Mission statement is the most important aspect for companies to succeed, and the amount of mission statements claims the future condition. Accordingly, when the Xiao Mi company had started to work it planned to fulfill some accomplishments. The founders of this company decided to entire three main missions in coming years such as they aimed to become the main IT company worldwide, with creating new technologies with high quality and low prices globally. The first Mission is done regularly, then within last 6 years, the company reached the third position as the best IT industry in China. Later, the Xiao Mi can easily complete with local and international companies, for example, Apple or Samsung. Secondly, Xiao MI tries to create new type of technologies: lap tops, mobile phones, TV sets, watches, headphones and other electronic devices. So that, customers now can purchase any high-tech products which are extraordinary compared to other companies, and this process is continuing constantly. The utmost point in Mission statement is the company`s main goal to offer high quality technologies with the low costs, and making it as unique aspect of Xiao MI. For instance, powerful smartphones are sold in considerably low prices, but in contrast, such high-grade smartphones in other industries may be purchased for twice or three times more expensive. These three Mission statements play the fundamental role in constructing a proper position in the world of business and transforming its name to the top brand.
2.Product and services
SMART DEVICE AUDIO MI PHONES REDMI PHONES
Mi Air Purifier 2 Mi Headphones Mi Note 2 Redmi Pro
Mi Water Purifier Mi In-Ear Headphones Mi 5 Redmi 3 S
Mi Drone Mi Bluetooth Speaker Mi Max Redmi Note 2
Mi Band 2 Mi Mix Redmi 4x, 5x, 6x
Mi VR Play Mi Mix mini Redmi Note 4, 4x
Mi 6 Redmi 5+, 5A
Mi 8 Redmi 6, 6A
XiaoMI has been producing efficient products and other equipments for people to utilize in daily life. The company at the same time with producing mobile phones, also manufactures smart devices and power banks. Xiao Mi has divided its mobile phones into two types: MI phones and Redmi phones.
Table 1. Xiao MI products. The table was developed by students.
The next new innovation of the company is POCOPHONE F1 model which is produced to sell online only and make it one of the top online selling smartphone in the world. And it has 6.18 display with 1080×2246 pixels, and also it has 8GB RAM (Snapdragon 845) with 4000mAh Li-Po life long battery. Furthermore it supplied with dual main cameras 12MPx5MP, and selfie is provided with 20MP single camera. This is a massive technological leap from typical smartphones today. Also known as Xiaomi Poco F1 in India.
Announced : 2018,August
Status : Available. Released 2018,August
There are several services in the world. For instance it has service in United States, Singapore, Taiwan, Malaysia, Philippines, India, Indonesia, Spain an others.
The service of the company includes:
Shopping: Firstly customer should choose one product and its color, payment method and address. A customer should make a payment for their product within six hours after ordering. If a consumer does not want to accept the item which is delivered they could return it to China warehouse, however it might take extra payment for returning the product and it depends on a type of product, maximum $50 charge for the 500 g. among the international countries.
Shipping: The product will be shipped by United States, France, Germany, United Kingdom. Shipping is divided into two groups: Express and Standard. Express shipping takes 7 working days after payment and standard shipping might take 20 or 30 days. Considerably, fees for all products are calculated by the weight of the order. Usually express shipping cost starts from $20.99 for USA and $24.99 for European countries and standard shipping starts from $5.49 for all countries.
Payment: People could easily purchase the products by paying all fees online and there are several ways which make payment easier, for example, one of the most suitable ways of paying is PayPal which becomes more popular among customers, and customers also pay with credit cards like international card Visa, Union Pay, Web Money and etc.
Product Warranty Period
Mi Box Main device & Accessories 12 Months
Mi Band Mi Band sensor 12 Months
Accessories (Cable & wristland)
Mi Power Bank Main Device 1 Months
Table 2. Warranty period of products. www. Table was developed by students.
3. Competitive advantage
The kind of innovation that XiaoMI offers through its products is something that counts as their competitive advantage. One of the main point that XiaoMI has always kept is producing an unexpected product for making customers keep on upgrading their XiaoMI phones. XiaoMI has its own place in market, because it has been successful in providing innovation with their cameras and other software features that no other competitor has. The most important thing about XiaoMI is that it takes ideas from the latest global trends and make sure that they are the best one to deliver in terms of that. For instance, they noticed that taking a selfie is increasing in the world and they improved their selfie cameras and marketed it.
According to Woody Oh, an analyst at research group Strategy Analytics, total Chinese smartphones sales in October-December actually fell by 4%, to 118m; Apple sold 15.5m phones there, up from 13.5m a year before, while its worldwide sales remained flat at 74.4m. But that was only enough to make Apple the third-biggest supplier behind local firms Huawei (pronounced “Hoo-wah-way”) and XiaoMi (“she-yow-mee”), which each sold nearly 18m units, and just behind the Apple was were two more local rivals, Vivo and Oppo. All of the rivals offer cheaper products running Android software (without Google`s services inside China; with them outside). The absence of Samsung, the world`s most prolific smartphone maker, from China`s top five may seem surprising in the past four years; XiaoMi pushed it from the top spot in 2014, and the local competition has eaten away at its sales. Unlike phone makers using Google`s Android, Apple – which writes its own IOS software – remains able to command premium pricing, and more. For urban dwellers, having an IPhone is still a symbol status.
Functions: Redmi 8 Iphone 8
Price $399 $599
Display 6.21 Amoled display 4.7 Retina HD
Camera 12MP 12MP
Selfie Camera 20MP 8 MP
Battery 3400 mAh Quick charge 4.0 1821 mAh
Ram 6 GB 2 GB
Table 3: Comparison of products. Table was developed by students.
XiaoMi is Chinese company but for a wider market than just China. However, its strong base is within its Homeland-China. As at now, the company is also emerging in 11 other countries. These include Turkey, Malaysia, Mexico, Thailand, Philippines, Russia, Singapore, Indonesia, Brazil, India and Vietnam, with most of the countries being found in BRIC and South East Asia regions. Most of XiaoMi`s sales are done online rather than on the physical stores. As a result, a win-win situation is realized by both the manufacturer and the consumer. XiaoMI is an active use of the social media among other marketing channels to not only broadcast their messages and agenda but also to actively get and remain in touch with their customers as well as potential customers. The company`s engineers also make good use of the social media especially Facebook, to routinely communicate to users for feedback. Such feedbacks are used in the development of new products.
Today, XiaoMI is being called a “Chinese phoenix”. The company has grown so fast in the past two years that research firm Strategy Analytics says XiaoMI could overtake Oppo, Huawei and Apple in the next year to become the world`s second-largest smartphone vendor, behind Samsung. The comeback has made XiaoMi a poster child for China`s entrepreneurial dynamism. Like many businesses in the Internet age, Xiaomi had initially relied on a dual business model of selling hardware products and online services. Most revenue came from the sale of affordable phones and smart TV`s, which serve as platforms for XiaoMI`s services. XiaoMI even operates a profitable online service offering small loans to XiaoMI phone users vetted with the help of a sophisticated artificial-intelligence engine to assess creditworthiness.