The needs and wants of the customers in the smartphone markets keep changing and moving along with new products, services and companies that are released in the market.
Xiaomi’s main goal was to convert the needs of the smartphone customers to their wanting to buy the new Xiaomi phones like Redmi and Mi Note 2.0. The main goal of any company is to fulfill the needs and wants of their target market and customers. And once the company fulfills these needs, it creates a good customer relationship and this leads to customer loyalty through which they increase their sales, numbers of customers and also expand their target market. So the main goal of Xiaomi is to meet the needs and wants of the target customers in countries like India, China and …show more content…
As we all know that customers respond to incentives and act on perceived value. Different consumers have various needs, wants and tastes. According to the article published in the Wall Street Journal, it states that apart from luxurious brands like Louis Vuitton and Gucci, smartphones like the Samsung Galaxy X and the iPhone 6 and 6 plus as a fashion statement and status symbol, and this is what has attracted so many customers from the middle class and upper middle class to buy their phones from Xiaomi to fit in to the new materialistic society where phones are wanted more than needed. Customer Equity maybe defined as the total combined customer lifetime values of all of the company’s current and future customers that may buy and use their products. In the above article, it is shown that the Asian market is the most rapidly growing market with incomes and spending power increasing, therefore demand and sales for Xiaomi smartphones are increasing and the number of customers are increasing by the day. This shows that there is customer loyalty, which means that the same customer will buy the different products from the same company (Xiaomi) repeatedly. The company has done a fabulous job of brand building and market expansion in India and China by being loyal to its customers, meeting their needs and satisfying their needs by new products and software updates, this …show more content…
Even after this, they have taken the most of the open opportunities and placed the products successfully in the market and their customers. The company also has future plans to expand their products, markets and company by entering the North American and European markets, but in the future only because of the tough competition, for now they are focusing on profit maximization in the continent of
Xiaomi’s main goal was to convert the needs of the smartphone customers to their wanting to buy the new Xiaomi phones like Redmi and Mi Note 2.0. The main goal of any company is to fulfill the needs and wants of their target market and customers. And once the company fulfills these needs, it creates a good customer relationship and this leads to customer loyalty through which they increase their sales, numbers of customers and also expand their target market. So the main goal of Xiaomi is to meet the needs and wants of the target customers in countries like India, China and …show more content…
As we all know that customers respond to incentives and act on perceived value. Different consumers have various needs, wants and tastes. According to the article published in the Wall Street Journal, it states that apart from luxurious brands like Louis Vuitton and Gucci, smartphones like the Samsung Galaxy X and the iPhone 6 and 6 plus as a fashion statement and status symbol, and this is what has attracted so many customers from the middle class and upper middle class to buy their phones from Xiaomi to fit in to the new materialistic society where phones are wanted more than needed. Customer Equity maybe defined as the total combined customer lifetime values of all of the company’s current and future customers that may buy and use their products. In the above article, it is shown that the Asian market is the most rapidly growing market with incomes and spending power increasing, therefore demand and sales for Xiaomi smartphones are increasing and the number of customers are increasing by the day. This shows that there is customer loyalty, which means that the same customer will buy the different products from the same company (Xiaomi) repeatedly. The company has done a fabulous job of brand building and market expansion in India and China by being loyal to its customers, meeting their needs and satisfying their needs by new products and software updates, this …show more content…
Even after this, they have taken the most of the open opportunities and placed the products successfully in the market and their customers. The company also has future plans to expand their products, markets and company by entering the North American and European markets, but in the future only because of the tough competition, for now they are focusing on profit maximization in the continent of