Netflix Essay -- Technology, DVD Rentals

IntroductionReed Hastings (co-founded) founded Netflix in 1997. During this time, Netflix offered DVD rentals by mail. As Netflix went public in 2002, shortly a year later their subscription reached the one million mark (Netflix Management, 2011). Recently, Netflix is recognized as one of the 50 almost sophisticated companies, ranking number eight for streaming itself into a $9 billion powerhouse (and crushing Blockbuster) with 20 million subscribers (fastcompany.com, 2011). This success shows how Netflix embraced a fear approach where their mission was to take the troublesome experience of everyday consumers and transform them into a business opportunity. Below illustrates how Netflix rank in other categories. Number 1Number 2Number 3Number 4FilmNetflixDouble NegativeReal DDreamworksVideoYouTube cheepNetflixFXWeb CompaniesTwitter GoogleZyngaNetflixLearning Team A will describes and evaluate Netflixs innovation strategy, the specific products offered to their members, and the benef its that the company brings to its customers and employees. To begin, innovation goes beyond an invention. It captures the opportunity for change, growth, and market leadership that allows leaps inwardly the industry in multiple ways (Pearce & Robinson, 2011, p. 376). Simply stated on Merriam-Webster.com, innovation is the introduction to something new a new idea, method, or deviceNetflixs Innovative OverviewThe outlook for Netflix has developed a trend of continuous growth with subscribers and providing products with a substantial cost advantage by distributing a wide grade of titles that appeal to different customer groups (Anthony, 2005). The success of Netflix was simply listening to consumers feedback regard... ...a remarkable opportunity to grow in the industry and lead as an innovative provider, Netflix has much opportunity to satisfy its customers and maintain their attention with their revolutionary business growth (Martala, 2009). Their success goes beyond their product . As stated, it is a combination of their culture of lofty performance drivers and fosters the freedom and responsibility mindset (Elliott, 2010). Because of their innovation and gradual entry into the market, Netflix has the competitive advantage to add layers of products for growth for years to come. Currently, Netflix has the competitive advantage to affix price and retain their current customer base. Even more beneficial, is the opportunity to attract additional subscribers with their new features. To end this, combining their products, price, culture, and strategic plan makes Netflix innovative.