A poster which illustrates the relevant background information and the context of the individual chosen marketing innovation

Title: Netflix Shop – A Marketing Innovation

Netflix, an American subscription video-on-demand over-the-top streaming service, was founded in 1997 by Reed Hastings and Marc Randolph. It has transformed the way the world consumes content, earning millions of customers worldwide. As of 2023, Netflix had over 238 million paid subscribers.

The marketing innovation in focus is the Netflix Shop, an extension of Netflix’s brand strategy. Netflix’s marketing strategy is an integrated, agile approach to brand development and customer relationship management, which works great in the digital age thanks to innovation, adoption of the latest technology, creative advertising, and real-time data analytics.

The Netflix Shop can be considered a marketing innovation as it extends the Netflix brand beyond just streaming content. It allows fans to purchase merchandise related to their favorite shows, thereby increasing brand engagement and loyalty. This innovation aligns with Netflix’s overall strategy of being customer-centric and omnipresent.

The context of this innovation lies in the evolving digital landscape and the increasing trend of online shopping. By launching the Netflix Shop, Netflix has tapped into a new revenue stream while also enhancing its brand value. It demonstrates Netflix’s ability to innovate and adapt to changing market dynamics.

This innovation is supported by theories such as the Innovation Ambition Matrix, which emphasizes the importance of creating new products for existing markets. It also aligns with the Blue Ocean Strategy, where Netflix has created a new, uncontested market space (streaming-related merchandise), thereby making the competition irrelevant.

In conclusion, the Netflix Shop is a testament to Netflix’s innovative and customer-centric approach, reinforcing its position as a leader in the digital entertainment industry.

INFORMATION ABOUT THE STRUCTURE OF THE POSTER:

Creating a poster requires a balance of creativity and information. Here’s a suggested structure for your Netflix Shop poster:

1. Title:

• Place the title at the top. It should be catchy and relevant. For example, “Netflix Shop: A Marketing Innovation”.

2. Introduction:

• Briefly describe Netflix and the Netflix Shop. This could be placed under the title or at one side of the poster.

3. Context of the Innovation:

• Explain why the Netflix Shop is a marketing innovation. Use visuals or infographics to support your points.

4. Analysis:

• Analyze the innovation using theories from your module. You could use diagrams or charts to illustrate these theories.

5. Conclusion:

• Summarize your points and state the significance of the Netflix Shop in the context of marketing innovations.

6. References:

• List your references at the bottom or at one side of the poster. Make sure they are readable but not too prominent.

7. Design:

• Use images, colors, and fonts that align with Netflix’s branding. Make sure the poster is visually appealing but not too cluttered. The design should enhance the information, not distract from it.