Every assignment in the given course is aimed at the development of our skills and enhanced understanding of particular areas of management that will help us to become outstanding specialists. For this reason, preparation for every assignment is a complex and important process that should be given specific attention. First, I am sure that all materials provided by during this very course should be looked through to ensure the improved understanding of all issues and units that might be mentioned in the project. Second, it is critical to start preparing for the assignment by investigating potential problems that might appear during its realization. Their consideration might help to find appropriate solutions and ensure positive outcomes (Kotler & Keller, 2015). Additionally, I am sure that before starting this assignment, we should refresh knowledge we already have and select several most attractive or important issues that might be useful when working on the project. These might also help to perform an in-depth and comprehensive investigation of a particular area. Finally, to be successful in accomplishing a certain task, the plan that takes into account all aspects should be created (Editorial Board, 2014). I believe that only under these conditions, we will be able to achieve outlined goals if all these issues are taken into account and analyzed.
In the previous paper, we selected the company Xiaomi and its products to compare them with the closest rivals that function in the sphere and determine the peculiarities of this brand. Continuing discussion of the firm, we should outline two features of the product that might be considered benefits. First, it has a low price, especially if to compare Xiaomi with other brands like Samsung or Apple (Trefis Team, 2018). Second, regardless of the first aspect, mobile phones manufactured by the company demonstrate good performance (Trefis Team, 2018). They have the majority of all functions people expect from modern smartphones. Additionally, the brand guarantees an appropriate quality of photos and sounding. In this regard, these features transform into real benefits to me. I do not want to spend significant sums on phones that will become outdated in a year.
For this reason, Xiaomi might attract me by its low price. Additionally, it has all functions I need at the moment. Music, camera, the access to the Internet, and other innovations make the phone a good choice for people like me. It could also be evidenced analyzing the consumer behavior related to this very product (Griffin, 2016). At the moment, Xiaomi demonstrates a stable growth of its popularity. If to compare with the closest rivals, Samsung and Apple, the brand is still not so popular and could not be considered the element of a particular lifestyle. However, shifts in consumers behaviors could be observed as more and more young people prefer buying Xiaomi because of its affordability and diverse functions its products provide to owners (Daft, 2015). In this regard, the product could also fit my mode of life as I am oriented on maximum efficiency and minimum spending. Xiaomi perfectly meets this requirement.
Applying the Maslows model to the product, we could also determine the need it meets now. As it has already been stated, Xiaomi products are not the part of luxurious lifestyle yet (Trefis Team, 2018). However, they are created with the primary aim to satisfy requirements of a particular category of customers who appreciate efficiency, economy, and disregard popular trends that make people buy things they do not really need. For this reason, Xiaomis smartphones meet esteem needs for oneself (McLeod, 2017). Every person wants to achieve a particular degree of independence, self-respect, and dignity. However, it might be a complex task because of the sophistication of the processes that occur in the modern society and strong impact of the financial aspect. Thus, buying Xiaomi products, a customer follows several purposes. First, he/she wants to preserve his/her financial independence and save costs for other important issues (rent, food, education, etc.). Second, he/she underlines his/her dignity and ability to ignore popular trends and buy things that are really needed. Finally, products that belong to this category are not critical for individuals; however, they improve the quality of life and provide new opportunities for the development (Robbins & Coulter, 2013). That is why regarding the suggested hierarchy of needs, Xiaomi helps to satisfy the need for esteem.
The mission statement for the product could be formulated in the following way:
Xiaomis primary aim is to offer consumers outstanding, high-quality, and competitive smartphones at a fair price for users to benefit from diverse functions and innovative solutions that open new horizons.
The three marketing goals are:
- Achieve the further increase in sales among the target audience and preserve their high level of interest.
- Promote the brands image to compete with the most potent rivals and approach the leading position.
- Create the basis for the companys further growth by attracting new customers and affecting their behaviors.
This mission statement and marketing goals are feasible and topical for Xiaomi at its current stage of evolution.
References
Daft, R. (2015). Management (12th ed.). New York, NY: Cengage Learning.
Editorial Board. (2014). Marketing management. Schaumburg, IL: Words of Wisdom.
Griffin, R. (2016). Management (12th ed.). Boston, MA: South-Western College Pub.
Kotler, P., & Keller, K. (2015). Marketing management (15th ed.). New York, NY: Pearson.
McLeod, S. (2017). Maslow’s hierarchy of needs. Web.
Robbins, S., & Coulter, M. (2013). Management (12th ed.). New York, NY: Pearson.
Trefis Team. (2018). What Is Xiaomi really worth? An interactive analysis.Forbes. Web.