Strategic Plan Part III: Balanced Scorecard and Communication Plan

Netflix

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Identify the company's mission statement.

Netflix’s mission statement states that ‘Netflix’s core strategy is to grow our streaming subscription business domestically and globally. We are continuously improving the customer experience, with a focus on expanding our streaming content, enhancing our user interface and extending our streaming service to even more Internet-connected devices, while staying within the parameters of our consolidated net income and operating segment contribution profit targets

Identify the company's vision statement.

Netflix’s vision statement is to become the best global entertainment distribution service. To license entertainment content around the world, creating markets that are accessible to film makers and helping content creators around the world to find a global audience.

Explain what role these have in the way the business operates.

The success of any company is based on adherence to its foundations. The foundation of any company is structured on the mission and vision statement that guided its ‘birth’. Any deviation from the foundation leads to loss of authenticity.

Netflix is an entertainment company that focuses on providing its customers with high quality entertainment at all times. Since its inception in the year 1997, the company has made a lot of progress in terms of service delivery. As of the year 2010, Netflix provided services to about 125 million people in over 190 countries (Sundet & Bakøy, 2017). This huge success is attributed to Netflix’s adherence to its vision and mission.

The vision and mission affect Netflix’s operations in the following ways;

Netflix has ventured into investment in real estate. In 2016, the company assigned funds that were directed towards building its own studios. The decision to build actual offices/studios where customers can access Netflix personnel was meant to help improve customer services. The mission statement clearly indicates that the company is focused on improving customer service. When people have accessible tangible offices that they can visit when seeking services, they tend to trust a company more. This is because the human mind tends to trust tangible things compared to virtual things. By building offices in different parts of the world, Netflix became more reliable and dependable.

The vision statement contains a clause that states ‘to focus on expanding our streaming content.’ Since the year 2016, Netflix changed its operation system of specifically providing TV series and movies that the company had obtained streaming rights. Netflix took up a new channel of providing original content so as to improve the quantity and quality of movies and TV series that viewers can access. Provision of original content on Netflix has helped increase the number of Netflix subscribers.

The mission statement states that the company’s aim is to become the best global entertainment distribution service. As of the year 2018, Netflix already operates its own CDN called Open Connect (Jenner, 2016). The system enables the company to provide better streaming services when compared to other companies in the same industry.

Evaluate whether the company's actions seem to align with their vision and mission statements.

An analysis on the above mentioned strategies proves that Netflix has aligned itself to its mission and vision in the following ways;

Building Netflix offices has helped assure Netflix customers that their queries can be addressed whenever they need help. This is a sure step towards meeting the mission statement goals.

Adopting a CDN of its own has helped ensure that people have better streaming experiences. Unique streaming experiences are one of the major responsibilities that the company has committed itself to in its vision statement.

The above examples prove that the company has made a lot of progress in working towards meeting all the standards outlined in the two company policies.

Examine how the mission and vision of the organization might affect or guide you as an employee or manager in the company.

As a Netflix employee, my operations within the company will be greatly affected by Netflix’s mission and vision. Some of the ways in which my operations will be regulated include;

Provision of high quality services- Both the mission and vision of the company requires that customers are provided with high quality services (Daidj & Egert, 2018). If assigned duties in the new Netflix offices, my interaction with the customers will have to reflect good customer service. The kind of interaction that I have with them will determine how satisfied they are.

Although the company focuses on going global, its mission dictates that its operations lie within its consolidated net income. This clause implies that I need to ensure that I do not go overboard when it comes to spending the company’s finances. Every investment/expenditure that I incur on behalf of the company has to be within the company’s financial capability.

From its vision, it’s clear that Netflix is a global company. The manner in which international companies operate is different from what happens in local companies. The kind of planning that is done has to be one that is acceptable to different viewers and in different cultures. Being insensitive to culture and viewer types can lead to the loss of customers.

Analyze what you think would be the effect if the company did not have a mission statement

Without rules, chaos arise in organizations. Netflix would be in chaos if it did not have a mission statement to govern its operations. Managers in the company would have no idea on which direction they need to steer their subordinates.

The company would not have a well-defined goal of improving customer service. Maybe the company would be a bit sluggish in working on improving the services that it provides. Having a mission statement makes it a reality that the company has to work towards obtaining.

The mission statement helps classify Netflix as an international company. Without the mission statement, the company would not work on establishing its business points all over the world.

References

Jenner, M. (2016). Is this TVIV? On Netflix, TVIII and binge-watching. New media & society, 18(2), 257-273.

Daidj, N., & Egert, C. (2018). Towards new coopetition-based business models? The case of Netflix on the French market. Journal of Research in Marketing and Entrepreneurship.

Sundet, V. S., & Bakøy, E. (2017). ‘Remember, it’s just television’: Rubicon TV and the Commercialisation of Norwegian Television. VIEW Journal of European Television History and Culture, 6(11), 53-69.