Netflix Project Plan
Organizations like Netflix do not have enough resources and time to reach everyone in the market. Therefore, identifying target markets helps the marketing section focus on the most areas or groups that are likely to be the potential customer group because it limits the population funnels to be served hence the budget to the customers yielding high profits (Voigt et al., 2017). Netflix’s groups of potential customers are people who are too busy to go out and buy movies, so they prefer staying indoors and watch videos of their preferences in the house. The second group is of people who are indoor movie enthusiasts and repeated leaseholders. The last group of potential customers of Netflix is people who want to get the highest value of their money through the quality experience of what they watch.
Market penetrations are the main intensive for the growth strategy of Netflix, whereby it targets areas and countries with more extensive catalogs to market more. Japan stands out with the world’s most famous library of Netflix and subscribers; the USA comes second even though Netflix was developed there. It also has a significant library catalog and subscribers with others like China, UK, and Canada, with most Netflix content available to them. There are other countries with more subscribers and customers since most subscribers refer using mobile phones to stream, Netflix uses their technology to identify areas where there is the availability of 4G networks, which allows them to stream faster. Don't use plagiarised sources.Get your custom essay just from $11/page
With technological advancement, Netflix will have more and more customers who can stream in their movies, especially when the oncoming 5G network will be introduced. Therefore, the growth of 5G broadband to homes could expand the addressable market of Netflix, which guarantees them more investments to sustain the growing customers. Building a partnership with distributors so that they can invest in connected-TV devices will help to reach a more significant segment of Netflix customers (Hoffman, 2013). Lastly, since most of the Netflix customers spend their time on streaming services, streaming directly from their televisions could be better, so Netflix should consider developing the connected TVs with their Netflix apps and services directly, which will form another excellent investment.
References
Hoffman, A. N. (2013). Netflix, Inc.: Rebranding and price increase debacle. Rotterdam School of Management, Erasmus University.
Voigt, K. I., Buliga, O., & Michl, K. (2017). Entertainment on demand: The case of Netflix. In Business Model Pioneers (pp. 127-141). Springer, Cham.