0 INTRODUCTION TO DIGITAL BUSINESS
Digital Business refers to the use of digital technologies and resources to drive day-to-day business operations, develop revenue and performance and deliver personalized, meaningful experiences to customers ( McKendrick, 2020 ).
Digital business is the creation of new business designs by blurring the digital and physical worlds. It promises to usher in an unprecedented convergence of people, business, and things that disrupts existing business models even those born of the Internet, e-business, and digital marketing eras. By 2020, more than 7 billion people and businesses, and at least 35 billion devices, will be connected to the Internet. With people, businesses, and things communicating, transacting, and even negotiating with one another, a new world comes into being the world of digital business. Businesses that succeed in this new and disruptive world will be the ones that can capture the combined power of people, businesses, and things by picturing how new value is created.
2.0 COMPANY BACKGROUND
Netflix is a good example of a company that switched from e-business to digital business.
Netflix is considered to be the most successful online movie-by- the mail rental in the US with the corporate headquarters located in California. The company was founded by two series entrepreneurs Marc Randolph and Reed Hastings in 1997 ( Mc Fadden 2019)
When the company first started in 1999, it was completely a website-based movie rental service, offering DVD rental services for people. Nowadays, the company has grown to turn into the world’s leading internet entertainment platform with nearly 150 million subscribers around world in 2019 the number of Netflix subscribers stayed from 22 million in 2011 to nearly 150 million in 2019. Also according to research, the service has become well known all around the world with over 37 percent of internet users using Netflix for their diversified activities.
The company focuses on three business segments: Domestic streaming international streaming and domestic DVD today the company’s success is shaped by its core values which are: digital innovation, subscribers’ happiness ( Gloria 2018 as a key metric, and viral original content). This has become an essential element of the digital transformation journey by reimagining the brand and reconnecting with subscribers under the digital leadership framework.
Applying digital business company: It runs in a subscription video-on-demand model. Subscribers pay for monthly plans and are given axis to a vast library of media anytime anywhere. Thus, subscriptions are Netflix’s main source of revenue. It also has a DVD rental on a subscription basis.
Company background:
Types of business
Public
Type of site
OTT streaming platform
Available in
English , Arabic, Chinese, Croatian, kazaki and many other language
Traded as
Nasdaq : NFLX Nasdaq 100 component S&P 100 component S&P 500 component
Founded
August 29, 1997, 24 years ago in the scots valley, California, US
Headquarters
Los Gatos, California, US
Area served
word wide
Founder (s)
Reed Hastings, Marc Randolph
Key People
Reed Hastings, Ted Sarandos Gragg Peters
Industry
technology and entertainment industry
Product
streaming media, pay television video on demand
Services
Film production, Film distribution television production
Revenue
The US $ 29.7 billion
Operating income
US$ 6.195 billion
Net income
US $5.116 billion
Total assets
US $44.585 billion
Total equity
US $ 15.849 billon
Employees
12,135
URL
Netfix.com
Users
221.8 million
3.0 FACTOR AND ISSUE IN DIGITAL ENVIRONMENT
3.1 Economic factor:
a) The fluctuation exchange rate affects its economy when buying other’s content. However, Netflix can profit from its original content like movies and TV shows.
b) The loyal customer of Netflix complain about a steady hike in the subscription price. High-quality content can be the solution to satisfy the viewers to make them realize then content is money is worth.
c) Increase competition in the streaming services poses a threat to Netflix with the uprising of a powerful rival with high-quality content.
3.2 Political factor:
a). For Netflix, censorship has proven to be an issue. Due to its contents, it has been prohibited in some of the biggest economies like China.
b). Due to the government rules and policies the entire content of Netflix is not available in all countries and its viewers. Due to this, Netflix faces considerable loss.
3.3 Social factors:
a). The splendid work environment works in favor of the company.
b). Netflix and its CEO are known for their generous nature and their kind gestures have touched people. Not only do they allocate 2 percent of their annual income it the Black community but they also support students with low family incomes.
3.4 Legal factors:
a). The Sudan hike in subscriptions prices led the company to have a conflict with its customers. Some dissatisfied customers even filed class action against the company.
b). The continuous copyrights clam drives Netflix to face issues with a small segment of its customers. Instead of blocking users from other countries the company must come up with suitable strategi.
4.0 DIGITAL BUSINESS STRATEGY
4.1 SWOT analysis:
i) Strength:
1. Netflix has a strong brand reputation and become a household name by substituting some top-rated television programs. The company has also shown exponential growth in recent years.
2. Netflix has a global presence and is affordable to many Southeast Asia countries. It has given them an advantage in the continually changing market scenario.
ii) Weakness:
1. Netflix has limited copyright, which tolls upon their revenue. The debts of the company are also increasing.
2. There is a lack of original content in several countries. Therefore they have less demand for high price subscriptions in some countries.
iii) Opportunities:
1. As Netflix has brand recognition, the great demand for the OTT platforms in the current market can allow the brand to extend.
2. Netflix is already a global presence. They can strengthen their subscriber-based by a strategic partnership with local markets that will help them to capture the local market.
iv) Threats:
1. COVID 19 has affected the reproduction of new original shows and movies. Like most parts of the entertainment industry, Netflix is also affected by the pandemic.
2. The government regulations in certain countries can hold them from expansion.
4.2 Strategic objectives
i)Visions And Mission Analysis:
Visions: ” Becoming the best global entertainment distribution service”. The vision statement is all about what the company wants to achieve. It stresses the desire to set a quality bar in the provision of on-demand video services. Specifically, this mission statement is a reflection of the leadership position Netflix aspires to attain and secure in the sectors. Based on this statement the following characteristics immerge.
Mission: Our core strategy is to grow our streaming subscription business domestically and globally we are continuously improving the customer experience with a focus on expanding our streaming content enhancing our user interface and extending our streaming service to even more internal connected devices while staying within the parameters of our consolidated net income and operating segment contribution profit target.
ii) How Digital Business Create Business Value (Based On Netflix Company)
People nowadays are spending more money online than domestic spending which has shifted digital businesses to digital sources of revenue. This led to the growth of the digital economy which made people more familiar with digital products and services which leads to competition in the digital market.
Many digital businesses like Netflix company focus on creating business value at new frontiers or they use digital technology to drive growth, revenue, and performance in ways that are impossible with traditional models.
1) Netflix company uses digital technologies to cut costs, gather data, and provide a better customer experience.
2) Netflix company switched from e-business to digital business, also uses technology to maintain an inventory system and mail people DVDs, providing an experience that was more convenient but similar to movie rental stores.
3) It also gave customers the option to stream video on demand and transformed the way that people view film and television media.
4) It also gave customers the ability to consume movies and TV shows at any place or time.
Thus digital businesses use technology that creates new value in business, customers’ experiences that support their core operation. Hence the purpose of Netflix’s company or digital business is to create value, sell or trade it to customers and capture some of that value as profit.
5.0 DIGITAL MARKETING
5.1 Strategy
i) Market and product positioning
Although Netflix might appear to be a relatively recent phenomenon, it was first launched in 1997. It is a prime example of a company that went through the digital transformation successfully. Netflix moved from being a movie rental service sending people DVDs in envelopes to becoming the most important player on the VOD market. Currently, Netflix is not only the biggest video streaming service but also one of the most significant content producers. It defines itself as the world’s leading streaming entertainment service.
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5.2 4p in digital marketing:
Product: Netflix is one of the leading online streaming media and entertainment businesses in the world, which started as a DVD rental business. Netflix is now a website where you register and pay to watch TV shows, movies, documentaries, etc. The best part of Netflix is you don’t have to see any commercial while you are enjoying the content.
Netflix Place: Netflix is an online streaming business and hance available everywhere. Almost the entire business of Netflix is conducted online the content offered by the brand is available in more than 190 countries. Its services are excessive through smart TV, tablets, smartphones, etc. With internet access.
Promotion: Netflix uses almost all media channels to promote itself and that too through the content which it offers. Its first-month free trial policy is kind of a promotion activity to build brand awareness at first and then retain those who subscribed to it.
Price: Netflix pricing is the amount that a customer is accepted to purchase a product to avail of the services. Netflix provides a one-month free trial service in order to attract them and then convert these prospective customers into actual ones. After the one-month period is over it charges a minimum amount in the form of a subscription which depends upon the type of plan opted for which is a follows basic plan, standard plan, premium plan which range from RM35 until RM55.
Question: I m not too good at English writing….can you please do a review and add some points for a better essay. I don’t have any idea to write conclusion for this essay…tq in advance.
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