In a corporate climate where organizations are constantly competing with rivals that make and sell identical items, change is not only an unavoidable task but also a crucial component of driving innovation and gaining a competitive edge. Today, Netflix is a breakthrough and a champion because it provides value to its customers. The foregoing are some of Netflix’s customer relationship offerings. Netflix is able to provide its clients with niche creative programming at a low cost and without needing to prepare ahead of time. It may provide clients with both popular and unique materials in one location. Netflix has effectively expanded into new markets by focusing on local linguistic knowledge. They provide translation and translations for the majority of the material.
Netflix was one of the first streaming platforms to be widely available on regular television displays, computers, and mobile devices. Netflix provides a solution for clients that rely solely on a wireless connection. Netflix’s data analytics and technology have evolved over time, making catalog navigation considerably more accessible and more personalized (Mier & Kohli, 2021). It eliminates the need to switch through channels or hunt for guidance. Netflix captures value by offering a relatively low monthly fee for streaming. They appear to grasp importance by increasing size and volume while delivering the same product offering to international audiences.
The market’s shares markets are influenced by competitiveness, which in turn impacts the overall cost. Amazon, HBO, and Showtime are all expanding their rivalry with Netflix. Netflix’s prices are being driven up as a result of the intense competition. Changes in technology, such as the transition to 4k screens, cause problems. Innovations, such as the development of new software, the creation of new proprietary technology, debugging, and research to keep up with the latest, have a direct impact on cost and are hence major cost generators for Netflix.
Netflix’s cost is also affected by the number of members or consumers. Unexpected variations in the subscriber base have a direct impact on cost. Netflix, for instance, lost a considerable number of customers after changing its price strategy. Consumer litigation, property, and other legal aspects of the corporation are also significant cost generators for Netflix. Aside from these, there are minor sociocultural, political, and ecological issues that affect Netflix’s costs.
Newer technologies, regulatory reforms, sociocultural or stockholder perceptions, as well as new entrants – rule-driven business organizations in a fast-changing world, are unable to cope with the current adaptation necessary to receive or retain success, losing customer base to those groups that can evolve. Netflix maintains its capability to change – freedom and responsibility – through its organizational culture notion. The company invested in hiring the most excellent possible people and rewards high achievers while filtering out repeat, undeveloped land terrible producers.
Netflix, as an organization, has proved its ability to successfully create and respond to change via a plethora of critical shifts seen throughout the company’s life. Netflix has been able to accomplish this due to its distinct and, in some ways, unmatched corporate culture. Netflix’s essential culture is centered on the open discussion at all levels and in all aspects of the company’s operation. Netflix does not have fixed vacation rules; instead, they encourage employees to choose their own acceptable number of holidays and express this to their management. Upper management is advised to open the floodgates by collecting holiday entitlement and advertising it to their staff in order to increase motivation to use this practice.
Reference
Mier, J., & Kohli, A. K. (2021). Netflix: reinvention across multiple time periods, reflections, and directions for future research. AMS Review, 11(1), 194-205.