The cosmetics industry is one that is highly sensitive to the external factors of supplier reliance, economic scenarios and consumer bargaining power. This is because of the fact that the industry is highly diverse with a large number of players engaged in aggressive competition which makes it all the more imperative for a brand to acquire product differentiation if it is to make any progress in the consumer industry at all. Cosmetic manufacturers are faced with the challenge of incorporating innovation along with class in their products while ensuring that the product margin is not brought down to critical levels as a result of increased reliance on external suppliers as a prerequisite of an innovative product.
Revlon’s current strategy is one that it has developed over time through a significant degree of experimentation in the cosmetics industry. Revlon now launches products that are under the Revlon brand name and are designed to harness the strength of the brand name (Lozito, 2008). In this manner, Revlon makes use of the reputation of its brand name in an attempt to develop consumer confidence in its products.
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