Company & Key Personnel of Netflix And Milestone 3
The proposed business idea for Netflix is to create a superior premium membership plan by investing in smarter algorithms to curate their specific content. This refined streaming service would be known as Netflix Elite. Using your learning from MBA 635 and MBA 690 (attached), explain why your organization is well positioned to carry out the project, including how the concept fits with the organization's core competencies and the type of corporate culture that will offer the best possibility for successful implementation. In addition, recommend the key roles, responsibilities, and qualifications of the cross-functional team that will be responsible for implementing the project. Although you may not always be able to provide the names of the specific individuals who will occupy those roles, you should explain the specific skills and experience required for each and the contributions each member will make, including what your own role will be in the process and contingency plans should the proposed team composition need to be modified. Per the attached rubric, please address the following four critical elements: Organization's core competencies; corporate culture; key roles, responsibilities, & qualifications; and contingency plans.
Milestone 3: Company & Key Personnel of Netflix
Listed publicly on NASDAQ as NFLX, Netflix Inc. is a video streaming service entity available to everyone for a monthly subscription fee. It started as a company that mailed DVDs as a service in 1997 when Marc Randolph and Reed Hastings founded it. Netflix Inc. has grown into a fully-fledged entertainment company that has contributed from production to streaming services throughout the domain. The growth is associated with the effort of the employees, which is facilitated by the corporate structure. It is worth noting that using technology to position Netflix Inc. as a service provider has benefits. It allows the company to update its directories efficiently to align with growing customer needs and demands.
The elements that give Netflix Inc. a competitive edge are technology and human resources. They dictate how the company operates daily and supports its information technology (IT) infrastructure. It prides itself in having a platform with no ads in its video content, but that also means it is monetized using a different strategy; the subscription fees. As of 2020, the company had 9,400 full-time employees that worked in various capacities. About 1% (80) of the entire workforce at the company are software developers who deal with the various software-related issues ("How Many Developers are in US and in the World [Updated]", 2021). Some of the roles of the developers are developing and managing software, APIs, and system integrations that are critical to operations.
At the moment, Netflix has content for just about every consumer. The company enjoys an expanded customer base that is very diverse in culture and media consumption. This requires it to curate products and services and integrate diversity into them. It enjoys a relatively superior sales and marketing strategy that takes advantage of many strategies. The company operates with some famous and well-known producers and actors, making it better as it increases marketing avenues for promotions.
Netflix uses a simple pricing strategy covering various pricing parameters and variables. A user pays a subscription fee to access all available shows in their location. The only requirement is that users need internet connectivity to watch the shows. That means Netflix is available worldwide wherever there is connectivity in that specific place (Linton, 2019). There are location-specific shows as well for various regions. Location-specific shows are made with diversity in mind because of variations in language. Culture, laws, policies, and other regulations are also factored into such videos.
Variety makes Netflix's current product mix perfect for the Elite program. Aside from the algorithms used to determine optimal content for the program's customers, pricing is vital. There are several ways to do this, but aligning Netflix Elite with a premium pricing strategy will be optimal. A hybrid approach can be used, but it is vital that the proposed product is sustainable and reflects its status. Netflix's availability will mean that the Elite program will be launched on an excellent foundation to steer it to success.
Being available online makes the company very accessible. Internet speed and connection are the integral components for service delivery, but the services are available to everyone. Many languages are available on the platform, which also has shows for various regions (Rivera, 2019). Culture is also integrated into the programs and films available for streaming. This is perfectly aligned with the global need for integration and increases content diversity. The proposed Netflix Elite concept is perfect for this setup because it will be easy to implement. All that is needed is to run the algorithms on the common platform to curate unique content for subscribers in the Netflix Elite program.
The growth of Netflix is perfectly aligned with advancements in technology. The company is always aware of technology changes that present avenues for competitive advantage. The quality of services offered is also considered in the technology choices. Advancements in domains like artificial intelligence (AI) and big data have made it possible for Netflix to learn customers' preferences. This facilitates the process of recommending content to viewers. Netflix Elite will be successfully implemented because the technology it requires is already in place. Additional elements like virtual and augmented realities can be integrated into Netflix Elite. It facilitates and justifies the adoption of premium pricing.
Netflix Inc. prides itself as a people-first entity because it requires the people to function and for consumers. People-centricity makes it a dynamic domain, thus needing careful handling to assure sustainable success (McCord, 2014). Such a culture will bear fruits for Netflix Elite as it is perfectly tailored for the experience they will be offering. Focusing on people's preferences will be the core of operations for the program. Coupling it with exquisite content from top directors, producers and actors can make Netflix Elite a top-quality platform.
The implementation of Netflix Elite will also adopt similar approaches to managing content. Customers and employees will be a priority in the program. Netflix Elite will introduce various frameworks that bolster its operations. The company's current setup is also ideal as the employees can be moved to the next role in the startup. It is an excellent move that will help improve operations because the employees already have experience of how the entity works. The practical outcome is both personal and professional development. As a company that prioritizes a positive and productive workplace, Netflix has a solid foundation to cover the standards expected in the Elite program.
Netflix Elite will require several employees to run it from the ground up. However, using in-house personnel to fill critical positions as promotions will significantly improve Netflix Elite. In addition, it will be the foundation of another product that will increase the company's product portfolio by adding another module. Like other products and services offered by Netflix, the Elite platform is a unique entertainment entity leveraging information technology. Critical components in the Netflix Elite platform include operations, technology, and people. The responsibilities will be offering a high value for customers in terms of content quality and diversity. Qualifications necessary for the platform will range from academic to people skills.
The roles and responsibilities will rely on the composition business implementation team and the technical team. The technical team will be derived from the workforce that has been progressive on the main platform. A business implementation team will be required to curate the business components of the undertaking. It will constitute strategists, planners, researchers and managers. The goal is to create an administrative facet led by a cross-functional leader within the business domain. To build a cross-functional business implementation team, the leader will pick all the competencies required for implementation. Netflix Elite's critical competencies will be product development, marketing, sales, and customer experience. All competencies will need the direction stipulated by the cross-functional leader.
Product development is associated with coding and related domains for the functions of Netflix Elite. All developers must have completed a university education but must have at least three years of experience in the film industry. This is a tricky domain to maneuver and very limited in personnel. The best way is to transfer personnel with experience in Netflix's corporate culture. Hiring from other firms at better terms and offers will improve the standing of Netflix Elite. Either way, the minimum requirements cannot be compromised in such cases. Only a case of a protege can be exempt.
Most sales and advertising-related functions will utilize digital media. Social media and television will be the main ways to market Netflix Elite. They will rely on data mining and data analytics from the vast volumes of data. It will drive business for Netflix Elite and, therefore, be a crucial component in the roles and responsibilities. In this domain, hiring will be based on excellence in tasks and duties. Therefore, college education and business nous in global marketing are crucial.
Netflix Elite must adopt a model coined around the needs and preferences of customers. The company will use premium pricing, and it is easier to sell the solution(s) to their needs and justify it using empathy and quality. A customer support facet will be responsible for this component. It should provide fast and efficient services to improve the status of Netflix Elite as an industry leader. This domain must be dominated by people with high emotional intelligence and social skills. Workers handling customer success must comply with ethics, morals, and social values. Outsourcing customer success to specialty entities is a viable option as they have a ready and experienced workforce.
The primary qualifications required will be classified into academic and social domains. It is expected that the social domain will provide insights into people's preferences. The academic domain will be the knowledge base for the platform. It will include the skill sets associated with studies in programs relevant to the roles. The skills required will be managing human resources, IT knowledge, and business skills. Strategic skills required in Netflix Elite will help in compliance and information security. In addition, it will help create policies to align Netflix Elite with industry standards and bolster business operations.
The composition of the cross-functional business implementation team is relatively complex due to the availability of personnel. The human resources in this project will also need experience in the company's machinations and its components. If it is harder to hire externally, internal resources can be leveraged. It will be easier and more economical for Netflix Elite to borrow a few seasoned experts from Netflix to oversee the core components. Replacing them can be done later when the company has settled and progressed.
If it is incredibly complex to hire personnel, outsourcing to a third party can help reduce operational costs. However, this option should be comprehensively and carefully evaluated because it can be a money pit. In addition, strategic deliberations should focus on the issue of ethics and be aligned with the company's corporate social responsibility (Yang, 2017). In any case, it is paramount that Netflix Elite is well balanced in terms of experience to facilitate professional development for everyone.
How Many Developers are in US and in the World [Updated]. Daxx Software Development Teams. (2021). Retrieved 12 April 2022, from https://www.daxx.com/blog/development-trends/number-software-developers-world.
Linton, I. (2019). How to Identify the Key Success Factors in a New Product Launch. Retrieved from: https://smallbusiness.chron.com/identify-key-success-factors-new-product-launch-65743.html
McCord, P. (2014). How Netflix reinvented HR. Harvard Business Review, 92(1), 71-76.
Rivera, A., (2019). Netflix SWOT Analysis (Internal & External Strategic Factors). Retrieved from https://www.rancord.org/netflix-swot-analysis-internal-external-strategic-factors
Yang, L. (2017). A Look into a New Target Audience: Netflix Subscribers. Retrieved from: https://www.business2community.com/marketing/look-new-target-audience-netflix-subscribers-01813457
Tough Essay Due? Hire Tough Essay Writers!
We have subject matter experts ready 24/7 to tackle your specific tasks and deliver them ON TIME, ready to hand in. Our writers have advanced degrees, and they know exactly what’s required to get you the best possible grade.