Incumbent Firm Strategy Suggestions
North Hill Optometry has to focus on using ERP in managing its business and the use of technology in order to remain relevant in the market. The software will help the company identify areas that need improvement in relation to office functions as well as the effectiveness of human resources. Studies have documented that organizations that utilize technological innovations tend to develop and maintain a competitive advantage in the long run (Padraig 11). The human resource should add value to the company by a way of identifying areas requiring improvements and developing strategies of implementing them. For instance, the use of e-commerce is indispensable to North Hill if it has to continue commanding the largest market share.
While marketing remains one of the strategies that North Hill can use to maintain competitive advantage, price remains a compelling factor to the customers. In the contemporary world, customers are rational in consumption and will mostly go for cheaper products with the same quality from rivals (14). In this regard, North Hill has to consider revisiting its pricing strategy in order to offer competitive prices. Conversely, in such a competitive market, external forces play a critical role in dictating the success of the business.
Rivalry offers an opportunity to North Hill to focus on things that it has not done that are being done by its competitors. Therefore, there is a need to focus on the whole supply chain to identify effective ways of selling its products. Lack of online business is a risk to the company as people consider purchasing online nowadays. That should be prioritized as one other ways of making its supply chain innovative. Compelling customers to purchase from the shop is a threat to North Hill as there is an option to shop from online companies for the same products.
Padraig, Belton. Competitive Strategy: Creating and Sustaining Superior Performance. CRC Press, 2017. Print
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