. The report examines the company's strategic planning, including its long-term goals, expansion plans, and diversification strategies. It also delves into the types of planning, highlighting the benefits of long-term planning for social, environmental, and economic advantages. Furthermore, the report identifies potential risks and contingency factors that Warby Parker might face during its business model changes, such as assumptions, misinterpretation of market data, and other challenges. The analysis draws upon academic research and provides insights into Warby Parker's success and future prospects. The report also references different sources to support the findings.

Running head: INNOVATION AND BUSINESS
INNOVATION AND BUSINESS
Name of the student
Name of the university
Author note

1INNOVATION AND BUSINESS
Answer to question 1
Planning would enable Warby Parker’s in developing an idea on the future trends and
thereby develop the different resources and capabilities of the organization in orientation with
the needs of the customers. The goals and plan on the activities would enable the organization in
designing the processes for maintaining the strategic benefit of the same while operating in
competitive markets. Bagheri (2016) stated that strategic planning of the different activities
enables an organization in continuing their operation based on strong market hold. In this
elation, the planning activities that might be undertaken by Warby Parker would be based on
assessment of the current trends and the developments that are made by the existing
organizations. The assessment and planning of activities and strategies would enable the
concerned organization in empowering the growth and sustenance of the business.
The goals that might be considered by the organization for future are:
 Expansion in the developing economies based on their increasing rate of disposable
income
 Collaboration with different other organizations
 Diversifying their promotional activities with the objective of expanding their scope of
markets
 Developing technological infusions which will create a unique experience for the
customers
Answer to question 2
Long term planning would be the ideal planning type for the industry as it would not only
enable the organization in supporting the social and the environmental needs but also the

2INNOVATION AND BUSINESS
economic advantages of the same while operating in competitive markets. The long term
planning and development of the organization would enable the same in retaining the customers
and converting the free customers to potential consumers for the firm. Baumgartner, R.J. and
Rauter (2017) stated that the different modifications in the organizational situation is specifically
related to the planning and execution related activities. In this relation, the long term planning
would enable the industry in developing the target market base while making dynamic expansion
in the new markets. On the other hand, the long term planning enables an organization in
improving the brand image to retain the motivation of the customers (Bowman, 2016).
Therefore, the long term planning would permit the organization in empowering the strategic
development while improving the business sustenance while making expansion.
Answer to question 3
The changes that are planned by businesses involve critical risk or contingency factors
that might restrict the uninterrupted functioning of the businesses. In this relation, Leskaj (2017)
stated that the organizations face different types of contingencies while planning a change in the
business model. Therefore, the different contingencies that might be faced by the organization
during the planning process are:

Assumptions: Planning involves assumptions which are hypothetical in nature and might
not correlate to the urgency that is being faced by the venture for change. The errors in
the planning process might be accredited to the assumptions based on resource allocation,
the type of change and the crisis as per the market study which might critically hamper
the growth and sustenance of the venture.

3INNOVATION AND BUSINESS

Misinterpretation of market data: The misinterpretation of market data that is derived
from the assessments might affect the planning process of te organization due to the lack
of proper understanding of the urgency.
References
Bagheri, J. (2016). Overlaps between human resources’ strategic planning and strategic
management tools in public organizations. Procedia-Social and Behavioral
Sciences, 230, 430-438.
Baumgartner, R.J. & Rauter, R., (2017). Strategic perspectives of corporate sustainability
management to develop a sustainable organization. Journal of Cleaner Production, 140,
pp.81-92.
Bowman, G. (2016). The practice of scenario planning: An analysis of inter‐and intra‐
organizational strategizing. British Journal of Management, 27(1), 77-96.
Leskaj, E. (2017). The Challenges Faced by the Strategic Management of Public
Organizations. Revista» Administratie si Management Public «(RAMP), (29), 151-161.