The Impact Of Internet On China 's Top 20 Richest Person With Net Worth Us

The Impact Of Internet On China 's Top 20 Richest Person With Net Worth Us

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Have you heard about Xiaomi? Xiaomi is a Chinese technology company, and it was founded in April 6, 2010 by entrepreneur Lei Jun. He became one of the China’s top 20 richest person with net worth US$ 9.1 billion after four years that Xiaomi was founded(Olson, 2014). Therefore, Xiaomi was expending very rapidly. Up to now, the company produced smartphone hardware, software, and internet services as well as accessories. Xiaomi not only hires Chinese technical talents, but also recruit international talents. For example, it hires smart and talented people who worked for Google, Microsoft, Motorola, Yahoo and other successful technology companies around the globe before. Xiao has over 8,000 employees, mainly in mainland China, Malaysia, and Singapore, and is expanding to other countries such as India, Indonesia, the Philippines and Brazil. In 2014, more than 60 million smartphones were sold worldwide, and Xiaomi earned $12 billion revenue as a result. Xiaomi becomes the third largest smartphone producer in the world currently. In addition, after Xiaomi successfully secured $1.1 billion investment with a company valuation of $45 billion, it has achieved the status of the most valuable technology start-up in the world (Shih, 2015). Why Xiaomi expands so fast? what are the advantages and disadvantages of Xiaomi? what kind of problems Xiaomi is facing now or in the future? In this essay, we will discuss the advantage of Xiaomi, factors in the success of Xiaomi, disadvantage of Xiaomi, and the challenges that Xiaomi face now and in the future.
Before introducing advantage of Xiaomi, we should know some successful big events about Xiaomi. First of all, why Lei Jun established Xiaomi ? As Lei Jun said that he spend lots of money to...

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...arketing researches and executable retail marketing plan. This will also help create a strong user experience and unique branding and ecosystem.
In conclusion, Xiaomi has a different and creative business model and a very interesting approach which is disrupting the smartphone and technology world. It has been successful without using all traditional marketing approaches, Xiaomi applied a crowdsourcing strategy into its product development process and utilised online business strategy and social marketing for its marketing. With this innovative model, it has taken the world by storm and achieved huge success in both local and international markets. In just 4 years after its founding, it has already become the world’s third largest smartphone maker, and is the world’s most valuable technology startup company which has just been valued at US $46 billion (Shih, 2015).

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