MS4UK410 Principles of Marketing Assignment Sample

1. Introduction 

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The principle of marketing is the topic and the secondary sources have been used to analyse and discuss more comprehensively the various aspects of the marketing and how Netflix can improve and increase its market share. The principle of marketing is very important because no business can survive, grow and expand without proper advertising. Understanding the principles of marketing is essential for effectively utilising the different market strategies for increasing the reach of the business (Palmatier and Crecelius, 2019). For this individual report, Netflix has been chosen and it comes from the technology industry where it is revolutionizing the industry in an effective manner. Netflix was founded on 29th August 1997 by Reed Hastings and Marc Randolph (Palaming, 2022). It started as a streaming and video rental company but later in 2007, Netflix started offering streaming options for movies as well as different television shows directly at home via the internet.

The SMART tools can be used to specify, and measure, whether the goal is attainable or not, how realistic the goal is and the time allotted for accomplishing the long-term goal of Netflix. This market plan will focus on increasing the market share of Netflix and it is a clear goal as per SMART tools. The profit from the procedure of increasing the market share will be the measurable aspect of SMART tools. The results will influence the business decisions in terms of increasing the market share and any complexities will lead to making adjustments to the plan for making the goal more achievable. This goal of Netflix is very realistic since it is doable by producing more content and heavy advertising and at last, the time frame will be 2022-2025. 

The objectives of the marketing plan regarding the Netflix company are to increase the market share by attracting more customers to the business effectively and efficiently via expanding to the territory where the services of Netflix are not available and the use of regional expansion can be beneficial. Generating profitability and recognising new opportunities are also among the objectives.   

2. Utilization of Ansoff Marketing Growth Strategy for Netflix 

Ansoff matrix is a framework that is utilized by the management of the company to aid in planning and evaluating growth initiatives (Dawes, 2018).

Market Penetration 

This is the component of Ansoff's Marketing growth strategy which includes selling the online streaming services of Netflix in various different markets where the market is already established. As per Stoll (2022), one of the leading markets for Netflix is the United States of America where the company has managed to gain 67 million active subscribers during the second quarter of 2021. There is a huge requirement for Netflix to focus on the existing established market like the US, Brazil, and United Kingdom. To accomplish the goal of increasing the market share by the year 2022-2025, Netflix has to maintain competitive advantages for gaining and retaining more consumers or subscribers in the existing market. 

By the utilization of market penetration, Netflix can penetrate the market by investing more in the content that the people of the USA, Brazil and the United Kingdom like to watch (Stoll, 2022). The creation of content that meets the needs of the customers in the already established market can help the brand to gain a competitive advantage over other streaming service competitors such as Disney+, HBO Max and many more. Netflix can also offer attractive subscription prices for the already established market to appeal to and attract more consumers in the process (Dwyer et al., 2018).

Market Development

Market Development is another component of Ansoff's Marketing Growth strategies that helps the company to introduce its streaming content to other territories where the market has not already been established. Expanding to other regions and distributing its offerings to the new market can be very effective by investing in the research and development for recognising new markets and segments of the customer that can be beneficial. There are some major markets where Netflix is not available like China, Russian, Syria, North Korea and Crimea, these are some of the international countries where the company still has not managed to enter (Shi and Zhou, 2021).  

Furthermore, Netflix can focus on the regional expansion that can help Netflix to increase its market share but there will be a requirement of considering various cultural differences that can be beneficial for the procedure of expansion in the marketing the product more effectively and efficiently (Lambert, 2022). For accomplishing the target time frame of 2022-2025, Netflix must also put emphasis on increasing the brand awareness which is very vital for helping Netflix to reach new segments of the customer and also increase the visibility of the brand. Netflix must also engage in making the online streaming service of Netflix by charging low prices to the new market which will be applicable to the international expansion as well as domestic expansion. 

Product Development

Product Development refers to the development that makes use of the targeted market the expands the market share from the “customer base”.  In simple words, this product development is relevant when the companies engage in creating or introducing new commodities to the existing market. However, in the case of Netflix’s product development, the company focuses on launching and introducing new content such as movies, Television shows, documentaries and so on (Arat and ?i?m?e, 2020). These are the products for Netflix that are used to introduce new products in the already established market. As identified, the United States of America, United Kingdom, and Brazil are among the major already established market and there is a necessity for Netflix to engage in the creation of more movies, television shows, and documentaries that meets the tastes and p