In this chapter, you will learn about entrepreneurship, new ventures, and different types of business ownerships. After you have read Chapter 3, please use the topic below as a starting point for class discussions, but please feel free to generate and initiate your own topics, including any questions or comment you may have for the concepts and content of this chapter.
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At a minimum for every chapter, you need to submit at least one primary discussion posting(s) in response to the instructor’s topic or a new topic initiated by another student. You also need to submit at least one secondary posting(s) commenting on other students’ postings. Please note that initiating a new topic is classified as a primary posting. In the subject line of your posting, please indicate whether it is primary, i.e. initiating a new topic, responding to the instructor’s topic or to a new topic initiated by another student, or secondary, i.e. commenting on other student’s postings.
1. Please read the chapter-opening case “It All Started With a Late Fee (Netflix)” on page 75 of the textbook and answer the following questions: Do you use Netflix? What do you think about the Netflix model? How would say Netflix ranks with today’s competitors? Any recommendations you would make to improve the current business model?
Yes, I am subscribed to Netflix’s online streaming services.
I think the Netflix model has been revolutionary to the DVD/streaming industry. It was so highly successful that it ran its competitor(s) Blockbuster into bankruptcy. Netflix has been all about using different industry strategies (unlimited subscription service) and has been able to adapt – when it recognized that most people would want to transition from DVDs to streaming services as internet speeds increased. I am most impressed by Netflix’s user retention rate and its ability to scale up in such a short period of time. Within the last ten years, it has been able to enter into people’s vernacular and has become integrated into our culture.
I think Netflix is highly successful in comparison to its competitors – mainly due to its production of Netflix originals, its diverse range of movies (ranging from independent to foreign films), and its accessibility (smart TV, laptop, phone). There are companies like Amazon,HBO, Hulu that are also competing with Netflix, but I don’t think that they offer the same features that Netflix offers its customers.
I am curious to see what other projects that Netflix will or can venture into. As a business, how will it expand?
Primary Post: Response to Instructor
1. Yes, I do use Netflix.
2. I would say that the Netflix business model has been ground breaking when it comes to the VCR, DVD, and streaming. I didn’t know Netflix was around bak then, and its crazy to see what they have evolved into. Offering a subscription to watch whatever movies, not having to worry about when to return them by, was genius. As well as keeping up with their subscribers ad recommending movies similar to what they have watched prior, it’s a great way to make the subscribers/customers feel taken care of.
3. I would have to say Netflix is ranked at the top compared to Hulu, Amazon Prime, etc… I watch Netflix for certain things, and Hulu for other shows/movies. However, I would have to say Netflix has more to offer, even their own shows and movies, so they see it full with different choices, where Hulu kind of runs out.
4. I don’t think I would make any changes to their current business model, they cover all their bases for every individuals needs.