1.1 Explain strategic contexts and terminology – missions, visions, objectives, goals, core competencies with respect to Xiaomi Inc. (AC 1.1 : Explain strategic contexts and terminology – missions, visions, objectives, goals, core competencies)
Introduction:
XiaoMi is a smartphone company which is a rage in China: its Mi branded its handsets which sports a highly and customized in which the Android deployment (called MIUI), which are linked to a range of cloud services provided on top of the handset, as they have their own market (as opposed to Google’s play store), and have around 200,000 pieces of content, including customized themes (similar to Go Launcher). The MI2 handset is priced at RMB 1999. It is the most intuitive and usable
Strategic planning also requires a well-thought out plan for how to properly allocate time, human capital and financial resources. By following a strategic planning process, organizations can improve business outcomes and avoid taking on unanticipated risks due to lack of foresight.
Depending on the scope of an organization’s plans, a strategic planning process can look forward one, five or 10 years, or even more in some cases. Findings are often gathered in a formal strategic planning document.

Xiaomi has won itself a name in the global market with its high price-performance ratio smartphones, propelling itself to the top 20 smartphone brands. With unique operational style, sales of Xiaomi smarpthones have grown rapidly. In 2013, Xiaomi separately rolled out MiBox and MiTV, officially confirming its move into the TV market. By aping its success in smartphones to smart TVs, Xiaomi aims to gain traction in the living room and further into smart home applications.
Issues involved in strategic planning
The case discusses Beijing-based Chinese electronics company, Xiaomi Inc. (Xiaomi), and its unconventional business model. Founded in April 2010 by Lei Jun (Jun), a serial entrepreneur and investor, in association with his friend Bin Lin (Lin), a former Google and Microsoft executive, Xiaomi was known to produce cheap smartphones with a nice build quality.Xiaomi followed a unique business model where it sold its smartphones at cheap prices and later took advantage of