The project is devoted to the description and comprehensive investigation of the design, production, and sale of Xiaomi devices – smartphones that now acquire their popularity among specific groups of the population characterized by the emergence of particular needs and demands to the quality of suggested products (Editorial Board, 2014).
The pivotal aim of the project is to research the current state of products in terms of Maslows hierarchy of needs, their position regarding the closest rivals such as Apple and Samsung, what features make them competitive and further opportunities for growth and becoming one of the leaders in the market (Goetsch & Davis, 2015). At the same time, central marketing goals and the companys statement are also outlined to improve the understanding of its peculiarities and aspects that should be considered in the future.
In the course of the investigation, we conclude that despite the strong pressure from the closest rivals, the company remains prosperous and attracts customers because of two features. The first one is the comparatively low price of the product. At the moment, Xiaomi could be described as the brand used by people who either do not have much money or prefer to save costs buying smartphones with characteristics similar to the top brands ones (Daft, 2015). Additionally, in the report, we come to the conclusion that the low price will remain the aspect attracting the youth because of the tendencies peculiar to the modern society (Goetsch & Davis, 2015). For this reason, it is critical to preserve the existing pricing strategy to ensure that Xiaomi will be able to compete with its closest rivals and hold leading positions in the market.
In accordance with the research, the second feature that attracts customers and increases the level of Xiaomi products sales is a good performance. Brands smartphones have the majority of functions and applications people expect from modern devices. What is even more important, the brand guarantees an appropriate quality of photos and sound. In this regard, these features transform phones manufactured by Xiaomi into attractive devices for the youth who prefer not to spend significant sums on phones that will become outdated in a year. In such a way, the given aspect remains one of the factors guaranteeing a competitive advantage and creating the basis for the companys stable rise. It is evident when analyzing the consumer behavior related to products of this category and the target audiences preferences (Griffin, 2016).
The report also outlines the current position of the brand regarding Maslows model. We might state that Xiaomis smartphones meet esteem needs for oneself as they are not critical for individuals or not a part of a luxurious lifestyle as Apple or Samsung; however, they improve the quality of life and provide new opportunities for development (Robbins & Coulter, 2013; McLeod, 2017). In other words, products belonging to this very brand are designed with the primary aim to meet the 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 (Goetsch & Davis, 2015).
The report emphasizes the fact that this aspect can be used to attain the companys further growth by meeting these requirements and guaranteeing that a persons needs for a particular degree of independence, self-respect, and dignity will be met (McLeod, 2017). The given position also helps to compete with the closest rivals and continue the evolution of the brand.
Regarding Xiaomis current position, the following mission statement is formulated:
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.
Moreover, the three marketing goals are:
- To achieve a further increase in sales among the target audience and preserve their high level of interest;
- To promote the brands image to compete with the most potent rivals and approach the leading position;
- To create the basis for the companys further growth by attracting new customers and affecting their behaviors.
This mission statement and marketing goals should be used for the creation of the strategy for growth and Xiaomi becoming one of the leaders in the sphere.
Altogether, the report is focused on the ways to improve Xiaomis position in the market by promoting the further increase in the quality of central products and preserving an affordable price for them. These features are fundamental to the company as they demonstrate the current preferences of its target audience (Kotler & Keller, 2015). The low cost will attract the youth to demonstrate specific attitudes to digital devices of this sort.
Additionally, analyzing the brands development and its current state regarding Maslows model, the existence of the esteem need is noted. In such a way, we suggest the formulation of the specific mission statement and goals to create the basis for the companys further evolution and transformation into the leaders of the market. Xiaomi has all the needed elements to compete with the closest rivals. For this reason, an efficient growth strategy encompassing all conceptions mentioned above is required.
References
Daft, R. (2015). Management (12th ed.). New York, NY: Cengage Learning.
Editorial Board. (2014). Marketing management. Schaumburg, IL: Words of Wisdom.
Goetsch, D., & Davis, S. (2015). Quality management for organizational excellence: Introduction to total quality (8th ed.). New York, NY: Pearson.
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.