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A marketing strategy is used to introduce a new product into a market. The market plan outlines a company's policy and strategies for selling its product. The approach considers various aspects of marketing, such as prices, priorities, and action measures (McDonald, Malcom & Hugh 12). Furthermore, it depends on a certain time frame, which is normally within the next year. The marketing strategy evolves as the company expands and new marketing patterns emerge. A simple roadmap and a marketing strategy are needed for any company to achieve its business objectives (McDonald, Malcom & Hugh 15). Referral to this document on a regular basis to assess the results realized is necessary.
For my marketing plan project this semester I have chosen Netflix International Company. Netflix provides streaming service to its clients such that they can watch a variety of TV shows, documentaries, movies and more on-demand on the many devices connected to the internet. Having started in 1997 by Reed Hastings, Netflix has grown to become the largest company offering streaming services across the globe with a connection in close to 200 countries and close to 100 million subscriptions (He).
The operations of Netflix have been dynamic. While it started out as a company that rented DVD on a mail order service, it moved to providing on-demand online streaming of Movies and TV shows as well as documentaries. Currently, Netflix prides its self with the production of its content which includes original series which are available online to be watched by its members. 70% of Netflix's subscribers are in the United States means that there is still a lot of potential markets out there to expand its operations (Lavinsky). It is for this reason that I have considered Netflix Inc. as my company of choice for the project.
The marketing plan proposal suggests that Netflix expands globally. Although Netflix has already started its global expansion with close to 200 countries in the world, there still a large global market that is untapped (He). Netflix has not yet reached China which is the biggest country in the world by population. A country with over a billion people could offer a lot of opportunities for Netflix. Government censorship of foreign content has been the biggest barrier to entry in the Chinese market.
The marketing proposal proposes that Netflix gets into a partnership with Chinese media companies as this will ensure that their content gets to be viewed there. There is also a challenge of getting subscribers as in China people are accustomed to downloading free content online and getting them to pay for a subscription would not be easy (Lavinsky). For this reason, therefore, Netflix should consider providing their services at a subsidized subscription fee, ensuring that content is exciting and translated to the Chinese language then raising the price once the subscription has picked momentum. This would increase the subscription of Netflix and ultimately its market share.
Most of my research for the project will be online. The research will be on the size of the media market in China and ways of penetrating it. The China Business review magazine and the Online Journal of the China Policy Institute will be some of the sources that I will use. From these, I will be able to gather information regarding the market size, growth, social trends, and demographics. Posting of regular updates on social media platforms such as Facebook, Twitter and also advertising on Chinese magazines and televisions are the methods that will reach the potential Chinese market.
He, Amy. "Netflix Would Face Competition In China: Observers Top Stories|Chinadaily.Com.Cn." Usa.chinadaily.com.cn. N.p., 2017. Web. 21 Sept. 2017.
Lavinsky, Dave. "Marketing Plan Template: Exactly what to Include" Forbes.com. N.p., 2017. Web. 21 Sept. 2017.
McDonald, Malcolm and Hugh Wilson. Marketing Plans: How to Prepare Them, How to Profit from Them. vol. Eighth Edition, Wiley, 2016. EBSCOhost, 22.214.171.124
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