please explain the three questions in the picture. Warby Parker is a relatively
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please explain the three questions in the picture.
Warby Parker is a relatively new player in the eyewear industry, but it's managed to make a big impact in a short masses. and nobody amount of time. Neil Blumenthal and his three partners ished people in developing founded the company i and affordable glasses frames. But the team also wants the charity that gives quality eyeglasses to people struggling brand to stand for its commitment to with its charitable partner, VisionSpring felt it had a mission to bring affordable eyewear to the then, for the company to join forces with VisionSpring. a with vision problems in some of the poorest countries in needed that tool more than impover- nations. It was a natural thing, n 2010 in order to sell sophisticated more than just profits, as evidenced by keeping prices low and its relationship the world. Warby donates a pair of glasses to the nonprofit for every pair that its customers buy. Together, they have put over a half-million pairs of glasses into the hands nlike other start-ups that face competition from many established companies, Warby Parker only has one major people whose livelihoods depend on them. competitor. However, it just so happens that this rival owns almost all of the bestselling eyewear and eyecare brands in American companies to get more involve the world. Since this large conglomerate doesn't create any global markets at the local level. For all its efforts, Vision- barriers to upstarts like Warby Parker from entering the Spring estimates that there are still over 700 million peopl market, it is technically not a monopoly and can operate worldwide who struggle to earn a living legally. Still, Warby's founders see this business model as ing quality glasses. The folks unethical since it allows one huge company to set prices Spring believe that once you see over an entire industry for maximum profit. VisionSpring hopes this model will inspire other on account of lack- at Warby Parker and Vision- hard to look the other wa Blumenthal and his partners didn't want to contribute o the imbalance of power between consumers and manu- THINKING IT OVER facturers, so they set out to form a different kind of com- 1. Is Warby Parker a good example of corporate social pany. From the outset, Warby Parker developed an ethical standard that focused on its most important stakeholder- its customers. Since the company saves money by selling responsibility? What dimensions stand out in measur- ing the company's social performance 2. What is a social audit and why do companies perform clusively online and designing and manufacturing its own frames, it is able to fix the price of every pair at a mod- est $95. Considering that its competitor's frames can be as costly as a new iPhone, Warby immediately caught the3. Do you believe most businesses in the United States interest of many stylish but budget-minded consumers. them? What factors would you consider in your social audit of Warby Parker? follow strict ethical standards? Make sure to offer some defense in support of your answer An organization operates in a larger world, and there are more stakeholders than just customers. Warby ParkerExplanation / Answer
Ans 1) Yes, Werby Parker is definitely a good example of corporate social responsibility, corporate social responsibility is nothing but a kind of obligation of any businesses houses towards the society at large beyond its normal course of business. Since a business houses take a lot of resources from society they must return back to society. And here in this case we can definitely say that Werby Parker is meeting its social responsibility towards society since it set up ethical standard keeping in mind its biggest stakeholder that is customer and also it partnered through Vision Spring for donating a air of glasses to impoverished people for every pair of glasses it sells to its customer. Hence that a kind of contribution Werby Parker is making towards society that is very good example. Also Werby Parker is setting the prices of its glasses at very reasonable rate and not just focusing on earning illegitimate profit rather providing the value to the customer, this can also be considered as a social responsibility towards society.
Ans 2: Social audit is nothing but a kind of audit process to measure, understand the endeavors of companies social responsibility activity and helps in improving it. This is a kind of internal process/ audit and is not mandatory to conduct this audit.
Companies perform social audit mainly to seek that how the customer at large is perceiving its contribution towards society whether it is creating any positive image for the company or it is creating negative image for the company and also to seek the ways how to improve the social responsibility activity that they do.
I will include the factors that what is the impact it is creating at society at large, is it really helping the society what ever the measures Werby Parker is considering or it is going all in vein. Hence this would be my factors to look into while doing social audit for Werby Parker.
ans 3) I believe yes, most of the businesses surely do follow alot of strict ethical standards and try to contribute towards social responsibility. For example Microsoft , it has setup social responsibility fund and is involved in many initiatives with government to uplift living standards in many developing countries. Microsoft also donates funds in fighting AIDS globally. Another company is Merck Which is known for Its CSR activities, It distributes drugs free of cost in many African countries to eradicate diseases like Yellow Fever, AIDS.
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