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Verizon is a multinational telecommunication conglomerate that is based in America. The headquarter of the company is at the 1095 Avenue of the Americas which is situated in Midtown Manhattan n New York city while it is incorporated in Delaware (Verizon 2022). The mobile network of Verizon is the largest wireless carrier in the US and has approximately 120.9 million subscribers which were calculated by the end of Q4 2020.
Verizon's communication focuses on the technology that is the basis of delivering value to the target customer of the company in the telecommunication industry based on the mission and vision statement of the industry. The vision statement of the company is the description of the desired state of the business. In addition, the mission statement of a company is the activities and approach of the company in the industry (Gregory, 2017). The vision statement of the company is to motivate the creators of tomorrow to use technology to create a brighter future that is for themselves, their families and the whole world. The vision statement of Verizon communication emphasizes the responsibility of the company in the lives of the stakeholders. Therefore the vision statement of Verizon communication is inspiring the creators of tomorrow to build a brighter future via the usage of technology. The creators that are mentioned in the vision statement of the company are employees, customers and others. Verizon communication improves the telecommunication services that will assist the customers to effectively access the information and make it affordable to communicate with the people (Gregory, 2017). Therefore, the vision statement of the company is to signify the significance of technology in the business of the company. The Mission statement of Verizon communication is delivering the digital world to the customers. The company will assist people to fulfill their dream of an innovative lifestyle possible. Therefore, the mission statement of Verizon communication assists in taking the business decision that will improve the status of the company in the industry.
Verizon communication is a multinational telecommunication company. It provides data, voice, and video services around the world. It is one of the major companies that provide services of the network to customers all over the world. In 2019, the company launched the 5G home and 5G ultra wideband network in Los Angeles, Huston, and Indianapolis (Verizon 2022). The company offers wireless connections and other products that are related to telecom like digital television, fiber networks, data, and others.
Verizon communication is one of the leading providers of communication services and technology in the world. In 2021, the revenue generated by the company was $133.6 billion. The operating structure of the company focuses on the two customer-facing areas like Business and Customer (Verizon 2022). Verizon communication has a Citizen Verizon business plan for environmental, economic and social advancements. The diluted earnings per share of the company that was reported through September 30, 2022, was $3.49. The net cash that was provided by the operating activities was $28.2 billion; capital expenditure was $15.8 billion; quarterly dividends per share were $0.6525; shares outstanding 4.2 billion. There is various corporate responsibility of the company. The company focuses to achieve a net zero operational mission by 2035, delivering the training of digital skills to 10 million youths byte the end of 2030 (Verizon 2022). By 2030, helping small businesses with resources to assist them to survive in the digital economy and providing resources to 500000 individuals to prepare for the jobs of the future 2030 is the corporate responsibility of the company. The company spent more than $50 billion with various suppliers in the past 10 years.
i) Business-level strategies
The business-level strategy of Verizon's communication is differentiation. It creates a competitive advantage that is based on the uniqueness of the product. Some variables determine the uniqueness of the product. The generic competitive strategy of the company uses quality as a significant factor to sustain the competition. In the sales and marketing of the company, quality is emphasized (Panmore Institute 2022b). Advertisement of Verizon communication highlights the quality of wireless services. There are intensive strategies of growth and other strategic objectives that are developed to support the uniqueness of the products. The business strategy of the company will permit Verizon Communication to use market penetration as the main strategy for the growth of the business.
ii) Corporate level strategies
Various corporate-level strategies of Verizon communication will assist the company to penetrate the market, developing the market, developing the product, and diversifying. Penetration in the market is the major strategy of Verizon communication for the business development of the company. These strategies play an important role in growing the business of Verizon. Rebranding the existing product can improve the scope of the company to enter the new market segment (Panmore Institute 2022c). The strategy of differentiation of the company via improved quality of services will attract customers in the segments of a new market. The development of products is another major strategy of the company. Here, the goal of the company is to develop new products and sell them to existing markets.
Verizon communication has a competitive advantage in the wireless market, decreasing the fixed cost structure and providing scale characteristics to deliver the coverage network that will be profitable for the customers (Panmore Institute 2022b). Verizon is applying various strategies that will strengthen the position of the company in the industry. The company shares 40% of the postpaid phone market. With the three large-scale wireless providers, prices hold to assist the forms to regulate the profit margin to achieve healthy returns. The vast infrastructure and quality of the network of the company assist it to fulfill the needs of the customer and accounts of the governmental agency.
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Strengths The strengths of the company that will improve the status of the organization are the strong reputation of the network coverage that has approximately 100 million subscribers, 4G and 5G network capabilities that are offered by the company, the largest wireless carrier in the US. The company provides various services like fixed line and mobile telephony, digital television, broadband and fixed line internet services and others (IIDE 2022). Other strengths of the company are more than 100000 employees; increased accessibility of the services in more than 150 countries; good marketing exercises and events of sponsorship; good recognition of brand; strategic acquisition of media, telecom and internet companies. |
Weaknesses They are an increased competition that leads to limited growth of the market share, presence limited to Americans (IIDE 2022). |
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Opportunities Opportunities for the company are the expansion of video and audio conferencing; growing demand for broadband, mobile internet and others; regional acquisitions and international expansion (IIDE 2022). |
Threats The threats to the company are increased competition in the US market that can decrease the market share of Verizon; government policies and FCC regulations; cannibalization; affected internal operations as the effect of economic instabilities and recession (IIDE 2022).
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Factors |
Likely to include factors such as |
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Political |
The political factors that have an impact on the status of Verizon are the move of the Government to the open markets; elevating support from the government for the development of the infrastructure; improved support from the government for free public WiFi hotspots (Panmore Institute 2022a). |
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Economic |
The economic external factors of the company are increased disposable income of the developing countries; increased rate of economic growth of the developing countries; reduced asymmetry of the information (Panmore Institute 2022a). |
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)Social |
The factors that have impacted Verizon have increased adoption of mobile devices; increased demand for high-quality products and improved demand for online mobile services (Panmore Institute 2022a). |
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Technological |
Technological factors in the business of Verizon communication are improved development of communication network in the world; development in the information and communication technologies and others (Panmore Institute 2022a). |
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Legal |
The influence of the ecological factors on Verizon in the industry is natural disasters, elevating availability of renewable energy and increased emphasis on the sustainability of business (Panmore Institute 2022a). |
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Environmental |
The legal factors are the competition law, elevating protection of the consumer, and increased regulation of telecommunication services (Panmore Institute 2022a).
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1. Demographic Characteristics of Market: The demographic characteristics of Verizon are the professionals who are in the age group of 25-39 and largely rely on the internet and social media.
2. Psychological Characteristics of the market: Increased dependence of the market on social media and the internet increases the demand for the products of the company.
3. Behaviors of the target market: The behaviour of the market will assist the company to focus on the features and deliver to the consumers the features that are likely to use. Behaviour of the target market will help the company to get the satisfaction of the customers (Panmore Institute 2022c).
4. Strategies appealing to the market: New products that will meet the demand of the population like broadband wireless services.
1. Product Strategy: The product strategy of Verizon Communication is products and services of the company that is categorized into wireless, business, and residential.
2. Pricing Strategy: There are higher prices on the service quality and provided features. Therefore, it is the responsibility of Verizon Communications to impose strategies that will meet the needs of the customers by regulating the price (Panmore Institute 2022b).
3. Promotional Plan: The consumer can monitor the usage of data, change features of the selected plan and switch between the plans that will be made without penalty.
i) 4P’s comparison with competitors: The marketing mix of the company assists in the use of advertising to promote the services to the customers.
ii) Product: The organizational structure of Verizon reflects the offered products of the organization to target the customers in communication and information technologies and services markets. Residential products that are offered by the company are access to the internet, access to television and internet services. The business products of the company are cloud-based IT solutions.
iii) Price: The price should be such that it will be accessible and affordable to all consumers. Verizon must maintain the premium pricing and value-based pricing strategy (Panmore Institute 2022c).
iv) Place: The places that are used by the company in the telecommunication market are official websites, offices, stores and authorized retailers, authorized distributors
v) Promotion: The promotional tactics of Verizon are advertising, personal selling, public relations, sales promotion and others.
vi) Strength comparison with the competitors: The strengths of Verizon are innovative capabilities of the company like 5G network and 4G LTE; domination in the market; strong financial position and successful marketing (IIDE 2022).
vii) Weaknesses’ comparison with the competitor: Heavy reliance on the US market; safety concerns and extra data charges
viii) Organization’s competitive advantage: exploring diversification; expansions of acquisitions; global markets
Key success actors that improve the status of the company are the strong image of the brand, high quality of services, and improved economic scale (Panmore Institute 2022).
Low diversification, the inability of the company to compete that is based on price, and increased cost of infrastructure.
The overview of the business of the company is the revenue of the total wireless segment that totalled $87.5 billion at the end of December 2017; revenue of $30.7 billion from the wireline segment for the year ended December 2017.
The goal of Verizon is to improve the world via expanding access to digital media, protecting the climate and preparing people for jobs. It establishes a competitive advantage based on the novelty of the good. The distinctiveness of the product is influenced by a few factors. Quality is a key component of the company's general competitive strategy for maintaining the competition. Quality is stressed in the company's sales and marketing. The company's aim of differentiating itself through enhanced service quality would draw clients from various market groups.
