Question

What is Netflix's competitive profile matrix?

Answer 1

The competitive profile matrix defines the competitors of a particular firm in the market and then compare the firms to assess the strengths and the weaknesses. It helps the company to know about the environment and the concerned strategies to grow and develop. In today’s era, it is essential to assess the competitors because the competition is fierce in every industry. The firms cannot survive without a SWOT analysis. The company needs to use this theory to get to know the competitors in a better and efficient way. Netflix is one of the growing enterprise in the world. One of every three individuals has a Netflix account. It provides a way to enjoy and refresh in these times of pandemic. Netflix has competitors such as Amazon Prime, Hotstar, Voot, and MX Player. However, Netflix crosses the competition and shines in the industry. The reason for this is that the managers thoroughly assessed the competition in the market. Netflix has the right advertising strategies. It uses its web series as part of the advertisements.

Moreover, it also has a wide range of products. It has a web series and movies in different languages. It also has an extensive market presence. The market presence is comparatively more than the competitors. Netflix also uses more expansion methods to spread its operations in the world. Hence, the company has an extensive presence in the market and industry.