Founded by Reed Hastings and Marc Randolph in 1997, Netflix began as a DVD-by-mail rental business. One year later, the founders shifted base to movie rentals. By 2007 the brand added broadcast materials to the thriving DVD and Blu-ray section. They spread their wings to the Caribbean, Latin America, and Canada three years later. In addition, they started operating as a movies and TV show manufacturer/retail in 2012.
Despite stiff competition in the industry, Netflix cuts an image of a leading entertainment network worth $84.57 billion. Such high figures categorize Netflix among the world's most valuable brands. Now, you can access Netflix on hundreds of devices with an opportunity to watch hordes of channels. Also, you can change or cancel subscriptions at ease. Netflix boasts approximately 200 million members in several countries apart from Syria, China, North Korea, and Crimea. Such success level originates from a compelling mission, detailed vision statement, and concrete business values.
This analysis reveals that it all started with a goal to "be the best online DVD rental service." Even with stiff competition from Google, Amazon, Disney, and others, Netflix has grown into a massive online streaming platform with a general focus on TV shows and movies.
With its eyes set on a bright future, Netflix strives to alter the entertainment industry by becoming a prominent leader in streaming media. The company's vision statement emphasizes raising standards in the industry, especially on video streaming services. As a result, Netflix has revolutionized the way people consume media, allowing them more freedom to choose what they want to watch/listen to/read. The points below help analyze the vision statement more profoundly.
Lead the pack
From its inception, Netflix has been breaking free from the confines of cable companies, especially now that Comcast has agreed to purchase Time Warner Cable. They're making it easy for customers to stream a movie on any device. As they keep up with technology, grow in popularity, and make record profits, other brands should follow suit and continue to learn from this example.
Offers Best Possible Interactions to Consumers
Anyone who has used Netflix will tell you the ability to watch what you want when you want and wherever you are is pretty awesome. But that isn't why they've become such a household name. They've become the leading subscription service globally because they offer more than just a movie or show. They achieve this by being on-demand, community-driven, intuitive and reliable.
Netflix has managed to go from a fledgling video on demand company to a global powerhouse within just two decades. The key to this growth has been their ability to harness technology and adapt it to ever-shifting consumer behavior patterns.
Netflix Mission Statement
Netflix's mission statement is all about serving and providing customer satisfaction. They focus on delivering customer expectations by providing a massive variety of movies and TV shows to their customers for a low price. Below are some of the core elements that make the mission statement stand out.
The company focuses on delivering entertainment through a user-friendly interface. They have more than just a system for delivering content plus software to track customers' viewing habits and preferences. That way, viewers can choose what they want to watch based on their previous choices and preferences.
The customer experience is an integral part of all businesses in today's economy. Without a revenue-generating customer, a company runs the risk of failing to deliver its product or service. There are numerous factors impacting customer experience, and one company that has excelled at this over the years is Netflix. The brand has established itself as a premier provider of on-demand video content.
Netflix has developed a customer-centric culture that has transformed its business. The company's core values of freedom and responsibility and a leadership style defined by servant leadership are the foundations that enable employees to create value for their customers and ultimately exceed customer expectations.
It's not just about delivering entertainment. Netflix is on a mission to help improve your life. Netflix provides us with a diverse range of shows and movies that enrich our lives. Moreover, it has exploded into the digital entertainment market in recent years. Furthermore, it offers various services, including free shipping on its DVD rentals and unlimited streaming of media content to its members through an online streaming service.
In an age of distracted binge-watching, Netflix has succeeded by making TV worth watching. The company claims a high market value and consistent revenue stream by capitalizing on established audience interests and consumption habits without compromising principles. Some of the most fundamental values that give Netflix an upper edge include:
Marketing communication plays a significant role in attracting followers. However, the intricacy of the field is what sets it apart from other career avenues. Netflix employs marketing communication as one of its core competencies. This approach helps pitch ideas, create content, and converse with customers.
Through its operations, Netflix has implemented and now reflects bold values, strategies, and techniques in its business practices. These include key company policies, various forms of "corporate philanthropy," and intrinsic cultural values that define what it is to be a Netflix employee.
There is no shortage of companies that have suffered catastrophic losses due to a lack of trust with their customers. When Reed Hastings built Netflix in 1997, he did so on the backbone of customer service, not just excellence. He wanted to protect his customers and create a culture of trust from the beginning. This became possible through two specific values, "integrity" and "excellence."
In the streaming content industry, it's hard to find a single brand that has stayed in the game as long as Netflix. Still, staying power is not enough. Netflix succeeds by loving what they do and setting a clear mission and vision statement of what they want to achieve.
The recommender system technology in Netflix helps predict subscribers' most preferred TV shows, films, and documentaries. That way, consumers feel more connected to the platform.
Netflix has a history of being at the forefront of innovation. They've changed the face of content distribution and created a new way to consume movies, TV shows, and documentaries.
They are known for their leadership in original programs such as House Of Cards and Orange Is the New Black, both successful shows with a large fan base.
Netflix Mission and Vision Statement Analysis Mind Map
Most corporate vision and mission statements are vague, generic, and don't say much. Using a mind map to define your company's vision statement can help improve its clarity and purpose. The mind map below helps viewers read and comprehends the entire message without backtracking their way through loads of information.
Netflix Mission and Vision is a comprehensive statement that elucidates the purposes and values of this organization. The mission is a long-term company vision, while the vision describes the essence of Netflix by highlighting its goals for the near future. When we talk about values, in this case, we mean the specific principles, standards, and qualities that Netflix follows in its operations to stay afloat in the competitive scene.
This report expounds on Netflix's comprehensive analysis of its corporate statements. The goal is to break down critical elements in the brand's core values plus vision and mission statements. Including a mind, map goes a long way in better dissecting the topic.
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Netflix History: https://about.netflix.com/
Netflix Mission and Vision Statement: https://mission-statement.com/netflix/
Netflix market value: https://companiesmarketcap.com/netflix/marketcap/
Netflix Mission and Vision Statement: https://visionarybusinessperson.com/netflix-mission-statement/
Comcast collaboration with Time Warner Cable: https://www.theguardian.com/media/2014/feb/13/comcast-takeover-time-warner