Warby Parker Was Developed to Challenge the Dominant Player in the Market

question 93

True/False

Warby Parker was developed to challenge the dominant player in the market for eyewear. Founder Neil Blumenthal realized that a major firm, Luxottica, had an almost monopolistic hold on the eyewear and vision industry. They could therefore set high prices. He and his partners developed Warby Parker to develop less expensive glasses in-house at a fraction of the cost. Not only are Warby Parker's glasses much more affordable, but also the company donates money to a vision care nonprofit organization for every pair of glasses it sells. This allows people in developing countries access to eyewear who normally could not afford it. Warby Parker is an example of a company that has successfully engaged in disruptive innovation.

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Definitions:

Correlation

A statistical measure that expresses the extent to which two variables fluctuate together, indicating a relationship or association between them.

Relationship

The way in which two or more concepts, objects, or people are connected, or the state of being connected.

Alternate-Forms Reliability

A method of assessment reliability that checks how consistent scores are across different versions of the same test.

Test-Retest Reliability

A measure of the consistency of a psychological test or assessment over time, indicating the stability of scores upon repeated applications of the test.