Chakravorti discusses four methods that corporate innovators use to turn adverse conditions to their advantage. These methods include: (1) Matching Unneeded Resources to Unmet Needs; (2) Rounding Up the Unusual Suspects; (3) Finding Small Solutions to Big Problems; and (4) Thinking Platform, Not Just Product.
Examine an organization of your choice and briefly discuss how the organization used, or might use, one of these methods to capitalize on the opportunity found in adversity.
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Using Adverse Conditions to a Company's Advantage
Full Answer Section
The Opportunity:
Netflix recognized the opportunity in these challenges. Instead of just focusing on renting DVDs by mail (their initial product), they thought platform. They saw the bigger picture: connecting consumers with entertainment content in a more accessible and personalized way.
How Netflix Used "Thinking Platform, Not Just Product":
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DVD-by-Mail as a Stepping Stone: Netflix didn't see DVD rentals as their end goal. They used it as a way to gather data on customer preferences and build a loyal customer base. This data proved invaluable later.
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Pivoting to Streaming: Recognizing the future of online content delivery, Netflix invested heavily in developing its streaming platform. This wasn't just about delivering a "product" (a movie); it was about creating a comprehensive platform for on-demand entertainment.
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Content Creation: Netflix went beyond simply distributing content. They began creating their own original shows and movies, further strengthening their platform and attracting subscribers. This move transformed them from a distribution platform to a content creation and distribution powerhouse.
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Personalization and Recommendations: Netflix leveraged data to personalize recommendations for each user, enhancing the platform experience and increasing user engagement. This personalized approach is a key element of their platform strategy.
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Global Expansion: Netflix expanded its platform globally, adapting to local preferences and regulations, solidifying its position as a leading global entertainment platform.
The Result:
By "thinking platform," Netflix transformed itself from a DVD rental service to a dominant player in the streaming entertainment industry. They capitalized on the adversity of a changing market by building a platform that catered to evolving consumer needs and leveraged technological advancements. They didn't just offer a product; they built an ecosystem connecting content creators, distributors, and consumers.
Sample Answer
Let's examine how Netflix used the "Thinking Platform, Not Just Product" method to capitalize on the adversity of shifting consumer preferences and technological advancements.
The Adversity:
In the late 1990s and early 2000s, Netflix faced several challenges:
- Dominant Player: Blockbuster dominated the home video rental market.
- Technological Shift: The rise of DVDs and the potential of online streaming posed a threat to the traditional brick-and-mortar rental model.
- Changing Consumer Habits: Consumers were increasingly looking for convenience and on-demand access to entertainment.
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