Netflix’s mission statement and vision statement reflect business operations in the media and entertainment market. However, the company continues diversifying its product mix to offer more products other than video streaming services. Still, streaming series and movies remain the core of the company’s operations. Netflix’s business purpose is reflected in its mission and vision in terms of its entertainment goals. The core values, competitive advantages, business goals, strategic objectives, and financial targets based on the mission statement and vision statement lead to the company’s competitive rivalry with various firms demonstrated in the Five Forces analysis of Netflix. The company’s mission and vision provide the basis for strategic planning for business growth, development, and competitiveness.
Netflix’s mission and vision represent the business purpose, nature of operations, and strategic goals and objectives that position the company in competition with many firms in various markets. For example, Netflix’s competitors include the video streaming and production businesses of Disney, Sony, and NBCUniversal, as well as Apple, YouTube (Google (Alphabet)), Amazon, Facebook (Meta), and Microsoft. The mission statement and vision statement of each of these Netflix competitors aim for global industry leadership and operations that include entertainment content production and distribution.
Netflix’s Mission Statement
Netflix’s mission is “to entertain the world.” This mission statement is simple and direct in representing the company’s operations in the media and entertainment industry. The following are the elements of Netflix’s mission statement:
- Global market
Netflix’s mission states that the company is all about providing entertainment. Also, the second element of the mission statement targets the global market for entertainment products, including movies, series, and video streaming services. As a result, the mission statement directs Netflix to focus its strategic goals on using its competitive advantages for growing its entertainment content production and streaming for international market consumption. This mission statement influences decisions for Netflix’s generic competitive strategy and intensive growth strategies for the purpose of maximizing market reach while providing various entertainment products. For example, through the internet, the company uses its websites and apps to reach consumers (e.g., movie and series viewers) and increase its multinational subscriber base. Netflix’s mission statement guides strategic management to continue improving the company’s content and streaming services to strengthen its competitive position.
Netflix’s Vision Statement
Netflix’s vision is “to continue being one of the leading firms of the streaming entertainment era.” This vision statement sets strategic goals and shows how the company perceives its current competitive position. The following are the elements of Netflix’s vision statement:
- Continuation of the current competitive position
- Industry leadership
- Streaming entertainment
Netflix’s vision focuses on leadership in the industry. The first and second elements of the vision statement indicate that the company already considers itself as one of the leading competitors in the entertainment market. On the other hand, the third element of Netflix’s vision statement focuses business operations on the purpose of providing entertainment products. The company’s current entertainment goals are well within the constraints based on this vision statement. For example, video streaming and the production of movies and series are the main operations at Netflix. The competitive advantages included in the SWOT analysis of Netflix can support the industry leadership goals and strategic objectives based on this vision statement.
Strategic Implications of Netflix’s Mission and Vision
Netflix’s mission sets the basic business goals and objectives based on the nature of the business. On the other hand, Netflix’s vision determines the long-term strategic targets and aims of the business. In this regard, the mission statement and vision statement are fundamental to the company’s strategic plans and decisions for the international market for media and entertainment products. For example, the specification of “entertainment” in the mission statement and vision statement defines the products in Netflix’s marketing mix (4P), with consideration for their entertainment value for customers. The company’s human resource strategy and management goals and objectives also involve developing knowledge, skills, abilities, and competitive advantages for producing high-value entertainment content.
- About Netflix.
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- Netflix, Inc. – Form 10-K.
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