IntroductionReed Hastings (co-founder) founded Netflix in 1997. During this time, Netflix offered DVD rentals by mail. When Netflix went public in 2002, shortly after a year, their subscription reached the million mark (Netflix Management, 2011). Recently, Netflix was recognized as one of the 50 Most Innovative Companies, ranking eighth for "building into a $9 billion powerhouse (and crushing a blockbuster)" with 20 million subscribers ( fastcompany.com, 2011). This success demonstrates how Netflix took a business approach whose mission was to transform the difficult experience of everyday consumers into a business opportunity. Below you'll find Netflix's rankings in other categories. Number 1 Number 2 Number 3 Number 4Netflix Movie Double Negative Real D DreamworksYouTube Video Twitter Netflix FXWeb Companies Twitter Google Zynga NetflixLearning Team A will describe and evaluate Netflix's innovation strategy, the specific products offered to their members, and the benefits that the company brings to its customers and employees. To begin with, innovation goes beyond an invention. It captures opportunities for change, growth, and market leadership that enable advancements within the industry in multiple ways (Pearce & Robinson, 2011, p. 376). Simply put at Merriam-Webster.com, innovation is “the introduction to something new; a new idea, a new method or a new device. Innovative Netflix preview. Netflix's outlook has developed a trend of continued subscriber growth and providing products with a substantial cost advantage by distributing a wide variety of titles that appeal to different customer groups (Anthony, 2005). . Netflix's success was simply based on listening to consumer feedback... middle of paper ...... a remarkable opportunity to grow in the industry and become an innovative provider, Netflix has many opportunities to satisfy their customers and maintain their attention through the revolutionary growth of their business (Martala, 2009). Their success goes beyond their product. As noted, this is a combination of their culture as high performance drivers and the promotion of a mindset of “freedom and responsibility” (Elliott, 2010). Due to its innovation and gradual entry into the market, Netflix has the competitive advantage to add layers of products to grow in the coming years. Currently, Netflix has the competitive advantage of raising prices and retaining its current customer base. What’s even more beneficial is the ability to attract additional subscribers with their new features. To put an end to this, the combination of their products, prices, culture and strategic plan makes Netflix innovative.