BUS301: Innovation and Business Development Project - Smart Mirror

This project focuses on the application of a Smart Mirror developed by Australia Beauty Clinic. The project analyzes the market problem of excessive product choices and high cosmetic costs. The proposed solution involves using the Smart Mirror to provide make-up options, leveraging artificial intelligence and effective technologies. The business model focuses on revenue increase, meeting younger generation demands, and ensuring technological capabilities. The strategic response includes hiring talented employees, maintaining regulations, making the product smaller, developing a direct business-to-customer distribution channel, and protecting against replication. The project also considers legal aspects and manufacturing objectives. The conclusion highlights potential benefits such as enhanced reputation and effective problem-solving. The project provides a detailed business development plan for the product, including benefits, challenges, and strategic recommendations for the company.

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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