– This paper aims to present a broader industry-level competitive analysis of a contact lens market.
– Porter’s Five Forces model can be used for a broader and rigorous competitive analysis of a contact lens market to determine the competitive intensity and to form a well-rounded business strategy.
– The contact lens market is highly competitive and unattractive. Because growth has been stagnant, traditional competition has become more intense to steal share from each other. However, the competition in the market could not be defined narrowly between traditional competition but is broad with substitutes, and bargaining power of customers and distributors. A contact lens manufacturer has to look beyond the traditional competition to not only compete with traditional competitors within the industry but also with substitutes, and bargaining power of customers and distributors.
– This paper will benefit contact lens manufacturers/businesses in forming a well-rounded business strategy.
