Business - 980 Words

Video rental industry Definition: Branch of the entertainment industry that engages in renting prerecorded video material for home and personal viewing Significance: After starting in 1979 with a single retail outlet in Los Angeles, the video rental industry boomed during the 1980’s and became a fixture in consumers’ spending during the 1990’s, grossing an average of $1 billion yearly. With the arrival of digital versatile discs (DVDs) and the Internet during the 1990’s, the industry experienced a period of increasing technological sophistication that has led to the creation and reinvention of new business models. Then the new business model revolutionized the industry. In 1999, Netflix began renting DVDs through the mail for flat†¦show more content†¦Netflix understands that different customers and prospects have different needs. While working to solve for customer needs, Netflix also built an ubiquitous platform for delivering premium video content. Marketing Takeaway: In a world of inbound marketing, it is important to create this same type of distribution ubiquity with marketing content. For example, is your website usable on a smart phone? Prospects want to interact with your business in different ways so it is critical you provide these opportunities. 2. Market a Minimum Viable Product - Netflix was a DVD-by-mail business until it made the bold decision to start streaming video content. However, when the Netflix started its streaming service, it wasnt full of the same content that was available via mail. Instead, it was only a small portion of its content, but that didnt stop the company from actively promoting it to new and existing users. Marketing Takeaway: It is easy to drop an idea or a campaign because it isnt ready. Netflix has taught us that ready, really, never happens: many people are still not satisfied with the content available through their streaming video service. However, this hasnt stopped Netflix from meeting and exceeding its goals as a company. Marketers should follow Netflixs example and release ideas early and continue to improve upon them overtime. 3. Give Prospects What They Dont Know They Want - When Netflix began streaming videos, theirShow MoreRelatedBusiness Analysis : Business And Business2361 Words   |  10 PagesEach business has products or services they want to sell to consumers, whether this is the man on the street or a multi-nation organisation, the difference in which person they targets will depend on what the product or service the organisation is offering Business to Business Business to business markets is, for example where to company engage in a transaction of a product or service, this could be a waste management company removing waste from a warehouse that produce a vast amount of waste. AnotherRead MoreBusiness Plan For A Business840 Words   |  4 Pagesâ€Å"Business plans are statement of a business goals, reason they are attainable and plans on meeting it’ (FoxBuisness, 2013). A business plan maps the course and gives a detail plan on how these goals are achievable. It is also important to establish a solid business plan for funding. Some small business use venture capital, bank loans, personal funds, and private investors as sources of funding. The business plan must therefore, sell investors. A well-written convincing business plan can buy investorsRead MoreBusiness Functions Of A Business988 Words   |  4 PagesIdentify the business functions MWS will need in order to operate effectively. MWS needs a variety of business functions in order to operate effectively. Identifying the business functions for any organization serves as a starting point in developing its mission statement. 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Below, we would look at two kinds of business model (franchise and tradition al business) , their pros and cons, o r theirRead MoreBusiness Activities At The Business Premises1346 Words   |  6 PagesA. Seller has conducted its business activities at the Business Premises under the name of the Business. To the best of Seller’s knowledge and information, no other person or entity has conducted the same or similar Business at the Business premises, and no other person or entity has any interest in or right to use any of the Assets not previously revealed to Purchaser. B. No person, other than third-party trade creditors, has provided Seller with any inventory, equipment, fixtures, or financingRead MoreAre Profits The Only Business Of Business?1523 Words   |  7 PagesAre profits the only Business of Business? What is the corporation’s social responsibility? Many might say the main idea is that a corporation must go further than carrying out their basic function of purely making profits. A corporation must create wealth in ways that avoid under minding society, and instead enrich the society it operates in. The term â€Å"corporate social responsibility† has been deï ¬ ned in numerous ways; from the constricted economic perception of increasing stockholder wealth (FriedmanRead MoreBusiness614 Words   |  3 PagesThe Analysis of Leadership Case Problem A – The Global Insurance Tag Team Identify the teamwork problems that Calvin might be facing Calvin is the director of disaster insurance at a global insurance company and he has his own large department which located in New York. He is also the team leader of ten different representatives around the world. Each team member is responsible for encouraging the sales representatives in offices around the globe to sell disaster insurance. (Dubrin, 2010). Read MoreBusiness3599 Words   |  15 Pagesa selected business, suggesting potential improvements 7 4.1 Delivering customer service in a business 8 4.2 Review own performance in the delivery of customer service and recommendations for improvements 9 Conclusion 9 References 10 Introduction The objective of a business is to make profit and maximize its wealth and to ensure the customer satisfaction with which the business operates its activities. Customer satisfaction is a very important factor for surviving in the business world. Proper