Research On Marketing Strategies For Smart Home Products Of The Xiaomi Company

With the rapid development of information technology,Internet plays an important role in people's lives.It not only has a great impact on the Internet industry and e-commerce,but also extends to other industries.Smart home,as one outcome of rapid development of information technology,emerged to fulfil people's demand for high quality of life.Smart home is able to improve the life quality by providing convenience,comfort,energy efficient,money saving,providing people with a more enjoyable home environment.China's ongoing strong economic growth shifted people's primary needs from basic demands to better life quality.Such rapid and strong economic growth dramatically improved people's disposable income,allowing additional spending on things like smart homes.At the same time,in the wake of developments in science and technology,the related technologies of smart home are becoming more and more mature,which reduced the production costs of enterprises and greatly stimulated the demand of consumers.In addition,the government has strongly supported the smart home industry,and the relevant policies of the industry have been formulated.Thus,given the growing demand from consumers and strong support from government,smart home would offer huge consumer market potential with rapid growing potentials.On the other hand,China's smart home industry is still at its early stage,but with challenge comes opportunity.The problems of the industry have greatly limited the development of smart home industry.There is no doubt that smart home have improved people's comfort,safety and quality of life.The development of smart home can make more families live better,which has important significance.Therefore,with regards to the problems of the smart home industry,for instance,the poor after-sales service has a really negative influence on consumers' interest in smart home products.The high price leads to the fact that smart home products cannot be popularized.Most consumers are not familiar with the idea of smart home,and the products on the market cannot meet the real needs of consumers.Smart home standards has not been established yet,different companies try to introduce their own proprietary standards into smart home industry resulting in incompatibility between products from different companies,etc.),this thesis aims to have positive impact on the development of smart home industry through the study of marketing strategies on Xiaomi,a smart home company.Guided by the marketing theory,and based on the development status and problems of smart home industry,this thesis analyzes the marketing strategies for smart home of the Xiaomi company.Firstly,The PEST Analysis and Porter's Five Forces Model are used to analyze the external macro-environment and competitive environment of the Xiaomi company.Secondly,its strengths and weaknesses as well as opportunities and challenges are analyzed with SWOT Analysis,and then the marketing strategies of the Xiaomi company are analyzed,including STP marketing strategy and Marketing Mix strategy.Finally,in accordance with above research and analysis result,and based on the problems of the Xiaomi company and smart home industry,this thesis gives some countermeasures and suggestions for the development of smart home industry and companies.This thesis comes to the conclusions.Smart home would offer huge consumer market potential with rapid growing potentials,and Xiaomi company could continue developing in smart home industry.In addition,Xiaomi company should solve its problems in time and adjust its marketing strategies in the highly competitive market.At the same time,it should set an e xample to the companies in smart home industry.Thus,this thesis gives some suggestions.Xiaomi company should persist in technological innovation and patent application.And then,in order to make consumers' experiences better in using products and after-sales service,Xiaomi company should improve its marketing channel management.At last,it should prepare for the high-end market and its MI Ecosystem management is also important.