Workshop 1 What is Strategic Management at Netflix
It is the process of setting and achieving concrete goals for an organization’s stakeholders based on resource allocation and environmental assessment. Setting objectives, developing policies and plans, and allocating resources are all part of strategic management. [5] Academics and practitioners have developed models and frameworks to aid strategic decision-making in dynamic environments. The models usually include a feedback loop to evaluate execution and advise future planning.
Netflix’s overall goal is to maximize the competitive advantages of IT. Intensive growth requires marketing. These corporate initiatives support Netflix’s cost-cutting and market expansion strategies. IT strategic management support for efficient operations and global expansion. Netflix Inc.’s ambitious development goals are underpinned by a solid business model and overall strategy for competitive advantage (Fors, Hagemann, Sang, and Randrup, 2021)
The Designing School Strategy
These concepts spawned a slew of new schools. According to this view, strategy links the internal and external worlds. SWOT analysis is a well-known and popular strategy. Internal environment (first two letters), while exterior environment (last two letters) helps locate components that support or impede the planned plan’s growth (external environment)
The planning School Strategy
This proposal’s main goal was to standardize the plan-making process and increase data analysis. Unlike design schools, planning schools start with objectives. In this sense, goals differed from strategy Second, a systematic procedure called auditing analyses the internal and external environments. The auditing procedure includes checklists and tables. Efforts were made to gain control, forecast, and prepare. During this step, the strategy is subdivided. A long-term plan includes short-term actions.
Netflix SWOT Analysis
This Netflix Inc. SWOT analysis shows that the company can grow despite its shortcomings. Several firms, including content producers, may mimic the company’s movie streaming business model due to vulnerabilities. However, Netflix’s brand and other competitive advantages allow it to thrive. However, external factors demonstrate how firms, customers, and other elements interact. As industries rely on internet technology, they are vulnerable to cybercrime. Even in the face of competition and other threats, Netflix’s strategic management continues to innovate. This industry is poised for growth as entertainment companies and movie streaming services compete for market share.
Workshop 3 The positioning School Strategy at Netflix
Its impact on numerous theories is clear. In addition to combining design and planning schools, Unlike other schools, this one focuses on the method. Placement is unique to this notion. Positioning occurs when a corporation evaluates the market and its competitors. To do this, the company uses limited generic approaches. During combat, companies occupied and defended specific locations. It is also seen as a zone of unrelenting competition where firms look for opportunities to grab market share. This technique borrows heavily from military tactics. Second, the positioning school has aided consultation. Planners have learned many calculations and analyses. Consultancy firms started to play a crucial role in the business world. So the Boston Consulting Group created a growth-share matrix, one of the most extensively used positioning tools today.
All of these activities vary for members’ time and money. This list will grow in the coming years. Many firms may prosper in the entertainment industry. For decades, ABC and NBC have battled for viewers, attention, and content. HBO’s streaming business is expanding faster than ours. Because of the content, many people will subscribe to both HBO and Netflix. The change to streaming entertainment will benefit many companies. In many worldwide markets, video piracy competes for entertainment time. It is accessible and quite varied. Netflix video piracy may overwhelm us if it gets reliable and socially acceptable. Affordability may help protect material against piracy.
Workshop 4 The Cultural School Strategy at Netflix
Unlike the power school, the cultural school considers the whole. It is anthropological. Traditionally, culture was utilized to gather individuals with shared ideals. However, crucially, this concept extends to businesses. Culture typically influences our worldview. So it affects how we see a company’s appearance, influencing our decisions. Creating a plan requires group engagement and shared ideals. A company’s vision determines its strategy using Mintzberg’s 5 Ps. Prioritizing culture has tremendous repercussions. Also, as organizations become increasingly global, cultural diversity becomes a significant issue. They must adjust a company’s structure and culture to a diverse population. Profits earned in one area cannot be moved. Like two businesses coexisting. Same environment, different culture. Culture clashes may arise in mergers and acquisitions.
Netflix Inc.’s culture appreciates people. The organization satisfies employee expectations to ensure smooth online business operations. A favorable business culture improves staff morale, productivity, and development. Netflix’s corporate culture is defined as follows:
- Autonomy (Autonomy)
- Conscious and open data exchange (Communication)
- Honesty abounds (Attitude)
- Aim for efficiency (Productivity and Effectiveness)
- Regular evasion (Rules and Organizational Rigidity)
Workshop 5 The Emergent School Strategy at Netflix
Such a tactic emerges naturally inside an organization. Individual contributors, including middle management, engineers, financial staff, and salespeople, make a daily priority and investment decisions. The emergence of a strategy often outperforms a planned approach. While the organization still has goals, it can explore new options or priorities. So many early-stage companies employ emergent. It embraced new technologies and black swan events. From that point on, Netflix has shown tremendous strategic agility and flexibility. Examples of Netflix’s new approach:
- Netflix was the first to build a website that mirrored a video store.
- Amazon and Walmart challenged Netflix’s original income source, DVD sales. As a consequence, a movie subscription service was born.
This strategy seems to match Netflix’s market. Years of success enable the organization to reflect the initial vision and make spontaneous judgments. Netflix knows how vital good execution is to considerable success. Strategically, Netflix appears to keep competitors like Blockbuster and Hulu at bay. This is a considerable concern for Netflix’s US fans. Netflix has been growing with a profit but a loss.
Workshop 6 The Marketing and Branding as Strategic Forces at Netflex
Branding strategy reflects the raison d’être of an organization, product, or service. Branding represents the company’s or product’s values, how it differentiates from competitors, and why a customer would buy it. Unifying attributes, values, and qualities constitute a brand’s strategy. It encompasses the brand’s story, values, personality, and tone of voice. It should also include the brand’s employee benefits (EVP). Brand portfolio strategy and brand architecture framework. If the brand has many audiences, the CVPs may be included (CVPs).
Once approved, a company must design a marketing strategy and plan. They place the correct product/service at the right moment—Buy-in from purchasers. Netflix advertises on TV, online, print, and even on video game consoles. Netflix also offers a one-month free trial to encourage new customers. Customers may choose between DVD mail-in rentals and online streaming. A package for both services’ users is still in the works.
Netflix’s marketing strategy analyses the brand utilizing the 4Ps (Product, Price, Place, Promotion). Product, pricing, and promotion planning are marketing tactics. These Netflix marketing strategies help the brand grow. As a brand/company, Netflix’s marketing approach helps them compete in the market:
4) Reflection
Business plans are composed of several significant concepts that show how a company expects to attain its goals in the most cost-effective and time-efficient way. It will educate them on how to interact with their competitors, analyze the needs and expectations of their customers, and evaluate the long-term growth and sustainability of their organization, among other things. Having a plan gives companies the chance to analyze how they are doing, what their skills are, and whether or not they will be able to use these capabilities to aid them in growing their company.
Every firm does not do it correctly the first time they try it. All organizations, for several reasons, have inherent defects that must be addressed for them to function correctly. A business plan aims to rectify these defects to prevent organizations from falling over themselves and experiencing the repercussions of their mistakes. Developing strategies involves looking at these possible threats in the future and assisting in creating solutions to mitigate their consequences. A well-defined business strategy will guide how the firm will operate on the internal front, which is critical. Moreover, what performance is in contrast to rivals and what will need to be relevant in the future are important considerations.
A plan may be implemented to identify trends and opportunities for the following years. For example, it may look at broader changes in the market, such as political, social, and technological upheavals and adjustments in consumer behavior, and develop plans to assist the firm in adapting and growing as a result of these transitions in the future.
A business strategy creates a vision and sense of direction for a whole organization to guide it. To be successful, all workers need to have clearly defined goals and work in line with the organization’s overarching direction or mission statement. An effective strategy may provide this vision while also keeping individuals from losing sight of the objectives of their organizations. Finally, by creating a business plan, a company may get a competitive advantage and, consequently, have a more excellent knowledge of itself and where it is going.
