Netflix Marketing Mix (Netflix 7Ps of Marketing)
Netflix marketing mix (Netflix 7Ps of marketing) comprises elements of the marketing mix. These elements are product, place, price, promotion, process, people and physical evidence.
Product Element in Netflix Marketing Mix (Netflix 7Ps of Marketing)
Netflix produces TV series, films and games across a wide variety of genres and languages. These are referred to as content. Netflix content can be divided into three categories:
- Licensed non-first window content.
- Licensed original first-window content
- Owned original first-window content.
Place Element in Netflix Marketing Mix (Netflix 7Ps of Marketing)
Netflix has offices in over 25 countries. The entertainment services provider creates films and series in more than 50 countries. Except for Albuquerque Studios in New Mexico and the Egyptian Theater in Los Angeles, Netflix does not own the facilities in which it operates. As of December 31, 2022, the streaming service had approximately 12,800 full-time employees located globally in 65 countries. Netflix is available virtually everywhere except in China and Russia and it has 231 million paid memberships in over 190 countries. [1]
Price Element in Netflix Marketing Mix (Netflix 7Ps of Marketing)
Netflix pricing strategy integrates the following elements:
Value pricing. The entertainment services provider employs value pricing strategy. The company determines subscription cost for its streaming service on the basis of their perceived value by customers. Moreover, the on-demand media provider closely monitors the prices of its major competitors such as HBO Max, Hulu, Amazon Prime Video, Disney+ and Apple TV+ and adjusts its prices accordingly.
Geographic pricing. Netflix prices vary in over 190 countries it operates to reflect local consumer purchasing power, competition and a range of other factors. For example, As of July 2023 the Premium package with streaming quality 4K Ultra HD and HDR costs USD 19,99 in USA and R199 (USD 11,16) in South Africa.
Netflix Inc. Report contains a full analysis of Netflix marketing mix (Netflix 7Ps of marketing) and Netflix marketing strategy in general. The report illustrates the application of the major analytical strategic frameworks in business studies such as SWOT, PESTEL, Porter’s Five Forces, Value Chain analysis, Ansoff Matrix and McKinsey 7S Model on Netflix. Moreover, the report contains analyses of Netflix leadership, organizational structure and organizational culture. The report also comprises discussions of Netflix business strategy, ecosystem and addresses issues of corporate social responsibility.
[1] ESG Report (2022) Netflix Inc.