Marketing Mix Analysis

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Marketing

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Apr 3, 2024

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docx

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1 Netflix Marketing Mix Analysis Shatiyah Russell Winston Salem State University MKT 2331: Principles of Marketing Dr. Heingraj April 16, 2023
2 Introduction In the United States, Netflix is the most popular streaming service. It is a subscription-based streaming service that allows customers to watch TV series and movies on an internet-connected device for a monthly fee based on their plan. In 1997, Reed Hastings and Marc Randolph founded Netflix in Los Gatos, California. They both decided to work together, and Reed remarked to Marc, "Let's come up with a concept." "You can run it, and I'll fund it." Netflix has done an excellent job of evolving and growing in order to meet the changing needs of its viewers. Netflix is one of the best developments of today because it allows people to watch wherever and whenever they want.  A New Target Market. Netflix's first target demographic was teenagers and millennials with low-to-mid-range salaries of $25-50 thousand dollars. The target market has now expanded to practically everyone with a digital connection, including toddlers, the elderly, foreigners, and so on. Netflix's target market is worldwide, so it is critical that they focus on the individual rather than everyone, because everyone has distinct tastes in shows. And how they focus on individuals is that they keep note of what shows you like so that they can continue to recommend additional shows like them and expand your taste with new selections. Product- Netflix was created to be a media-streaming and video-rental firm that allows users to watch TV series and movies on an internet-connected device or receive physical DVDs through a postal rental service. Netflix's goal is to entertain everyone around the world by offering access to best-
3 in-class TV shows, feature films, documentaries, and mobile games that cater to the diverse preferences of its subscribers. Netflix distinguishes itself from its competitors in a few ways. For starters, it features a wide range of recognizable network television shows as well as original content. Second, it invests more money in content than any other streaming service. Netflix's new design would not be as simple; the colors would be changed to orange and blue for a brighter and more inviting appearance. The opening screen would be updated with a wow element for the audience. For consumers' convenience, the name will be changed to Netflix Streaming Service. Prices- Netflix is losing members to competition, according to Forbes, because its rates are too expensive. Many of Netflix's competitors, on the other hand, undercut their price to a $4.99 monthly subscription. Netflix's basic package begins at $9.99 per month. As a result, Netflix's prices appear to be generally higher than those of some of its competitors, such as Peacock and Hulu. As a result, the updated prices would be $5.99 for a basic plan without ads, because competitors' prices are cheaper, but they all include commercials. The basic subscription would not offer as many alternatives as the premium plan for $9.99, which would include no advertisements and more options to watch. This will assist in making costs more affordable for the customers. Place- Because Netflix is an internet streaming service, all of its competitors and Netflix promote their services in the same way: through online advertising. Netflix should undertake more online
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