Problems
Throughout its history, Marvel has utilized various approaches to cinematography, characters, and narrative building. All of these methodologies revolved around the idea of the target demographic, attempting to maximize profits and attract more customers and viewers. While this focus on narrow demographic groups yielded results, it was vulnerable to multiple threats, including the controversial statements of relevant psychologists that made the public skeptical about Marvel in 1954 (Olenick, 2016). The second problem was highly ineffective and authoritarian leadership, which led to disastrous financial decisions and ruined the network of top-skilled writers and directors from 1960 until the early 1990s. The lack of financial capital was the core issue for Marvel from the 1990s to the 2000s, and the company had to agree to unfavorable deals to compensate for prior mistakes. It was another relevant problem that persisted until the implementation of a new strategic approach that emphasized the movie industry and innovative type of narrative of superhero films.
Possible Solutions
During the late 1990s and early 2000s, which were the most challenging periods for the company, there were several choices and possible solutions. Marvel’s intelligent strategic decisions to focus on narrative, eliminate ineffective leadership, and select a low-cost approach to hiring allowed the organization to implement a blue ocean framework (Olenick, 2016). However, while the company is performing incredibly well at present, there is a possibility of encountering the same problems from the past since blue oceans can transform into the red due to external factors.
One of the possible solutions to mitigate this problem is to capitalize on the current world-building to further develop the Marvel Universe. While the Endgame was a brilliant example of a narrative conclusion for many people, there are multiple opportunities to expand the stories of numerous characters. However, this approach might produce contradictory results if the world-building is stale and resembles previous phases of plot development. Moreover, other competitors, such as DC, have built a substantial network of superheroes and familiar characters, increasing the risks of the blue ocean turning into the red due to more active rivalry.
Another solution is to focus on the implementation of new characters, changing the target demographic, and experimentation with other genres. At the time, most superhero movies, including Marvel’s direction, follow similar narrative development patterns. Therefore, Marvel could potentially choose the value innovation approach and drastically alter the superhero movie industry. Besides, Marvel is in an advantageous position to attempt this solution due to its dominance in the market.
Recommended Solution
Considering the potential approaches, the safest solution is the gradual expansion of the Marvel Universe with the limited introduction of new characters. As history and box office results show, people value the current roster of superheroes, and it is unnecessary to change it dramatically (Olenick, 2016). Value innovation was a highly effective approach in the past during the most challenging periods, but it might be less practical and significantly riskier to implement it while dominating the market. Hence, gradual expansion is a safer solution that mitigates the competition threats from DC and other prominent companies.
Expected Outcomes
The expected outcome of the recommended solution is a continuous increase in profits and Marvel’s scope of influence. At present, the company is in the dominating position, and there are still opportunities to expand the universe without any dramatic changes in the narrative. It is more strategic to continue the value extraction approach in the near future, further expanding the Marvel Universe and carefully monitoring the actions of competitors. Ultimately, unless the market changes drastically due to external factors, Marvel should prioritize gradual development instead of value innovation and sudden changes.
Reference
Olenick, M. (2016). The Marvel way: Restoring a blue ocean. The Instead Blue Ocean Strategy Institute.