Homework: Concept Map- Netflix
Concept maps are a graphical tool that is used to visualize meaningful relationships among concepts, processes, or events. It is used as a knowledge representation tool, meaning they basically represent the knowledge structure that we store in our minds about a certain topic. Both simple and complex concept maps consist of two things: concepts and relationships among them.
The concept map focuses on a single concept, process, or event of interest found in the Netflix story. Lines link the related concepts or processes with a word or phrase that describes the nature of the relationship between two components. Concept maps start with broad, general relationships and build on them to create very complex visual models of how many factors interact to produce a given outcome.
Your task in this homework is to create a concept map, drawing upon the ideas in the Netflix organization as outlined in Chapter 4 of your textbook. Consider:
• Netflix is (i) one of the few firms to successfully pilot through disruption while remaining the top firm in two markets (DVD-by-Mail and video streaming), and (ii) the firm has experienced wild swings in market perception and stock performance.
• The dynamics at work in the old and new businesses are fundamentally different in many key ways that influence product offerings, operating costs, and competitors.
• Competitors present uncertainty as Netflix seeks global growth to remain the world's leading streaming service
Here is a general procedure for making a concept map.
• State a challenge or threat to sustainability that will serve as the focus for your concept map. One good way to get started on the map is to develop a focal question about Netflix. The question will help you focus on relationships between the concepts, processes, or events.
o For my example, the question is, "How the Netflix streaming business is different from the DVD-by-Mail business?"
• List the 5 to 8 factors that you can identify to begin to answer the focal question about Netflix. Look at the Learning Objectives found throughout Chapter 4 of your textbook to help identify the factors. These "major" factors form the first tier of your concept map. By the end of this first phase, your objective is to have articulated 5 to 8 major factors that contribute to finding an answer to your question in Step 1.
o For my example, the major factors could be (i) content availability, (ii) content acquisition costs, (iii) the legal and regulatory environments, (iv) potential opportunities for revenue and expansion, (v) potential partners, (vi) competitors and their motivation
• Now expand on each of these major factors in a "cluster." Add detail in the form of secondary concepts that contribute to the major factors or concepts you have already identified.
o For my example, I will expand on the legal and regulatory environments and consider that the First Sale Doctrine applies only to the physical disc, not to the technology needed in streaming, so Netflix cannot offer Internet streaming without separate streaming licenses. The Inability to Use the First Sale Doctrine is a secondary concept that requires identifying new and legal regulatory environments. Content Acquisition might be another because to stream content is more like buying a commodity. Title Availability might be another secondary concept because of a distribution practice known as windowing. Although these factors may not directly affect the legal and regulatory environment, they are critical legal drivers. Further, these factors interact with each other. Title Availability directly impacts Content Acquisition through contracts and legal and regulatory environments.
• Continue to build your concept map with at least two more tiers or layers of factors explaining Netflix and answering your focal question. Your finished concept map should have at least 5 major clusters of factors/processes that directly affect concepts, processes, or events. Add at least two more "layers" or tiers of factors in each of those clusters. You are free to include as many layers or tiers as you want, but 3 tiers are the minimum.
o For my example, the third tier continues to expand on the (i) Title Availability of a given distribution channel for a specified Time Window, usually based on ticket sales, disc sales, and license fees for broadcast as part of the contract. There will be legal and regulatory environments to consider using Time Window distribution as part of their product offerings and operating cost decisions. I can also expand on the (ii) Inability to Use the First Sale Doctrine, noting the legal and regulatory environments allowed Netflix to create a Library of Content in the DVD-by-Mail business. However, in streaming, legal and regulatory environments regarding content acquisition have required Netflix to become a Curator of Content.
• Think of your concept map as a visual explanation of the dynamics at work at Netflix. Imagine using your concept map to explain the influence of product offerings, operating cost, and competitors to someone with little or no knowledge of the concepts you want to explain. Your map should make the relationships clear.
• The Word document accompanying the concept map includes four components:
o The focal question you used as a starting point for the concept map.
o Describe how/why you selected the concepts included in your concept map.
o Explain the overall logic in the organization of your concept map (e.g., what constitutes the first level of concepts, second level, third level).
o Provide a description of the key points or arguments that you want to make with the concept map.
Getting Started
The Key Characteristics of a Concept Map
Concept maps have specific characteristics that distinguish themselves from other diagrams that are used to represent knowledge. They are:
Nodes
Nodes are the circles or the boxes that are used to represent a concept or an idea. These may vary in size, according to their hierarchy on the map; for example, more general nodes at the top of the map may be bigger than the more specific nodes that follow them.
Cross-Links
Concept maps consist of concepts in different domains. And the relationships between these different domains of knowledge are shown with cross-links.
Linking Words
Or linking phrases if it contains more than a word. These describe the type of relationship between the two concepts and appear on the line connecting them.
Hierarchical Structure
Usually, concept maps are organized hierarchically. This means the most general and inclusive concepts are placed at the top of the map. Those that are more specific are positioned below them. Accordingly, hierarchical concept maps are read from top to bottom.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.