Innovation and Commercialization Process at Xiaomi: A Detailed Report

This report provides an analysis of Xiaomi's innovation and commercialization strategies. It begins with an introduction to the concepts of innovation and commercialization, highlighting their importance for business growth. The report then delves into Xiaomi's background, emphasizing its focus on continuous innovation and quality. It explores the significance of the commercial funnel and the new product development process, crucial elements in bringing new products to market. A case study on Xiaomi's wireless chargers is presented, including sources of funding and key performance indicators (KPIs) to measure success, such as growth rate, market share, and sales targets. The report concludes by referencing relevant academic sources, offering a comprehensive overview of Xiaomi's approach to innovation and commercialization, and providing valuable insights for business students.

Innovation and
commercialization

Table of content
 Introduction
 Main body
 Conclusion
 References

INTRODUCTION
 Innovation can be defined as method of making the idea or the inventions of new
products or services. Due to the technological advancements companies are required to
enhance their processes and are required to bring new and innovative to the market.
Innovation has became the focus of most of the small, medium and large enterprises. It
plays vital role in organization and its growth and success.
 Commercialization on other hand can be defined as extended process of the
innovations. It consists of various factors who are performing the functions for
commercializing the ideas and producing substantial scale for the financial gains.
Present report I based on innovation and commercialization process in Xiomi. Report
will be providing about the importance of commercial funnels and product
development process.

Background of Xiomi and the commercial
potential.
 Xiaomi was founded in 2010, April and was listed
in main board of Hong Kong Stock Exchange in
2018. It's an internet company having the smart
hardware and smart phones connected by IoT
platform as the core.
 It has the vision of becoming friend with the users
and to be coolest company of world in heart of its
customers. Company is committed with
continuous innovations, and with unwavering
focus over quality & efficiency.

Importance of commercial funnel and the new
product development process for the innovation.
 Commercial funnel is also known as sales funnel. It is used by the business
organizations for leading generations and the sales disclosures. It is important for
analyzing what business models or the marketing tools are needed for helping the
business to succeed in market.
 Marketers also focus over clients that are existing already in decisions section of sales
funnel. Commercial funnel helps company in driving the customers to action portions.
The funnel consists of 4 stages that are awareness, interests, decisions and actions for
defining the customer's perspective. The stages requires different approaches for the
marketers for attracting customers.

New Process Development
 It refers as driving force of company which is an effective tool for accomplishing the
organizational goals. Worldwide strong competition, dynamic behaviours of customers,
technology and investing in new product for its survival. This process is engaged at
time of launching new products.
 NPD helps in long term growth by assessing the competition and developing new
products.
 It also helps its consumers in getting improvements in the lifestyle. Company achieves
this target by assessing the needs and demand of customers.

Building the case of innovation using
commercial funnel.
 Wireless Chargers by Xiaomi''
 Xiaomi is a mobile company and
is serving people efficiently from
last few years. Company is
planning to bring new smartphone
with wireless chargers. These new
smartphones will be available at
reasonable prices. Company is
known for providing quality
products at affordable prices.

Sources of Funding
esource Price (UK)
Skilled labour workforce 150
Equipments 175
Commodities to
manufacture new
Smartphone
200
Advertisement 90
Total 615

Key Performance Indicators
 The KPI may be assessed as the accomplishments of the company objectives.
 Increase in growth rate by 10 % by launch of new innovation.
 To have a addition in market share of 40%.
 To have the sales of around 50000 smartphones in 8 months.

REFERENCES
 Wang, C. and et.al., 2017. Understanding and eliminating hysteresis for highly efficient
planar perovskite solar cells. Advanced Energy Materials,.7(17).p.1700414.
 Song, Z. and et.al., 2016. Perovskite Solar Cell Stability in Humid Air: Partially
Reversible Phase Transitions in the PbI2‐CH3NH3I‐H2O System. Advanced Energy
Materials. 6(19). p.1600846.