Innovation and Business Development - Assignment

INNOVATION AND
BUSINESS DEVELOPMENT

INTRODUCTION
Innovation and sustainability are important
concepts in the modern world
Market development can take place based
on the innovation tactics
The focus is on the application of Smart
Mirror developed by Australia Beauty Clinic

NEW IDEA
Smart Mirror can help people to provide
make-ups without having to apply it all the
time
The customers select from a range of
cosmetic products and apply it as per
suitability

CONTD..
Use effective technologies for implementing the
product
Provide technical support
Gain support from the investors

BUSINESS MODEL USED
Key Partners
 Investors
 Advertisers
Key Activities
 Purchase of raw materials
 Consumer service through
the identification of the
needs of the customers
Value Propositions
 Competitive pricing
 Various choice of
cosmetics
 Broad range of promotions
to attain customer
attention
Consumer Relationships
 Identification and the
segmentation of the
customers
 Consumer satisfaction
 Personalisation
Key Resources
 Brand
 Ensuring product
availability in the market
Channels
 Websites
Consumer Segments
 Massive market for
fashionable people
 Beauty salons
 Households
Cost Structures
 Purchase of artificial intelligence
 Advertising and marketing
 Salaries
Revenue Streams
 Contribution from the customers
 Promotion of the product

THE MARKET PROBLEM
Excessive choice of products can be time
consuming
Cost of the cosmetics can be expensive as
compared to normal costs
The product need to be smaller in size

BENEFITS
Increase the revenue level of the company
Meet the needs and demands of the younger
generation
Ensure that the capabilities relating to
technologies are analysed

CONTD
Can provide a wide range of choices
Can recognise the face of the customers
Use of artificial intelligence

STRATEGIC RESPONSE
Strength
 Smart product
 Assists in choosing the varieties of cosmetics
Weakness
 Larger size
 Financial instability
Opportunity
 Provide scope of conducting effective make-up
 Can become a household application in the
future
Threat
 Can be replicated
 Lack of proper promotional platform

CONTD..
Provide emphasis on hiring talented employees
Maintain rules and regulations
Check with the ideas of the market

RECOMMENDATION
Need to make the product smaller in size
Develop direct business to customer
distribution channel
Ensure that the products cannot be replicated
easily

CONTD..
Provide aid based on the legality of the
business from the Government
Intervene during the manufacturing so
that it meets the objectives of the
company

CONCLUSION
Australia Beauty Clinic can enhance their
reputation in the market
Technical changes can get proper exposure
Innovative problems can be solved effectively

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