Reviving Murphy Cosmetics: A Competitive Analysis and Expansion Strategy for Profitability

Assignment Instructions:

I completed the draft, which is about Murphy Cosmetics, but now, as per the teacher, I have to edit and focus more on the competition basally to focus on how the company can make money, come back to life, and What are the companies competitive, and how can they expand
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<br />Let me know if you have any questions

How To Work On This Assignment(Example Essay/Draft)

Introduction:
In the very competitive cosmetics business, Murphy Cosmetics, a well-known beauty brand that has been around for more than 20 years, has been battling to survive. The business has been struggling financially and is close to filing for bankruptcy. This essay will examine various tactics for Murphy Cosmetics to increase market share and return to profitability by analyzing the industry’s competition.

Competitive Analysis: It is crucial to first recognize Murphy Cosmetics’ rivals, as well as their advantages and disadvantages. A few well-known companies that compete with Murphy Cosmetics are MAC, L’Oreal, and Estee Lauder. With widespread brand recognition and enduring consumer devotion, these companies have established themselves as market leaders in the cosmetics sector. In contrast, Murphy Cosmetics has experienced a loss in sales as a result of its inability to keep up with the quickly changing trends and consumer preferences.

Murphy Cosmetics must spend money on market research to find product gaps and address them in order to overcome this difficulty. The business might also look into possible partnerships with celebrities or influencers to raise the profile and credibility of its brand. In order to reach a larger audience, Murphy Cosmetics might expand its digital presence by spending money on e-commerce sites and social media marketing.

Profitability and Expansion: In addition to doing a competition study, it is critical to pinpoint potential plans of action for Murphy Cosmetics to increase its market share and return to profitability. Concentrating on the creation of environmentally responsible and sustainable products is one possible tactic. Businesses that can align themselves with the market trend toward sustainability and mindful consumption will see higher sales and client loyalty.

In addition, Murphy Cosmetics may consider extending its product line to incorporate skincare items, which have a greater profit margin than cosmetics. Additionally, the business can consider going global to access new markets and diversify its revenue sources.

In summary, Murphy Cosmetics’ financial difficulties can be ascribed to the company’s inability to stay up with rivals and adjust to shifting consumer tastes. However, the business can increase its market share and return to profitability through strategic planning and a competitive study. Murphy Cosmetics may differentiate itself from rivals and draw in new clients by investing in market research, enhancing digital presence, and considering prospective partnerships. Additionally, new revenue streams and growth prospects may be created by the creation of sustainable products, line extensions, and worldwide expansion.