Introduction Strategic Management at Netflix
The talk began with a brief description of the strategy and how it connects to the conceptualization of strategic management and then discussed how it is conceptualized more generally. This subject has been thoroughly researched from several perspectives and explained our findings by referring to appropriate models and ideas from psychology. When examining a case study, a significant focus is on presenting and evaluating the underlying approach to strategic management.
It has been decided to discuss how the experience of participating in the workshops has influenced one’s perspective on strategy and strategic management, both from a theoretical and practical perspective later on. In order to demonstrate the learning, Netflix case studies were used in the workshop sessions and analyzed from the perspective of strategic management. Finally, as a developing practitioner, an analysis will be conducted from both an academic and a professional position and contributions to seminars and raising awareness of strategic management concerns.
What is Strategy?
To achieve its goals and objectives, it is necessary to plan constantly, monitor, analyze, and evaluate all criteria involved. Businesses must constantly reassess their long-term success plans in order to stay competitive. The strategic management process helps companies, among other things, to take stock of their current condition, formulate plans, put them into action, and evaluate the efficacy of the management strategies applied. Each of the five fundamental techniques in strategic management plans may be employed in various ways depending on the circumstances (Rabetino, Kohtamäki, and Federico, 2020).
Strategy from Business Aspect
It is the first of the three strategies and focuses on the customer experience. A company’s market strategy dictates where and how it will compete (Bigelow and Barney, 2020). This business strategy answers the below questions
- Which kind of customers do we want to attract?
- Where are we going to go?
- What are we going to sell?
- In the face of our rivals, how should we position ourselves?
- How will we set ourselves apart from our competitors?
- Do we have a plan for creating new markets?
In most cases, its top management is responsible for establishing its identity. Business architects aid in clarifying, integrating, and communicating a company’s strategy once developed. To enhance strategy generation, business architecture and customer experience design should be included in strategy discussions early on.
Strategy from Operational Aspect
One of its primary objectives is to appropriately transform a customer-centric business strategy into an integrated and practical plan. The below questions are answered.
- What new or enhanced skills are required?
- Is there a technique that should be reworked or re-examined?
- How well-equipped are we in terms of personnel? (Example: SLO-based talent retention approach)
As of now, most business architects are involved in operational strategy, which involves discussing corporate strategy with executives. To deal with problems at the boundaries of the business units, they work vertically inside each one. Advanced methods to business architecture work across departments and vertically (Lesmana and Iskandar, 2022).
Strategy from Transformational aspect
An individual learns about how the firm may benefit from the power of technology. Rather than automation, a digital business model shift is what is needed. There are fewer instances of this since it necessitates a complete redesign of the business or organization in question. Humans, processes, and technology must undergo radical and disruptive changes for this strategy to work. PMOs, organizational development departments, and consultants are often tasked with implementing transformational strategies. Few companies go down this path with an eye on the long-term expenses in mind. In order to succeed, these endeavors need a high level of expertise and experience. (Huang, Ting, and Li, 2021)
