MSc Management Management Essentials Assignment Sample
Introduction
A good management practice requires action, which is generally accepted. Consequently, this results in a company moving in the right direction and achieving its goals simultaneously. Innovators are managers who improve efficiency and effectiveness through their management practices, which makes their work more effective and efficient (Veljković and Kaličanin, 2016).http://MSc Management Management Essentials Assignment Sample
A review of Netflix’s management practices and strategies is presented here, as well as the challenges Netflix faces in its business operations. It is noted in the report that Netflix’s management style and values are discussed within the context of its mission statement.
Figure 1: Netflix Logo
(Source: Netflix, 2022)
Task 1: Management Practice at Netflix
Netflix’s Vision and Mission
It is noted in the report that Netflix’s management style and values are discussed within the context of its mission statement. As Netflix has been gaining a global following since its inception, the most acclaimed content has been rated by the motion picture industry as unique and special.
Approximately 200 million people are subscribed to Netflix worldwide as of 2021, and the company is thriving (Mier and Kohli, 2021).http://MSc Management Management Essentials Assignment Sample Streaming services like Netflix offer a wide variety of entertainment options.
According to the organization, following its mission is crucial to achieving its goal of providing entertainment to the entire world. In Netflix’s view, the company can provide content of each type regardless of the individual’s tastes, preferences, and other factors. Providing their users with a complete and high-quality material selection is one way they strive to achieve their objectives.
The vision of Netflix is:
- Affordability for filmmakers by creating markets
- Obtaining worldwide licenses to licensed entertainment content (Burroughs, 2019)
- Making entertainment distribution the best in the world
Netflix Value Proposition
The Netflix value proposition centres around providing quality entertainment round the clock to its users. The following are included in this proposition:
- A personalized profile for each family member can be created with user accounts
- Content that is high-quality and original
- Any device connected to the internet is capable of accessing all of these features
- Based on what content has been watched, offer personalized lists and recommendations, according to Voigt al. (2017)
- Watching in binge mode is possible
- A 24/7 subscription service with on-demand streaming (no ads!)
- With a wide selection of products, there’s something for everyone
Preferred Style of Management Practice
When it comes to effectively completing the work within the firm, the management style must be extremely demanding. A company needs to consider its entire history before choosing a management style. Training and developing employees so they can recruit the best candidates is an important aspect of Netflix’s recruitment strategy.
Netflix produces a management style that is aggressive and strict based on its functions, policies, and structure. If an employee is experiencing difficulty, they can derive the problem and suggest an effective solution. In order to achieve maximum results, the company should create a working environment that supports employee performance (Kmecová, 2018). The employees are automatically motivated to do their best when they feel they own, are responsible for, and belong to the company.
Values and Mission Align with Netflix’s Management Practices
Reports show that Netflix places great importance on its vision, objectives, mission, values, and other traits. The company must perform within the ethical values and morals in addition to increasing economic growth and employee involvement.
The mission and vision of an organization can be impacted by the values and morals of the organization. Using management skills, they lead consumers to update their mindsets to meet their organizational goals.
Task 2: Key Business Challenge for Netflix
Regarding streaming video content, Netflix is the most popular and highest-earning entertainment service. As a result of offering unique, special, and different entertainment content, the company has gained popularity as a source of entertainment (Lamkhede and Das, 2019). http://MSc Management Management Essentials Assignment Sample
Different countries are battling Netflix due to entertainment content producers attacking the streaming service. For the application to compete with other sources, it is necessary to develop highly creative and innovative ideas, thoughts, and methods.
Managing Yourself – Decision-Making
Founder and CEO Reed Hastings has identified being different and making unique decisions as Netflix’s key principles. For the company to be successful in the future, high efficiency and effectiveness are essential. An organization can determine what structure is right for its business by evaluating the best alternatives in this order (Yates and De Oliveira, 2016). http://MSc Management Management Essentials Assignment Sample
The development of decision-making skills and abilities is a challenge that every organization faces. To increase employee involvement and involvement, it is imperative to efficiently and effectively incorporate them into the decision-making process. Choosing the right course of action is integral to a company’s success.
Managing Yourself – Creativity
Content that appeals to all generations is imperative to companies’ competitiveness in the market. With effective and efficient skills, the company is able to create the best content for its customers.
All aspects of a company must be improved and grown by implementing innovative and creative methods and strategies. To succeed in the entertainment industry, the company must use creative methods of reducing prices while also providing users with content (Smith and Telang, 2016).http://MSc Management Management Essentials Assignment Sample Employees’ ideas are taken into account by the management in order to develop the company’s practices and operations.
Conclusion
An important aspect of the report focuses on Netflix, an entertainment company that has a huge following worldwide. The vision, mission, and objectives of the company are briefly described. These objectives are achieved through a variety of practices employed by the company.
As a result of its balanced management strategy, Netflix is able to accomplish its goals and operations. Providing a creative product will enhance the company’s chances of retaining and attracting customers. Whenever the company decides to make any further changes or introduce any new policies in the organization, it takes its past experiences into consideration.
The company encourages its employees to think creatively to prevent the wrong kind of competition from emerging. A host of skills, creativity, motivation, emotional awareness, and motivation are required to succeed in the entertainment industry.
References
Burroughs, B., (2019). House of Netflix: Streaming media and digital lore. Popular Communication, 17(1), pp.1-17.
Kmecová, I., (2018). The processes of managing human resources and using management methods and techniques in management practice. Ekonomicko-manazerske spektrum, 12(1), pp.44-54.
Lamkhede, S. and Das, S., (2019), July. Challenges in search on streaming services: netflix case study. In Proceedings of the 42nd International ACM SIGIR Conference on Research and Development in Information Retrieval (pp. 1371-1374).
Mier, J. and Kohli, A.K., (2021). Netflix: reinvention across multiple time periods, reflections and directions for future research. AMS Review, 11(1), pp.194-205.
Netflix, (2022) [Online]. Accessed Through <https://www.netflix.com/uk/>. Accessed on 30th August, 2022.
Smith, M.D. and Telang, R., (2016). Streaming, sharing, stealing: Big data and the future of entertainment. Mit Press.
Veljković, S. and Kaličanin, Đ., (2016). Improving business performance through brand management practice. Economic annals, 61(208), pp.137-167.
Voigt, K.I., Buliga, O. and Michl, K., (2017). Entertainment on demand: The case of Netflix. In Business Model Pioneers (pp. 127-141). Springer, Cham.
Yates, J.F. and De Oliveira, S., (2016). Culture and decision making. Organizational Behavior and Human Decision Processes, 136, pp.106-118.
