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xiomi entrepreneurship....
This document summarizes Xiaomi's business and rise to becoming one of the most valuable tech startups. It discusses that Xiaomi began in 2010, launched its first smartphone in 2012, and has since grown tremendously, selling over 60 million smartphones by 2014. It outlines Xiaomi's product portfolio including phones, tablets, software, accessories and home products. The document also summarizes Xiaomi's marketing strategies of social media promotion, customer feedback, and zero spending on traditional advertising that have contributed to its success.
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xiomi entrepreneurship....
- 2. PRESENTED BY : DRASHTIPATEL P-1537 RISHI RATHOD P-1548 RUPESH LUHAR P-1527 SUBMITTED To: PROF NISHTHA ASRANI
- 3. INTRODUCTION • Xiaomi Inc.known as “Mi” • Headquartered in Beijing, China • Began its operation in August 2010 • Founder and CEO is Lei Jun, creating a new custom ROM MIUI • In August 2012, Xiaomi launched the Xiaomi Mi2 smartphone
- 4. CONT.… • In 2012,shipped a total of 7.2 million smartphones • IN 2013 ,rose to 18.7 million. • In 2014 sold over 60 million. • Broke the world record by selling 2.11 million Smartphones in 24Hrs on April 6 2015. • First stock of Xiaomi Mi3 was completely sold in 39 minutes.
- 5. Redmi 1S Mobile phones Mi4 Redmipro Redmi Note
- 6. • MiPad Tablets Software's • MIUI Xiaomiis not limited to phones only • Mi smart TV • Set top box Accessories • MiWiFi (network router) • MI Power Bank (external battery) • Mi Band (fitness monitor & sleep tracker) Home entertainment
- 7. HOW XIAOMI BECAMEMOST VALUED STARTUP ACROSS THE WORLD • Funding of $1.1 billion in Dec 2014 made it most valuable startup across world • current valuation of is over $46 billion. • Third largest smartphone maker in the world • Top 7 tech startups in the World based on its current valuation: 1) Xiaomi : $46 billion 2) Uber : $41.2 billion 3) Snap Chat : $16 billion 4) Palantir : $15 billion 5) Flipkart $10 billion 6) Space X : $12 billion
- 8. WHY CHINA ISMOVING OUT OF I-PHONES? • Bluetooth • MIUI • APPS Playstore • Value for money • Costly • Apple makes profit on hardware, while Xiaomi on services.
- 10. MARKETING AND BUSINESSMODEL • Prices • sells online • social networking services • Employs over 2000 people over social media • Away with traditional advrtisement
- 11. • “Customer obsessed”strategy: • customer feedbacks to keep improving. • maintains and develops a strong relationship with customers. • An eco-system of Smart products .
- 12. COMPARISON BETWEEN MI4AND SAMSUNG S5 Samsung S5Xiaomi MI4
- 13. 7 P’s whichled Xiaomi as a successful brand: • Product: • Pricing: • Place: • Promotion, Word of mouth: • Promotion, through social media: • Promotion, dedicated brand promoters: . • Promotion, CEO as the face of the brand:
- 14. • Strategy 1:Earning revenue from its software • Highly customizable MIUI android with 30+ million users • Monthly earning is over $4.9 million from apps, games, and theme customizations installed on MIUI. MARKETING STRATEGY OF XIAOMI:
- 15. STRATEGY 2: ZEROINVESTMENT ON TRADITIONAL ADVERTISING • Didn’t spend a single penny on traditional advertisement • collects feedback from its hardcore users and implements it in next release • “Mi fan” participated in product research, development; test, spread, marketing and public relation.
- 16. CONCLUSION • A uniqueblend of innovative business strategies has really transformed the business of Xiaomi • “In the next five to 10 years, Xiaomi has the opportunity to become the world’s number 1 smartphone company,” Lei Jun told the Chinese-organized World Internet Conference.
- 17.
Editor's Notes
- #4 The company had sold over 10 million Mi2 devices in just 11months. . Began its operation in August 2010 with Android based firmware MIUI . In August 2012, Xiaomi launched the Xiaomi Mi2 smartphone. Following the success of MI2 Xiaomi launched their new models MI3,REDMI 1S,REDMI Note, RedMi pro in 2013-2014. Expanded into other consumer electronics including tablets, wifi network routers, Smart TV, Set-top box, cloud storage and cloud computing service, instant messenger, and power bank. In the first quarter of 2015 ,Xiaomi launched their new flagship device MI4 and other upgraded versions of their earlier models. The company's founder and CEO is Lei Jun, China's 23rd richest person according to Forbes.
- #5 Also known as “The new Apple” or “The apple of China”. Xiaomi had continued its expansion out of China with the high-profile hiring of Hugo Barra (ex-Google android executive) whose job was to discover new markets for expansion. Sales had been started in the overseas countries like Malaysia, Philippines, India, Indonesia, Thailand, Vietnam, Russia, Turkey, Brazil and Mexico. Xiaomi is now the third largest smartphone maker in the world followed by Lenovo and LG at fourth and fifth place respectively. Samsung remains at the first place despite declining shipment volume, followed by Apple Inc. at second place.
- #11 Xiaomi employs a marketing strategy that is very unlike other smartphone makers such as Samsung and Apple. Xiaomi sells it’s product through online stores through flash sales which ensures that supply never outstrips demand .
- #17 “The trick for Xiaomi is that they have managed the cost so well. But if they bring in multiple distribution channels that will increase cost and dilute their cost-competitive advantage.”