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A SWOT analysis can help Netflix identify its competitors by examining the company's Strengths, Weaknesses, Opportunities, and Threats. Strengths and Weaknesses are internal factors, while Opportunities and Threats are external factors. By analyzing these, Netflix can identify who their direct and indirect competitors are. For example, direct competitors might be other streaming services, while indirect competitors could be other forms of entertainment such as video games or even sleep, as mentioned by Netflix's CEO. Understanding these competitors can help Netflix strategize and stay competitive.
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Netflix CEO Reed Hastings has said multiple times that Netflix sees its biggest competitor as the threat of substitution from sleep. Coming out of the pandemic, streaming companies have been worried that more consumers will choose to diversify their leisure and entertainment through in person gatherings or physical activity instead of staying home and binging a streaming show. Video games also represent a way for Netflix to combat this threat of substitution with the offer of additional entertainment options.
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Do you feel trapped to outdo competitors? Better strategies can build a stronger defense against competition and generate higher ROI on your strategic...
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