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Haier in the Global Business Environment

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This study outlines that the company i.e. Haier is one of the most renowned names in the global industry of electronics. The company has developed an appreciative image for itself within the industry owing to its innovative approach and product diversification along with the deliverance of quality products and services both in the Chinese and global market. It has been learnt that in the initial stages of its operations, the operations of the business was largely concentrated on the Chinese market due to the aspect that it has experienced immense growth in the same during its course of operations. The company started operations in the year 1984 with taking over of a defunct refrigerator factory by the CEO of the company. In the initial phase, the company was only involved in manufacturing of refrigerator and had to face stiff competition from the present players. However, somehow the company was able to sustain due to the quality and efficiency of its products, which were quite high as compared to the products and services of the competitors. The company was able to meet the demands and preferences of the customers to a considerable extent. This has consequently resulted positively for the overall business as Haier was able to reach a profit of 1 million RMB in the second year of its operations in China, which is quite commendable to say the least. This has paved the way for the company to expand the business in unexplored markets of China and in the global electronic market sector. Though the company was reluctant for business expansion in the initial phases owing to the aspect that it wanted to focus on quality of the products, but in the later stages, the company extended its operations in the global market segments. As a result of this particular approach, the company was able to reach a revenue figure of more than 400 million RMB in the next ten year of its operations in China.