The document proposes a new business idea of developing a product called "The Mirror of Truth" which quantifies a person's aesthetic aspects and beauty. It involves generating the idea, screening it, testing the concept, and performing financial analysis. The product aims to provide beauty scores and tips to users through mirrors and an app. The document analyzes competitors, conducts a PEST analysis, and provides details on product development, marketing testing, costs, revenues, and payback period. It concludes with recommendations on identification of locations, contracting, recruitment, and viral video testing for market entry.

1. The Mirror of Truth
New Product Development
Business
Idea Idea Concept and
Generation Screening Testing Financial
Analysis
It’s a unique service that quantifies aesthetic aspect of personality,
which is perceived to be unquantifiable by the masses.
Unused
Section
Space 1
Product Test
Development Marketing Commerc
ialisation

2. Why is the product this way?
How could the product be changed
or
What would happen if one or more of the
characteristics were removed?"

3. • No Apparent Competitor.
• Comparison with Facebook/ other social
networks.
• Comparison with Beauty Clinics.

4. • Beauty Index based on human as well
as machine ratings
• Aesthetic Database
• Beauty tips based on customers
personality.
• One way Mirror to maintain anonymity

5. Political : Not Suitable for feudal regions.
Economic : Supported by growing economy.
Social : Potential Platform for Dating.
Technological : Compatible with present Technology
Environmental : No impact
Legal : Minor issue (below 16)

6. Overall Probability of Probability of Probability of
Probability of Technical Commercializat Economic
Success Completion ion success

7. Product Success Relative Product
Product Rating
Requirements Weight Score
Unique or superior
.40 .9 .36
Product
High Performance to
.30 .7 .21
Cost Ratio
High Marketing
.20 .4 .08
Rupee Support
Lack of Strong
.10 .9 .09
Competition
Total 1.00 0.74

8. A product prototype is developed and is exposed
to consumers for feedback.
Product dimensions are measured by having
consumers respond to following questions:
 Communicability & Believability
 Need Level
 Gap Level
 Perceived Value
 Purchase Intention
 User targets, Purchase occasions, Frequency

9. It is a method for deriving the utility values that
consumers attach to varying levels of product’s
attributes.
Here the consumer will be offered the
following design elements:
 Three different type of location.
 Three different product names.
 Three price levels
 A possible Beauty Score Card (yes, no)
 An online score sharing app (yes, no)

10. • Upcoming Malls
• Cosmetic Brands
• Self Financing

11. Particulars Amount
Furniture 5,00,000
Mirror cost 15,000
Air Conditioner 1,00,000
Terminals 3,00,000
Cameras 1,50,000
Database Server 2,00,000
Rent Deposit 4,00,000
Total 16,65,000

12. Particulars Amount
Main Staff 60,000 (15,000 X 4)
Database Staff 20,000 (10,000 x 2)
Maintenance 8,000
Electricity 15,000
Rent 1,00,000
Entrepreneur Expectation 1,20,000(60,000x2)
Total 3,23,000

13. • Ticket Price = Rs.200
• Expected customer/month = 2000
• Revenue generated from ticket sales/month = 400000
•Revenue generated by selling database
(per month on an -- average) = 100000
•Total revenue generated per month = 5,00,000

14. • Pay Back Period:
• 5,00,000 – 3,23,000 = 1,77,000
• 16,65,000/1,77,000 = 9.4
• Approximately 10 months

15.  Identification of Service Locations.
 Contract with vendors.
 Recruitment of Staff.
 Identification and contract with
potential database buyers.

16.  Viral Video Testing
 Hidden Camera generated Beauty
Score-Cards.
• The test conducted are targeted in Metros
> For collecting preference information.
> For cognizing the action required.

17.  When ?
 Where ?
 To Whom ?
 How ?

18.  First entry in the market.
 National Launch.
 Target segment Age Group of 15-30 yrs.
 Online Free and discount coupon
distribution.