Assignment of Innovation and Entrepreneurship of Xiaomi.
Submitted to: Ms Subrata Das(lecturer of CWB)
Submitted by: Shamima Savrin(Esha)
Student ID: 2020-1-16-061
Department: BBA
Section: A Date: September 1st December, 2020
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Acknowledgement
At the very beginning all praises for almighty Allah for enabling us to
complete the term paper with good and sound health. Then, I would like to
take this opportunity to express our gratitude to Ma’am Ms Subrata Das. Or
her continuous inspirations, supervision and patience. Without Her guidance
and support it would not have been possible to come this far. I get many
information Xiaomi. I sit with my friends, and others for a number of
occasions discussing the ways of making the term paper rich and sound.
Without their help the Assignment would have partial. So, I am cordially
grateful to them. I am also especially indebted to my helpful family member
or other friends.
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EXECUTIVE SUMMARY
Xiaomi Inc. is a privately owned electronics and Software Company founded in
2010 by serial entrepreneur Lei Jun, along with seven other co-founders. ... In
2017 Xiaomi generated more than RMB 100 billion revenues and expected to get
listed in the Fortune Global 500 list in foreseeable future. Xiaomi does not stop
on the same level and expanding the investments to the new segments. Now all
we need is to wait for the news from Xiaopeng Motors. But it is a deal of the time
and very soon we will hear about this company again.
In this assignment we discus about xiaomis new product xiaomi redmi cars suv,and
we also discuss details this new product, brand value of xiaomi, slogan to promote
their product, key feature and uniqueness this car.
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Contents
Innovation and Entrepreneurship of Xiaomi............................................................................................5
Introduction of Xiaomi:........................................................................................................................5
New product Xiaomi offered...................................................................................................................6
Ingredients of Xiaomi car.........................................................................................................................7
Xiaomi brand...........................................................................................................................................8
Slogan and logo of Xiaomi.......................................................................................................................9
Key features of this car..........................................................................................................................10
Uniqueness of xiaomi car......................................................................................................................11
Target market to sell xiaomi’s car..........................................................................................................12
Conclusion.............................................................................................................................................14
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Innovation and Entrepreneurship of Xiaomi
Innovation is important in entrepreneurship. In the highly competitive world that
we live in, innovative ideas are what will separate you from the rest. ... In order to
create an outstanding product, strong brand and to build your customer network,
you need to innovate. Innovation is important in entrepreneurship. In the highly
competitive world that we live in, innovative ideas are what will separate you from
the rest. Your goal is not to build just an average startup, right? In order to create
an outstanding product, strong brand and to build your customer network, you need
to innovate. Innovation doesn’t always mean to create something new: innovators
often take something that already exists, improve it, change it, make it better and
make it the best for their customers. Innovative ideas are what will make a startup
competitive. Being innovative doesn’t happen overnight: it requires time and effort
to create something truly innovative that will make difference. Innovation and
creativity walk hand in hand when we talk about entrepreneurship. Here you can
find seven great ways to look at innovation in order to understand its importance in
entrepreneurship, education, ideas execution, knowledge and more.
The connection of Entrepreneurship and innovation comprises of independent and
corporate efforts in assembling and deploying resources in capturing the value
in innovative ideas. These innovative ideas may be present for new products,
services and processes.
Introduction of Xiaomi:
Xiaomi Corporation is a Chinese multinational electronics company founded in
April 2010 and headquartered in Beijing. Xiaomi makes and invests
in smartphones, mobile apps, laptops, home appliances, bags, shoes, consumer
electronics, and many other products. Xiaomi is also the third company in the
world after Samsung and Huawei to have self-developed mobile phone chip
capabilities.
Xiaomi released its first smartphone in August 2011 and rapidly gained market
share in China to become the country's largest smartphone company in 2014. At
the start of second quarter of 2018, Xiaomi was the world's fourth-largest
smartphone manufacturer, eading in both the largest market, China, and the
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second-largest market, India. Xiaomi later developed a wider range of consumer
electronics, including a smart home (IoT) product ecosystem, which has connected
more than 100 million smart devices and appliances.
New product Xiaomi offered
We know xiaomi is a technological Brand, they only provide technological any
product. Mobile phones, headphones, different types of bands, mi television, sound
box etc. but recently they sell their new product, and innovation product is
xiaomi’s car.
The product of an alliance between Xiaomi and car manufacturer Bestune,
this vehicle is Xiaomi's most expensive project to date at least. Xiaomi is going to
enter the automobile industry, this a great challenge to them to establish this
product. Because automobile company has a large compotators, Toyota, Audi,
BMW, Mercedes are the leading
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Ingredients of Xiaomi car
Xiaomi is a company that not only stands out for its sale of smartphones, but also
has a myriad of products. Now, the brand decided to bet on mobility by launching
its new vehicle Redmi brand. However, the Chinese company did not necessarily
manufacture such a vehicle, but allied itself with another brand that already makes
them. It is the Pentium T77 SUV, a car that arrives with the Xiao AI virtual
assistant in 3D hologram to guide drivers, one of the most interesting complements
it integrates.
Xiaomi has launched its own Xiaomi Redmi Car, which is the customized version
of Bestune T77 SUV. Xiaomi fans are in joy as the company launched its first car
ever after partnering up with Bestune, the company announced this on Weibo.
Bestune T77 SUV is a customized Xiaomi Redmi Car which unveiled on 3rd of
April, making Xiomi more than just a mobile company. Xiaomi at the start of 2020
announced that they will be expanding their product range. And this car is indeed
one of the best addition to Xiaomi products.
Xiaomi decide to compete cars brand, so for this reason they launce this product.
And xiaomi’s fan are so happy for this product. And this product is sell reasonable
price. And the quality of this product is so good and it will be compete other
brand.
For inspirational designs, illustrations, and graphic elements from the world's best
designers are design this car.
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Xiaomi brand
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of
the Hong Kong Stock Exchange on July 9, 2018 (1810.HK).
Xiaomi is an internet company with smartphones and smart hardware connected by
an IoT platform at its core. With the vision of being friends with its users and being
the “coolest company” in the hearts of its users, Xiaomi is committed to
continuous innovation, with an unwavering focus on quality and efficiency.
The company relentlessly builds amazing products with honest prices to let
everyone in the world enjoy a better life through innovative technology.
Xiaomi is currently the world's fourth-largest smartphone brand, and has
established the world's largest consumer IoT platform, with more than 213.2
million smart devices (excluding smartphones and laptops) connected to its
platform. Currently, Xiaomi products are present in more than 90 countries and
regions around the world and have a leading foothold in many markets.
Xiaomi devices have a reputation for offering a great bang for your buck, featuring
impressive specs at lower price points than many other major players. In recent
years, the company expanded beyond its home country of China, making a huge
splash in India and steadily growing its market share in Europe. Xiaomi stands for
the modern-day premium features at insanely affordable prices. The company has
taken the smartphone world by storm, through its innovative technology and
features like none other. ... Offering such quality products at unbelievably low
prices is an incredible feat in itself. he original Xiaomi phones with stock
miui( Xiaomi os) is absolutely safe. If you encounter any software related problem,
you can simply ask in their forum en.miui.com and you will get your solution in
minutes. Their phones are budget friendly too, and they have a lots of service
centers. Xiaomi is focused on being the most user-centric mobile internet
company, and their aim to constantly exceed expectations through innovations in
software, hardware and services. Many of their employees were initially fans of Mi
products, before they decided to join them. their team is not only passionate about
technology, but also relentlessly pursues perfection to break tradition and
push boundaries, all just to ensure that their products remain unique and offer an
unparalleled user experience. Now they has 3rd position in global market. So their
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car project will be success in future for this probability. But what happened in
future we don’t know.
Slogan and logo of Xiaomi
Xiaomi Inc is the big electronics company headquartered in the Beijing. This
company got the 3rd largest mobile selling company in the world. This company
founded on 6th April 2010 and revenue is 12.5 billion USD in the year 2015.
Xiaomi Designs, develops and selling smart phones, mobile apps, laptops and
other electronic devices. They mostly work on MIUI operating system. The MI
logo stands for “Mobile Internet”& also include “Mission Impossible”
They have some tag lines to promote their new cars.
Accelerate Your Life
Rise to power
Fast as light
Power at last
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Power has a new look
Key features of this car
Xiaomi holds a crowd funding event to put up on sale the Xiaomi SUV Pentium
T77 that comes with Xiao AI assistant with 3D hologram. The SUV is equipped
with the 1.2-liter turbo engine and produces 143 horsepower. The car is available
with MT and AMT gearbox options. The disadvantage is that the car is
manufactured only for the Chinese market, Xiaomi understands only Chinese and
local dialects. The model has already gathered more than 140 preorders. However,
it is a huge step forward for Xiaomi and the release of a company’s own car is
probably only a matter of time. Specifications of Xiaomi Redmi Car, Bestune T77
SUV
Dimensions: 4525 x 1845 x 1615 mm
Wheelbase: 2700 mm
Weight: 1455 kg
1.2L Turbocharged Engine
6-speed MT Gearbox
Maximum Horsepower: 143Ps
Maximum Power: 105kW
Maximum Torque: 204Nm
As a special feature, the manufacturer offers the vehicle with a holographic
assistant. This assistant offers three characters, one of which is shown in a prism
on the dashboard. The characters are addressed by voice control and are intended
to support the driver in essential functions of the vehicle. Initially, 43 functions
will be available, including switching on the windscreen wiper or changing the
volume of the radio.
A real exciting innovation that can prove to be very practical thanks to voice
control. Whether you like the manga characters that much is another story. In this
video you get a first overview of the Bestune T77.
The Bestune T77, alias Redmi SUV, will be released in four different versions and
will go on sale in the near future. The cheapest version will cost about $12,900, the
most expensive $19,000. Due to the great dominance of German and American car
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manufacturers, we don’t expect the Xiaomi car to be available here as well.
Especially because the Chinese market is the main target due to the strong
competition in the West.
Xiaomi at China-Gadgets are not the true car experts, xiaomi leave one evaluation
of the SUV to others. Among you there are surely some who have more car
questions on the pan. Those are main feature of xiaomi car
Uniqueness of xiaomi car
The most uniqueness of this car is that is its brand. Xiaomi is a electrical
technological brad but this is first time they make a car to compete other
automobile com It seems that Xiaomi has a big surprise. it can surprise its fans in a
very special way. A teaser for a new product has appeared on the official Xiaomi
account on the social network Weibo. Judging by the outlines, it is is a car, an
SUV. With its silhouette, it resembles to a Suzuki Jimny or Mercedes G-class …
pany.
Perhaps the teaser could be perceived as a joke, but there is a couple of things to
discuss. Firstly, after all, we are talking about the official page of Xiaomi, and not
fans page. Secondly, the inscription on the image confirms that everything is
serious: “Make a car? We are serious!”. After publication, the teaser was deleted,
but this did not save it from distribution on the Web.
It must be said that Xiaomi is actively cooperating with a number of local
automakers, and even decently invested last year in the famous Chinese company
Xiaopeng Motors. The latter, by the way, recently reported on the start of supply of
the Xiaopeng P7 electric sedan, which is positioned on the local market as an
alternative to Tesla cars. But the Chinese car has a completely different design. So
it’s not yet clear what kind of car we are talking about. It is possible that this car
will turn out to be a toy. Let’s hope tomorrow that things clear up.
Xiaomi supplies the world with unique pieces of technology.
MI Fans. Like Apple and Samsung fans, Xiaomi has a dedicated consumer base
that absolutely loves its products. In fact, these "MI Fans" regularly attend the
company's product launches in China, where they loudly cheer and applaud every
announcement. These MI Fans aren't just limited to China, though.
A big reason why they are able to maintain their low price is because of their cost-
cutting strategy in terms of how they sell their physical products. Instead of having
a major network of its own physical stores with staff, the majority of their sales are
sold directly to customers through e-commerce.
The most uniqueness thing is that they sell their product as a reasonable price and
product quality is so good so for this reason buy their product.
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Target market to sell xiaomi’s car
Its target market is the price-sensitive lower middle-income group
of customers and millennial who prefer smartphones in a lower price range. The
serial entrepreneur Lei Jun has founded Xiaomi in 2010 based on the vision
“Innovation for everyone”.
Xiaomi targets a customer segment that want to use smartphones and other
technology products, but have limited budget to make such a
purchase. Xiaomi also uses imitative type of positioning by closely imitating the
products of market leaders such as Apple and Samsung.
Xiaomi Inc targeted consumer who are tech-savvy as well as who are in the group
of age 18–35 ie from students to working class people, who want good quality
products and knew that market leaders like Samsung, LG and Apple were
overpriced for the specs they were providing in their products.
Hines smartphone maker Xiaomi is planning to rebrand itself to target a higher-
end audience. Lei Jun, Xiaomi’s founder and CEO posted on Weibo on March 9,
claiming that Xiaomi will no longer be restrained by “cost-effectiveness”.
Instead, Xiaomi will aim to provide a high-quality and luxury experience in the
future. Lu Webbing, Xiaomi’s Chinese District President and CEO of Xiaomi’s
spin-off brand Redmi reposted the message and commented: “Redmi will take on
the responsibility to produce affordable smartphones”.
Xiao MI’s target consumer group is the younger generation (which makes up a
large population in many emerging markets) who cannot afford flagship models.
More than half of Indian consumers are under the age of thirty; Xiao MI’s target
audience here exceeds 700 million consumers.
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Xiaomi’s target customers are
This new car will cost you 89,800 Yuan or 13,400 USD or 1140000 tk only. This
price rate easily compete with other brand like Toyota, Bmw, Mitsubishi etc.
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Xiaomi fans are in joy as the company launched its first car ever after partnering
up with Bestune, the company announced this on Weibo.
They target to sell this new product those wants to buy a branded car as a
reasonable price, this can purchase students too or middle class family.
Conclusion
Innovation and Entrepreneurship of Xiaomi’s car is very important for their
business. If they promote their product and compete with their compotators they
needed to make this, for innovating this car they can easily compete with any other
auto mobile company. If they don’t do it, they cannot improves their lacks about
their updating product quality, developing product, and progress their business.
This is a Disruptive Innovation., Disruptive innovation, also known as stealth
innovation, involves applying new technology or processes to their company's
current market. And we follow competitor innovation model
Effectively achieving business growth goals. Increasing the productivity and
thereby increasing the profitability. Effectively responding to industry disrupters
and increasing market share. Quickly responding to the external challenges by
developing human as well as technological resources to do things differently
The successful exploitation of new ideas is crucial to a business being able to
improve its processes, bring new and improved products and services to market,
increase its efficiency and, most importantly, improve its profitability. So for this
reason xiaomi innovation their new product xiaomi car SUV.
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