Final answer:
According to Marc Randolph, the co-founder of Netflix, two important ingredients to disruption and innovation are elasticity and customer focus.
Step-by-step explanation:
Marc Randolph, co-founder of Netflix, identified two important ingredients to disruption and innovation:
1. Elasticity: Randolph emphasized the need for businesses to be able to adapt and change quickly. He explained that being able to pivot and adjust their strategies is crucial for companies to stay ahead in the rapidly evolving business landscape. Netflix itself demonstrated elasticity by transitioning from a DVD-by-mail service to a streaming platform, adapting to the changing consumer preferences.
2. Customer Focus: Randolph also highlighted the importance of understanding and meeting customer needs. He emphasized the need for companies to deeply understand their target audience and constantly strive to deliver value to them. By listening to and satisfying customer demands, businesses can drive innovation and disrupt traditional industries.
These two ingredients, elasticity and customer focus, have played a significant role in Netflix's success and its ability to disrupt the entertainment industry.