Introduction
Haier Smart Home Company Co., Ltd. has been one of the leading participants in the market, making significant steps with its new products and strategic management, as the market for smart homes has been expanding quickly in recent years. Due to its distinct business tactics, client-focused philosophy, and cutting-edge technologies, Haier has found success in the market for smart homes. This project aims to thoroughly study the strategic management and innovation of Haier Smart Home Company Co., Ltd. in the global smart home market. The primary business strategies of Haier will be outlined in the research, with an analysis of their efficacy and comparisons to those of other significant market participants.
Research Questions
- What are the key business strategies of Haier Smart Home Company Co., Ltd. in the global smart home market, and how have they evolved over time?
- What are the innovative technologies and products that Haier Smart Home Company Co., Ltd. has developed to meet the needs of customers in the global smart home market?
- How does Haier Smart Home Company Co., Ltd.’s strategic management compare with other key players in the global smart home market?
Objectives
- To analyze Haier’s key business strategies and how they have evolved over time in the global smart home market.
- To identify and evaluate the innovative technologies and products developed by Haier to meet customer needs in the global smart home market.
- To compare Haier’s strategic management with other key players in the global smart home market.
Current/ preliminary research and relevant theory
The literature used to inform this study is briefly summarized in the following paragraphs. The review is divided into five major themes: the global smart home market, Haier Smart Home Company Co., Ltd.’s business strategies and innovations, strategic management in the smart home market, strengths and weaknesses of Haier’s business strategies, and potential opportunities and threats in the market heading forward.
The adoption of innovative home technology is rising across many nations, and the global smart home market is expanding quickly. The growing demand for convenience, energy efficiency, security, and environmental sustainability are just a few of the factors studied as growth drivers in the smart home market (Zohar, 2021; Statista, 2022). For its innovative business practices, including its customer-centric strategy, open innovation methodology, and IoT platform, Haier has received recognition (Sun and Hong, 2022). Studies have also examined Haier’s cutting-edge technology and goods, such as its smart logistics, smart homes, and smart appliances (Schoemaker and Kuhn, 2021). These aspects reveal Haier Smart Home Company Co., Ltd.’s Business strategies and innovations.
Strategic management is crucial for businesses to succeed in the market for smart homes. Research has looked at the significance of strategic management, including the role of innovation, customer focus, and market segmentation, in the market for smart homes (Li et al., 2020; Haier Smart Home Co., Ltd, 2021). They have examined the advantages and disadvantages of Haier’s business strategies (Haier Smart Home Patents Key Insights & stats, 2021). The company’s customer-centric strategy, open innovation model, and capacity for market adaptation are some of its assets (Yani, 2021; Pan, Wu, and Xin, 2021). Its shortcomings, however, include worries about data security and privacy as well as potential problems with product quality and after-sale support (Haier Smart Home Co., Ltd., 2022; Liu, 2022). In this case, various positive and negative aspects of the company’s operating activities are studied.
Many studies have looked at the potential for new technologies, shifting consumer tastes, emerging markets, and other future opportunities and challenges in the global smart home market (Man et al., 2020). With a specific emphasis on Haier’s business strategies and innovations, the suggested study plan will be built upon critically analyzing the literature on these issues (Cook, 2020; Moore, Rong, and Zhang, 2022). Comparative analysis will also be used to assess Haier’s strategic leadership and technological advancements in light of other significant participants in the market for smart homes.
Conclusion
Several theories and ideas are pertinent to Haier’s smart home business. One such idea is the “Smart Home Ecosystem,” which designates a network of interconnected devices that cooperate to deliver a seamless and understandable experience with home automation (Dong, Cao, and Bao, 2021). For a smart home ecosystem to flourish, it must be simple to use, scalable, and interoperable, enabling users to manage all devices from a single interface (Zhu et al., 2021). The “Internet of Things” (IoT), which describes how common devices are connected to the internet and may transmit and receive data, is closely related to the idea of the “Smart Home Ecosystem» (Zhang, 2021; Haier Smart Home, 2020). The “Customer Experience” (CX) framework, which emphasizes the significance of comprehending and attending to the requirements and expectations of the client, is another pertinent idea (Yan et al., 2020). Increased customer loyalty, enhanced brand reputation, and more sales can all result from a good customer experience (Yuyue and Haibing, 2020). Companies must concentrate on creating cutting-edge products, offering top-notch customer service, and continuously using consumer feedback to improve if they want to enhance the customer experience.
References
Cook, F.L. (2020) “Strategy and people management in China – Haier as an example,” Case Studies in Work, Employment and Human Resource Management, pp. 239–244. Web.
Dong, X., Cao, W. and Bao, Y. (2021) “Product intellectualization ecosystem: a framework through grounded theory and case analysis,” International Journal of Emerging Markets, 17(4), pp. 1030–1048. Web.
Haier Smart Home (2020) 2020 Corporate social responsibility report.
Haier Smart Home Co., Ltd (2021) 2021 Annual report.
Haier Smart Home Co., Ltd. (2022) 2022 First quarter report.
Haier Smart Home Patents Key Insights & Stats (2021). Web.
Li, X. et al. (2020) “Sustainable Business Model Based on Digital Twin Platform Network: The Inspiration from Haier’s Case Study in China,” Sustainability, 12(3), p. 936. Web.
Liu, H. (2022) “How Does Digital Technology Drive High-End Disruptive Innovation? ——A Case Study Based on Haier Group,” SSRN Electronic Journal. Web.
Man, X. et al. (2020) “The Vision of Design-Driven Innovation in China’s Smart Home Industry,” Communications in Computer and Information Science, pp. 44–53. Web.
Moore, J.F., Rong, K. and Zhang, R. (2022) “The human ecosystem,” Journal of Digital Economy, 1(1), pp. 53–72. Web.
Pan, Y., Wu, Y. and Xin, Y. (2021) “Development Trend of Smart Home Industry A case study of Haier Smart Home,” BCP Business and Management, 14, pp. 194–207. Web.
Schoemaker, P.J.H. and Kuhn, J.S. (2021) “Haier: ecosystem leadership,” Strategy &Amp; Leadership, 49(5), pp. 16–22. Web.
Statista (2022) Online and offline market share of Haier Smart Home in China 2021, by product. Web.
Sun, Y. and Hong, J. (2022) “Developing a sustainability-driven learning organization through expatriate knowledge transfer: the case of Haier,” The Learning Organization, 29(5), pp. 485–505. Web.
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Yani, Z. (2021) “The impact of the implementation of the financial shared service model on Haier Smart Home,” E3S Web of Conferences. Edited by G. Kierans, H. Liu, and E.H.K. Ng, 235, p. 02073. Web.
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