Essay About New Service And Company Plans

Marketing Portfolio
Description                The new service that Netflix will be releasing is a feature called Netflix Fit. This new service will consist of fitness-orientated videos within the existing Netflix package. Users will be charged an additional amount of money per month if this is a service they would like to add to their Netflix account. The videos will range in lengths and have a variety of different workouts. Our marketing team at Netflix realizes that weightlifting and yoga is not for everyone. The company plans on releasing a variety of fitness videos for all ages, sizes, and levels of expertise. [pic 1]        In this era, fitness is viewed as a trend. People from all over the world seem to be exploring this lifestyle in hopes of becoming a healthier person. It’s becoming a lifestyle rather than a task and is beneficial in so many ways. Due to the new health craze our world seems to be in, I thought it would be an interesting topic to market through an existing company. Netflix is a successful corporation and I thought that marketing this new service would be a fascinating way to promote healthy living. Target MarketTarget all countries that Netflix is currently available inStudents, young professionals, stay at home parentsAges ranging 18-35Both male and femaleUrban Areas/SuburbsAll ethnicitiesThe targeted market depends a lot on the lifestyles of customers. Netflix plans to target those who cannot find enough time in their day to travel to the gym. Convenience is a huge selling point for this new feature and will likely appeal to students, stay at home parents and beginners who are not yet comfortable with going to a gym. The targeted markets will likely live in cities and urban areas, all over the globe (where Netflix is available). The service will be available in English, French and Spanish languages in order to appeal to all current and new users. Competitive Review        At this moment in time, Netflix competes with indirect competitors such as Amazon Prime, Crackle, and ITunes. There is no other company exactly like Netflix, which gives the company an advantage when introducing a new feature such as fitness videos. Although we have an advantage, our marketing team believes that this new service will open doors for new types of competition. We expect to see YouTube, popular fitness programs, and popular gymnasiums and yoga studios as potential competitors.Swot Analysis StrengthsWeaknessesNo need for training new staff or purchasing gym equipmentBrand is already establishedAccessible market due to original serviceYear round accessibility to usersCurrent users may not be interested in new serviceAge restrictions apply as users need credit card to joinOpportunitiesThreatsService appeals to all ages and gendersFitness is a growing trend and has no expiry dateInternet based service makes it accessible and convenient for users to set up accountsService is Internet based, our company has no control if it decides to crashCompetitors may launch similar serviceNew entrants to marketPerceptual Map[pic 2]Product Life CycleThe stage within the product life cycle that is most critical to our new services success is the growth stage. During the growth stage we will be able to gain a better understanding of new competition, repetitive purchases, new customers, and any types of changes and modifications that need to be made to the service in order to improve it. Once new competition appears, our team will gain a better understanding of what to expect in the future with respects to competitive services, competitive pricing and any changes in advertising that need to be made in order to appeal to users. With this information, our team will be able to properly strategize in order to overcome any competitive obstacles.  Understanding competition will help prepare our marketing team for the future.