MS

The content in my Milestone 1 paper clearly shows that Netflix has grew the number of its customers through the use of very effective marketing strategy. It is one of the many companies that can be used as a real-life practical example of the benefits that the right marketing plans and techniques can bring to a firm. Netflix was a new company with a pretty new concept in the movie and entertainment sector. Therefore, it needed to correctly and effectively set the marketing objectives that would act as a blueprint to guide the advertising and publicizing team (Berman, 2016). The main marketing objectives of Netflix are:

1. Create awareness:

This is then main objective in their marketing strategy. Netflix has always aimed to create a brand name that will be hard for any upcoming competitors to beat.

2. Increase the number of customers subscribed

The company aims to grow its reputation not only in its home state but also on the international scene. It has since managed to do this by spreading its high-quality services to customers across the globe.

3. Enhance their streaming service

Netflix has been able to successfully offer reliable streaming services to its clients. Their service is able to adjust the quality of the video depending on the speed of the internet hence the client can watch with no or minimal buffers (Wenzel, Mahle, & Pätzmann, 2016).

4. Increase social media influence

Netflix has managed to gather a huge following on their social media handles. Most of their followers have been acquired through the aggressive and effective marketing that Netflix performs.

5. Promote the brand

Netflix has been featured in many comedies and movies as promotion ad that comes up in the middle of the shows. This strategy caught the attention of many people.

Proposed research

Venturing into any business requires adequate research accompanied by the implementation of feasibility studies. The research required by Netflix while beginning was enormous since it was venturing into a very new concept in the entertainment market scene. The research that I would do to enhance the marketing process at Netflix includes some main aspects which are discussed below.

a) Internet connection availability

Netflix services require internet connectivity to access. This fact serves as a limitation and also an advantage (Lamkhede, & Das, 2019). It is a disadvantage since it prevents a customer who has no internet connectivity from enjoying the many movies and series that are offered on the Netflix platform. However, using the internet serves as an advantage since customers can receive the service from anywhere in the world as long as they are connected to the internet. When one compares these two facts, using the internet as a channel to offer their service is more beneficial than it is limiting.

The research that Netflix should conduct is on the current level of internet connectivity in all the regions that they plan to offer their services. The company should also perform surveys aimed at determining the costs of internet services in various countries and the financial capability of the potential subscribers in these regions. The results of this study will enable Netflix to determine whether it will be profitable for them to venture into a new region or bail out on providing their services.

b) Pricing

The first thing that first-time customers look at while purchasing a new product is the price. At that time, these clients have no previous knowledge of the product and service that they are buying. Therefore, if the price is too high the customer may opt to pay for what they are already used to instead of subscribing to the unknown service. Despite Netflix having a commendable brand, research is still required to determine whether their prices are favorable to their users. Many competitors are coming up with similar services and charging less hence Netflix should also research on the various strategies that they can use to ensure that their prices are attractive.

c) Customer preference

The content required by the new millennial customers is different from those in the past age group. Therefore, Netflix needs to conduct thorough research into the needs of their customers and work on producing series and movies that capture what most people want to view. The research should be conducted in each region and not collectively since preferences are also varied by culture differences (Kokas, 2018). In some cultures, the viewing of violence, sex and nudity is taboo whereas some people prefer this kind of content in the movies and series that they want. The purpose of this study would be to give the people what they want especially on aspects that face a lot of debate and criticism such as homosexuality.

Target Market

The target market for this business is almost unlimited. The only barrier to the expansive target market is creativity. If Netflix maintains a creative marketing and content development team, then it can offer its services to anyone from the age of 5yrs. The financial level of the target market is focused on the middle-class people who can afford internet connectivity and at least a device on which they can access the services. Currently, focus should be on the third world countries that are under the rapid development of technology and connection to the internet. Venturing into such new markets especially in Africa will be very profitable for the company (Armstrong, Kotler, Harker, & Brennan, 2018). The production of movies in these countries is also low hence Netflix can prioritize the production of local movies in these regions.

References

Armstrong, G. M., Kotler, P., Harker, M. J., & Brennan, R. (2018). Marketing: an introduction. Pearson UK.

Berman, B. (2016). Referral marketing: Harnessing the power of your customers. Business Horizons, 59(1), 19-28.

Kokas, A. (2018). Chilling Netflix: financialization, and the influence of the Chinese market on the American entertainment industry. Information, Communication & Society, 1-13.

Challenges in Search on Streaming Services: Netflix Case Study. arXiv preprint arXiv:1903.04638.

Streaming Services & Service Design: An Analysis of Netflix and Amazon Video Based on the Gap Model by Parasuraman, Berry & Zeithaml. Market brand, 5(5/2016), 20-31.