Online Undergraduate Examination Answer Booklet
Please Enter your Name and Student Number and Module title in the first box.
Read the Turnitin section and check that you understand how Turnitin will be used to review your work.
Read the declaration to check that your submission conforms with the listed requirements before you submit your work.
|Module Title||Continuing issues in strategic marketing|
|Insert your Word Count (see declaration below):||[insert here] Please exclude the words on this page.|
Required Format – Please ensure your version of Word applies the following formatting to your work.
Paragraph line spacing: 1.5
This Answer Booklet will be submitted to Turnitin to generate a similarity report for review by your tutor. This report will compare your work against current and previously submitted student papers for all NBS modules and online resources (e.g. web sites, journal articles) and highlight any text that matches your submission.
By submitting your work you are certifying that:
Please type your answers below. Before starting each answer, please clearly type the relevant question number. There is no need to type out the examination questions.
Netflix should focus on implementing new ideas, as this is what created the company in the first place. Being an online content streaming company, it should focus more on reaching people who have no access to online content through content copyrighting to other televisions networks. Thus, it will be enabled to reach a wider audience and be in the market competition for quite some time. Furthermore, a market audit will help strengthen the company’s objective as stipulated in Netflix marketing plans. Moreover, there is a high chance that there are some untapped markets in some regions of the global. Thus, a marketing audit will help Netflix better its image and sell more of its content to potential customers as they are the backbone of the company. The business was formulated solely to undertake the need for online streaming contents.
Netflix as one of the companies that offer online content and video streaming content, using internal audit, the company will benefit greatly through these services. Internal audit will help the company to explore more areas of study and focus as it will enlarge the scope of its operations. Further on, Netflix can set about to conduct a marketing audit using customer feedback and social media. These two are some of the best as they offer some good set of feedback information that can be used to enhance and even create better audits. Marketing audit can also be done through the integration of information from the marketing team which is responsible for the general outcome of the company. Netflix generally has one of the best markets and that is why using marketing audit, it will grow to be one of the greatest online streaming agents.
There are many potential markets yet to be reached when it comes to the current macro-environmental l factors on Netflix in the global market. At the same time, the potential macro-environment is still far yet to be discovered. The macro-environmental factors that touch on Netflix’s general market analysis are on technological factors, political, social, and cultural factors, economic factors, and economic factors. For instance, technology is what Netflix relies on solely to air and even produce most of the content is shows. However, if there is some failure in technological advancement in some of the regions where Netflix plans to venture, it becomes a hindrance to the company’s success. The other environmental factors include the legal aspects of the content it airs.
As much as online streaming agency such as Netflix operates then legal issues have to arise. Therefore, before any operation is contextualized in any given country, the regulations must be checked and aligned as per the requirement set forth by that country. Thus, it impacts greatly on the future developments of Netflix in the global market.
The social influence that Netflix has on its operation and customers vary in different countries. Therefore, it becomes a significant factor to consider issues such as population growth and how the cultural aspects of that region are and how Netflix will positively and negatively influence the population.
Technology is one of the contributing factors that has enabled Netflix to grow exponentially over the years. Thus, using technology Netflix can ensure that it remains relevant in the market and offer solutions that are oriented towards customers satisfactions in as much as possible. Technology will enable Netflix to thrive for years to come, however, without a proper way of dealing with the same problem technology can be a hindrance to the growth of Netflix. Marketing managers must ensure that there is continuity of services despite technological disruptions if they do occur. Thus, the future of marketing managers relies heavily on the integration of technology in the lives of the customer and potential customers.
C) Netflix’s current strategy is to ensure increased revenue from the platforms created in 2011. However, many termed it as a corporate mistake that saw a decline in one of Netflix branches. Nonetheless, the pandemic in 2020 saw a sharp rise in online streaming content that benefitted Netflix. Also, the same year Netflix ventured into more than ninety countries global from Asia, Africa, and the Middle East. This strategy be one of the successful ones as it touched on the lives of the users in many ways.
However, the company is faced with some challenges in the next five years if it will not adapt to local dialect and products that suit the various market. For instance, if the company can delve in the African and Asian markets, it must be ready to adapt to the new content that will suit their newfound market. Thereby, the suggestion is that Netflix should focus more on the operational strategy, which is more on the customer than on the company. Operations should range from the increase in content which is in the local dialect. This strategy will increase the company’s focus and create more wealth and income for the company in the next five years. Similarly, if Netflix adopts the use of creating a network channel that customers can voice out their feedbacks then it can be summative to say that it will increase the interaction of Netflix to another level.
Social media marketing is one of the emerging areas, whereby it is increasingly being adopted by every company. Most of the company have now seen the importance of social media marketing as it is easier to reach customers both far and near with the use of social media marketing. Tuten 2020 notes that social media marketing is one of the new frontiers in marketing that has opened new opportunities for most business. Furthermore, this is the new norm and the new strategy that many companies are adopting thanks to the growing number of social media users. Customers are now easier to get based on the number of social media outlets a company uses. For instance, Netflix has gained a lot of users, thanks to the growing number of social media users.
More so, Hoffman and Fodor,2010 argues that the use of social media marketing is one of the greatest tools that businesses have embraced since the start of the millennial. From their studies, Hoffman, and Fodor,2010 posit that there is a remarkable increase in how businesses have adopted the use of social media marketing. Also, social media applications have been created in droves, thereby increase coverage and opening global markets. Constantinides 2014 notes that the foundation of social media is the backbone of many companies as it is an effective marketing tool. There are different ways in which social media can be used by companies. Some do use the passive approach while others do use active approach whereby, they engage their customers in an active mannerism. For instance, Netflix did introduce social media marketing as one of its tools in ensuring that it reaches a wider audience as well as reaching its potential customers.
One of the social media marketing tools that have been used largely by various firms and companies is Facebook. But still some have adopted the use of video ads that seeks to promote the use of social media as a tool for marketing. Nevertheless, there is an increased chance that through the use of social media marketing, strategic market management process is achieved through the highest possible design. Furthermore, social media marketing incorporates the use of clear and concise posts that are aimed at attracting customers to the platform of their choice. There is a high chance that using the social factors as one of the binding factors that create an atmosphere for an inclusive working environment. There are so many needs that are not met while using social media marketing. However, this are some of the loopholes that the different social media platforms are meant to oversee and be used.
Marketing managers while trying to embrace the use of social media marketing they are faced with adject rejection as they are not versed with enough information on the same. However, academicians have ensured that through the use of extensive research marketing managers can embrace the use of social media marketing through the use of information provided by the research produced. For marketing managers to work effectively they have to ensure that they are up to date with the social media marketing tools used by the current generations. More so, marketing managers should be persons who are always in touch with academics as they have future trends analyzed and that is why they are an important link in the realization of the marketing managers dreams of becoming knowledgeable.
a) Implementation stages are one of the crucial factors in any given company. Thus, the implementation stages will determine the extent to which the company will undertake and accomplish its goals as well as the objective within the given framework of time. Implementations plans are part of the strategy which are at times difficult to achieve due to the nature of their urgency and burden. Further on, the implementation stage is the stage where all other processes have been undertaken, and this is nearly the last stage. It is also known as the execution stage where all the products are supposed to be produced, and all the processes shared by the stakeholders are given the go-ahead. More so, the implementation process is one of the crucial processes as all the suggestion is undertaken as well as implemented. However, there are some unprecedented barriers for this stage as it may phase the financial crisis, as well as unforeseen political events that may disrupt the process. Similarly, the target market during this stage might not respond well as proposed, thereby causing the stage to experience some form of delays. The delays thereby extend the implementations stage, which in turn can hurt the allocated time frames. Therefore, like Netflix, if it did not execute the implementation phase accurately, then, it could have delayed in offering good services to its customers. Thus, marketing managers should make it worth by analyzing the implementation phase as this is what will make the department to stand out. Similarly, the implementation phase can be achieved through 100 percent transition as the analysis helps strengthen the loopholes found there in during the execution of the process. In the case of Netflix, the marketing managers ensured that there is a transition from the normal services it offered to its customers, by introducing membership platforms. The outcomes of the process through scrutiny of the implementation process and analysis of each step of the Implementation phase.
B) Just like any other process, the implementation process can be a tough call for many marketing managers. Therefore, any hindrance to achieving the process should be undertaken with seriousness and thus, be worked upon. Some of the anticipated organizational barriers to implementing the plan may include time frames provided for the success of the plan. As much as a time is of the essence the urgency of implementing the plan depends solely on the execution and if the process of focusing on immediacy then it may create some form of unfinished plans and over rushed plans. Furthermore, Netflix has introduced various avenues for streaming their content and using social media marketing they have engaged customers on all platforms. With the anticipation of what is to come, customers are now able to find Netflix to be more realistic in terms of entertainment as well as creating a good platform for customer engagements.
Similarly, a good implementation plan should be reviewed often to ensure that it is on track as per the requirement. An implementation plan that is not reviewed often usually creates some form of problems. Further on, problems do arise when there are some plans which have not been executed as planned or some have implemented but not to the fullest. Another barrier is the lack of congruency, which trickles down to the bottom of the chain. If the top management does not have enough power to back up the plan, then the middle management will lack the commitment to execute the plan or even participate in the execution of the plan.
Nonetheless, poor handling of information and misinterpretation of the same information can be a hindrance in achieving the implementation plans. For instance, if the information given therein does not correspond to the work, then that becomes a misinterpretation of information. Moreover, if there are a lot of analysis of information in the implementation plans then, that becomes a hindrance which may result in time delays for the project.
C) Internal marketing has been used and is still being adopted by many as it ensures that there is a continuity of the business. Moreover, internal marketing can help increase the outreach of the business as more and more employees will share in the vision of the company. Still, marketing managers are among the people who influence the outcomes of the marketing influence. Moreover, internal marketing deals with customers who are the employees. In as much as a product is to be launched to the market, the first customers should be the employees as they will be able to showcase the beauty of the product as well as promote the inadequacy of the product. Likewise, there is an increased chance that internal marketing creates a platform for effective communication with the employees. Thus, through effective communication, there is an identification of corporate objectives by the employees, which is the common goal for the company as well as the marketing managers.
Internal marketing, on the other hand, usually help in many ways by ensuring that there is focused attention on the customer as well as giving the customer a good chance. When a customer is given good and focused attention, then there is a high chance that the company will thrive in so many ways regardless of the number of employees. Similarly, there is an increase in employee knowledge and a boost in performance. Employee knowledge is bound by the fact that managers get to understand what employees as the first customer may need or find not wanting in that product. Thus, if one understands the value of employees then they can understand how customers behave. In the same manner, there is a good growth when such feedbacks are integrated into the systems. Managers thereby should focus on creating a platform where servant leadership is at its core and thereby create a good working environment for the growth of the company. By adopting to servant leadership then, it becomes obvious that employees are taken care as managers will take the role of employees before they become the leaders of the employees. More so, servant leadership is one of the areas that are being influenced by the rise in employee as customers.
Thereby a boost in performance on the employee part can be attributed to increase in employee satisfaction and customer satisfaction. The outcome is that there is an increase in all levels of production as well as increase in the monetary value of the company. As the level of satisfaction increases then, the value of the organization increases.
Constantinides, E., 2014. Foundations of social media marketing. Procedia-Social and behavioral sciences, 148, pp.40-57.
Hoffman, D.L. and Fodor, M., 2010. Can you measure the ROI of your social media marketing? MIT Sloan management review, 52(1), p.41.
Tuten, T.L., 2020. Social media marketing. Sage.