Assignment:
In chapter one, business was defined as the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy societys needs. In what ways is Warby Parker satisfying the needs of its customers?
Given that Warby Parkers original idea was to sell online to minimize distribution costs and keep prices low, they now have opened 50 stores in 22 U.S. states. Do you agree with its more recent decision to open traditional retail stores?
After completing question 2 look at the history of Warby Parker and then read the article Warby Parker Has Big Growth Plans. (https://www.cnbc.com/2022/02/21/warby-parker-plans-to-take-on-glasses-giant-essilorluxottica.html). Write a short paragraph (5-6 sentences or more) on how the mission at Warby Parker has changed over time. (What was the mission in the beginning? What is it now?) What impact does new information have on your response to question 2?
Assignment:
Note: This will be turned in into turn-it-in. Make sure work is original.
On questions 1 and 2, if you need to cite any source, you can
ONLY use the book or video as a reference. On question 3, you can
ONLY use the website give, book or video as a reference.
Warby Parker Part 2
Recall from the video or read the case found at the end of chapter 1 in your e-text and answer the following questions. Answer each question in paragraph form (4-5 sentences *
not including cited sources)
1. In chapter one, business was defined as the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy societys needs. In what ways is Warby Parker satisfying the needs of its customers?
2. Given that Warby Parkers original idea was to sell online to minimize distribution costs and keep prices low, they now have opened 50 stores in 22 U.S. states. Do you agree with its more recent decision to open traditional retail stores?
3. After completing question 2 look at the history of Warby Parker and then read the article Warby Parker Has Big Growth Plans. (
https://www.cnbc.com/2022/02/21/warby-parker-plans-to-take-on-glasses-giant-essilorluxottica.html). Write a short paragraph (5-6 sentences or more) on how the mission at Warby Parker has changed over time. (What was the mission in the beginning? What is it now?) What impact does new information have on your response to question 2?
In order to complete this assignment, you must read Chapter 1 and watch a video. This can be found by logging into
www.cengage.com. I will be giving you the login for this through message.
Where to find the book
:
Once logged in, you will see a black menu on the left side of the screen. You will click the arrow next to courses. You will then select the course that is named
Section 2 Bus109..
Click on
Part 1. You will then see different things under that label.
Click on
Chapter 01: Exploring the World of Business and Economics. You will then see other sections appear under that.
Click on
Chapter 01: Exploring the World of Business and Economics Reading. The table of contents will appear, and you can start reading from there.
Where to find the video:
In the same website, you will find the video. You will select the same course as mentioned above,
Section 2 Bus109.
Click on
Part 1. You will then see different things under that label.
You can then see
Part 1: Activities, and under that you can find the
Chapter 01: Video Quiz- Warby Parker. You will see as completed, however, in order to watch the video, click on that title.
You will be directed to the attempts. Click
review next to the attempt 1. You will then be directed to the video. Watch video.
Login in
www.cengage.com
Email:
[emailprotected]
Password: puggA2003
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Discussion and 2 replies
In this discussion, we will examine how firms use budget and other information to evaluate the performance of individuals and of the firm. Students should be able to exhibit a familiarity with these concepts and how they are used.
Explain the concepts of responsibility accounting and performance evaluation in your own words. How can these be used by a firm to improve their performance? Describe a balanced scorecard and explain how it differs from a traditional evaluation approach.
Post by classmate 1
Responsibility accounting has the capability of generating financial and related nonfinancial information that is gathered to display the actual and planned activities of companies certain responsibilities. The best way to describe performance evaluation is to say that it is the foundation of a management control system. By a firm using the tools of responsible accounting, they can receive information that will help guide their business decisions when it comes to moving forward. With performance evaluation employers can rate their employees and see where they specifically need more improvement in. A balanced scorecard is a method of strategic approach as it is a structured report that is given to the managers in order to keep an eye on their employees and the work they are conducting. The difference between a balanced scorecard and a traditional evaluation is that it incorporates information not only from the past and the present making it an internal business.
Cited Work:
https://www.hbs.edu/faculty/Pages/item.aspx?num=31632#:~:text=Responsibility%20accounting%20systems%20generate%20financial,responsible%20for%20a%20unit%27s%20performance.
Post by classmate 2
Companies give authority for certain decisions to subunits within the company called responsibility centers. For companies to evaluate their responsibility centers they use a responsibility accounting system to evaluate the performance of each center and its manager. The four centers include a revenue center, profit center, cost center, and investment center. The goal of the performance evaluation systems is to promote coordination, communication of expectations, goals, motivation, feedback, and comparing achievements to other practices in their industry. The performance evaluations are used by the top management of a company for them to assess what is happening in the day to day operations. A balanced scorecard is a performance evaluation system that takes in operational performance measures to indicate future performance. It differs from traditional evaluations by not treating financial indicators as the only measurement of performance, therefore giving a balanced view of the company.