Management Essentials Assignment Sample 2023
Introduction
Managerial practices are different managers’ styles and methods of operations to bring effectiveness and efficiency to the business. It is necessary to imply maintaining the status quo in the market and building a more extensive market standing (Rataul et. al. 2018).
The essential managerial functions of planning, organizing, and directing have been extended with the increasing demands of businesses. The current report has been based on the firm operating as an OTT platform, Netflix. The growing interest and trend of customers to the business giant has been revealed in alignment with the different managerial and innovation aspects.
Task 1
Management Practice at Netflix
Netflix, Inc. is an American over-the-top content platform that has been operating in multiple countries. The managerial functions are always designed and implemented according to the firm’s vision and mission (Frey, 2021). Vision is a long-term blueprint of the company that is to be achieved. Netflix has been a platform that provides interactive, up-to-date, and user-friendly services in the entertainment field.
Vision: Netflix has been carrying a vision of emerging as the most efficient entertainment distribution service with its international presence.
Mission: Corporate Mission statement is the list of short-term growth activities decided by the top-level authorities to achieve the firm’s vision. Netflix also demonstrates the tactical methods implied to a firm for bringing reality to the envisioned thoughts.
It promises the customers efficient services, suppliers to become valuable partners, and investors to yield a profitable yet sustainable growth perspective in the future.
Core Values: Core values are the elements that direct the firm to stay focused on the goals. The core values followed in Netflix include innovation, inclusion, integrity, courage, judgment, communication, selflessness, etc.
Alignment of vision
Vision, mission, and values are to be aligned with the managerial practices to gain maximum output from the application of the practices. Management practices in Netflix assure that the firm is not heading on the conventional methods of the entertainment industry and has been covering worldwide customers.
The user-friendly approach adopted with novel features and innovative content has presented quality content to the existing services and attracted customers worldwide (Johnson, 2018). Managers are not just focused on customers but also emphasize the investors by implying corporate governance approaches that have been highly customized.
A significant reason for the spread of Netflix’s popularity in the remote markets has been the management practices inclusive of the integrity and diversity in the business operations (Odoardi et. al. 2015). In addition, innovation in the firm is fostered by the members who have heterogeneity in cultural and occupational backgrounds.
Management should be aware that building an organizational culture includes the core values and factors that foster employees’ productivity. Netflix has been indulged in stimulating values like innovation in content and the capability to take judicial and constructive risks.
The two values followed in the firm are the sound communication capabilities and zeal to do the impossible that would bring the firm to the top. Therefore, Management in Netflix has been practicing effectively to build an environment that paves the way for achieving the vision.
Task 2
Key Business Challenge for Netflix
Creativity
Creativity is innovation in general. It is the modification of the existing products or launching of any new product or service (Kaufman, 2016). Netflix has never been the conventional entertainment channel and is an exemplary firm in Creativity for all other platforms.
Netflix is keen to provide innovative content and is interested in conducting business through big data and data science. It is approaching for Data analysis to Drive Creativity (Drerier, 2018). Netflix is collecting data for several years to provide varied and watchful content.
Unlike the conventional firms, Netflix has been lenient with its employees and staff to be creative and freely present their ideas. Another aspect of Creativity also lies in Netflix’s presenting original content, which highly satisfies the customers.
Netflix has been a market innovator who has transformed the business in the entertainment industry. The management in Netflix has directed to the thought that entertainment is also the need of the masses.
The creative approach of Netflix to allow the customers to watch the content offline has pulled masses towards it (Fisk, 2017). As a result, it has always been ahead of the conventional firms in providing services.
Decision-Making
Decision-making is the approach of ascertaining the course of action or policy implementation to yield the best possible outcomes. It is exemplary for the firms to adopt the decision-making culture followed in the organisation.
The core value titled “Judgment” has been paying emphasis on the ways and methods of decision-making. The decision-making needs to be free and responsible (Netflix, 2021). Netflix has delegated the authority to make sound decisions irrespective of the ambiguous situations in the firm.
Netflix staff tries to make informed business decisions by diagnosing the root causes and finding the corrective actions for any flaws. The Data drive decision-making in Netflix has been renowned.
The data insights highly guide the operations like content creation creatively to marketing the content. Decision-making at the business and strategic level undertake the data collected for different customer segments or investors. This guides them to form relevant policies and strategies which will help to undertake higher market segments.
Netflix is reliable in greenlighting a TV show and carries out decision-making at the analytical stage. The insights from the viewers’ minds allow them to make relevant and timely decisions. The process of decision-making should be less stressful and should be focused on the goals of the firm.
Conclusion
The report has been clear and concise that Netflix has been advanced and well-versed in aligning its management to accomplish the vision and goals. In addition, managerial practices and building a sound and free organisational culture have been effectively helping the firm to be highly productive.
Innovation in Netflix is undoubtedly high in comparison to its intense competitors, and hence it has been a leading global OTT platform. The firm is highly successful in its decision-making policies and models also. It is evident that the delegated environment establishes the culture of authority and responsibility. This brings out informed and better decisions from the employees.
References
Drerier, T., (2018). OTT Platforms and TV. [Online]. Accessed Through: <https://www.streamingmedia.com>. Accessed on: 26th August, 2021.
Fisk, P., (2017). Netflix, an innovative business model. [Online]. Accessed Through <https://www.peterfisk.com/2017/10/netfli > Accessed on: 26th August, 2021
Frey, M., (2021). Netflix Recommends: Algorithms, Film Choice, and the History of Taste. Univ of California Press. Accessed through: California Press. [Accessed on: 26th August, 2021].
Johnson, D. ed., (2018). From Networks to Netflix: A Guide to Changing Channels. Routledge. Accessed through: Routledge Publications. [Accessed on: 26th August, 2021].
Kaufman, J.C., (2016). Creativity 101. Springer publishing company. Accessed through: Springer Publications. [Accessed on: 26th August, 2021].
Netflix, (2021). [Online]. Accessed Through: < https://www.netflix.com/in > Accessed on: 26th August, 2021
Odoardi, C., Montani, F., Boudrias, J.S. and Battistelli, A., (2015). Linking managerial practices and leadership style to innovative work behavior: The role of group and psychological processes. Leadership & Organization Development Journal. Accessed through: UPM Journal Publications. [Accessed on: 26th August, 2021].
Rataul, P., Tisch, D.G. and Zámborský, P., (2018). Netflix: Dynamic capabilities for global success. SAGE Publications: SAGE Business Cases Originals. Accessed through: Sage business Cases. [Accessed on: 26th August, 2021].
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