1.

0Planning
1.1 Netflix organization’s mission as well as key elements of its
strategic plan.

Netflix's corporate objective is "To entertain the world," which highlights the
importance of the entertainment sector to the business. However, the definition of Netflix's
actions in the statement might be too broad. (2018, Alegre, I., Berbegal- Mirabent, J.,
Guerrero, A., & Mas-Machuca, M.) The mission statement makes some potential strategic
suggestions for growing the company, but it doesn't say how entertainment is provided to
customers or target markets. By describing the organization's objectives, culture, procedures,
and media consumption categories, Netflix has the option of making the statement more
thorough. In contrast, the corporate vision statement of Netflix Inc., "To remain one of the
top companies in the internet entertainment era," (2014, Suranga, J.M.) places more focus on
the company's strategic goal of beating the competition. The vision statement includes
information on how the company intends to maintain its leadership position as well as its
strategy for playing a strategic role in the internet entertainment market. In order to achieve
the objectives of the corporate vision statement and the operational requirements of the
corporate mission statement, Netflix Inc. must sustain its competitive advantages and apply
them throughout its value chain. Furthermore, it is critical to acquire fundamental abilities
based on the VRIO and VRIN analytical frameworks. Given that Netflix has already acquired
leadership in the movie streaming industry, it is reasonable to expect that the company's
corporate vision statement will alter in the future. The existing corporate vision focuses only
on maintaining this strategic position, but additional elements like profitability and the total
number of corporate partners could help strengthen and focus the statement. Given the
broadness of Netflix's corporate mission statement, commercial diversification is also
anticipated. Beyond producing original content and granting on-demand access to digital
content, as indicated in the mission statement, the corporation could broaden its portfolio of
businesses. Overall, Netflix's corporate vision statement focuses the strategic aim of
dominating the competition in the internet entertainment sector, while its corporate mission
statement emphasises the company's focus on the entertainment industry. Netflix can
accomplish the goals of both statements and keep improving its position as a market leader in
the digital entertainment sector by capitalising on its competitive advantages and
strengthening key strengths.
Netflix’s corporate vision and corporate mission, point to global leadership in online
industry.

1.2 What strategy does Netflix organization pursue?

Netflix wants to increase the value and usability of its streaming service while
continuing to run lean operations. The business adopts a strategic strategy to realise its
innovations, beginning with a defined objective and developing a strategy to achieve it.
Companies can determine their strategy direction with the aid of matrices like the Utilising
and Ansoff matrixes. Starting with DVD mail rentals, Netflix's disruptive invention
progressed to a subscription service and an algorithm that anticipates consumers' movie
tastes. (Rivera, 2019) These product developments improved the consumer experience and
added value, making them good examples of product innovation. The strategy is based on the
business model and value chain of the organisation, which partially satisfy clients through
individualised customisation, like in mobile app settings. According to Netflix Inc.'s
corporate mission and vision statements, which refer to the strategic plan and goal of
achieving and maintaining leadership in the global online entertainment industry, the cost
leadership generic strategy for competitive advantage captures the largest market share
through intensive growth strategies. By reducing expenses and offering products at
competitive prices, Netflix employs cost leadership as a general strategy to create a
competitive edge. (Moore, 2019) This strategy enables the business to expand its consumer
base in the online entertainment market, including the global market. The plan fits nicely with
Netflix's aggressive expansion plans, which prioritise market penetration through
individualised customizations throughout their value chain. According to its business mission
and vision declarations, Netflix may achieve the largest market share and keep its position as
the industry leader in the global online entertainment sector by embracing cost leadership.
Along with its cost leadership strategy, Netflix also employs a differentiation strategy. This
entails developing distinctive items, including creative content, to draw in and keep clients.
This bolsters the business's expansion plans for its internet activities.

1.3 What Netflix target market markets does this organization seek to
serve?

Netflix aims to provide services to a broad spectrum of target audiences, including

individuals, families, and households with an internet connection who are interested in
streaming TV series, movies, and other types of digital entertainment. The business also
targets several market categories depending on variables like age, gender, and region. With a
focus on extending its services to other nations and areas worldwide, Netflix also targets
international markets as part of its growth strategy. In general, Netflix seeks to offer an
individual and adaptable entertainment experience that responds to the wants and interests of
an extensive range of customers. (Netflix, 2022)
1.4 What sort of planning process does Netflix organization follow?

"The Netflix Way," the company's innovative and adaptable planning method, gives
employees the freedom to take calculated risks and freely decide how to proceed. It begins
with a compelling vision that serves as a guide for all strategic choices and guarantees that
everyone is working towards the same objectives. The business then creates a high-level plan
that is adaptable and flexible and describes how it will accomplish its objectives. At Netflix,
the planning process is distributed, with individual teams and employees in charge of creating
their own goals and strategies to reach them. The organisation encourages its staff to try new
things, take calculated chances, and learn from both their achievements and failures. Teams
are given the authority to carry out their ideas after they have been devised, with little
direction from managers. The business encourages people to act quick and take independent
decisions since it values speed and agility. The business then assesses the outcomes of its
work and revises its strategy and goals as appropriate. The organisation continuously learns
from and adjusts to shifting market conditions during this continuing, iterative evaluation
process. In general, the planning process at Netflix is created to encourage an atmosphere of
ownership, experimentation, and independent decision-making among its staff. The
organisation is able to react swiftly and adapt to shifting market conditions while keeping to
its basic principles and aims by offering a clear vision, flexible strategy, and distributed
planning and execution.
Reference:

1) Rivera, A. (2019) Netflix's Mission Statement & Vision statement: A strategic

analysis, Rancord Society. Available at: https://www.rancord.org/netflix-corporate-vision-
statement-mission-statement-strategic-analysis (Accessed: April 15, 2023).
 
2) Moore, A. (2019) Netflix's generic strategy, Business Model & Intensive Growth
Strategies, Rancord Society. Available at: https://www.rancord.org/netflix-business-model-
generic-strategy-intensive-growth-strategies-competitive-advantage (Accessed: April 16,
2023). 

3) Netflix. (2022) Company profile, Netflix. Available at:

https://ir.netflix.net/ir-overview/profile/default.aspx (Accessed: April 16, 2023).