Verizon: Comprehensive Marketing Analysis
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Verizon: Comprehensive Marketing Analysis
Mission Statement
Verizons mission statement is “As a leader in communications, Verizons mission is to enable people and businesses to communicate with each other. We are also committed to providing full and open communication with our customers, employees and investors.” (Verizon 2010). Their vision is to bring communications to everyone.
Distinctive Competencies
Verizon has a strong wireless network. It continues to enhance the domestic infrastructure. Verizon continues to enhance the speed of the wireless network, which counts for over 60% of its revenues. The data revenue continues to increase from the smart phones and other data able devices it offers. These offerings continue to help hold its market share and brand image. (Datamonitor 360 2011)
FiOS is the broadband and video all-fiber network that Verizon offers as an alternative for cable and internet services. It is in place in major markets such as New York and Washington. In 2010 both segments of FiOS found over 700,00 new subscribers. They are looking to innovate this area to continue to gain market share. This portion f the business is being looked to cover revenues lost while Verizon is loosing wireline customers. (Datamonitor 360 2011)
Trends in Marketplace
Cloud computing is the new hot trend in communications. Verizon has set itself up to be a player in the market. It has acquired CloudSwitch, an innovator of cloud technology. It also acquired other businesses to help make its mark in the cloud. Verizon has also partnered with IBM and launched Managed Data Vault to provide customers with back-up and retrieval services. Verizon is looking to use this as a way to broaden its customer base and revenues. (Datamonitor 360 2011)
Organizational Objectives
Verizon ties their organizational objectives in with their strategic imperatives.
1- Revenue Growth – To increase this they will be devoting more resources to higher growth markets, including wireless and broadband.
2- Market Share Gain- They will focus on this by the development of strategic enterprise service offerings such as adding International Ethernet capabilities and introducing video and web0-based conferencing.
3- Profitability Improvement- They feel that strong wireless and FiOS growth will have a strong impact on this.
4- Operational Efficiency- They hope to do this with the management team by using technology based improvements.
5- Customer Service- They want to continue their high customer satisfaction rating. (Verizon 2010)
Strategic Business Units
Verizon has two primary segments wireline and wireless. Their wireline segment includes telephone, broadband and FiOS. They also partner with DIRECTV to provide satellite services. Their wireless services is provided through prepaid, with no contract , and postpaid plans, with contract. The company provides data packages for their smart phones and wireless devices. With both the wireline and wireless services they offer a wide range of services directed towards either businesses or individuals.
Boston Consulting Group Matrix
In their wireline segment they are having some issues. Their partnership with DIRECTV to provide satellite is in the dog moving to question mark phase of the BDGM. It is in a trial basis and starting to expand, but still needs kinks worked out. FiOS is in the question mark stage with the hope that it will move into the stars phase. They continue to work on improvements for this area. Their clear star right now is the wireless segment of their business with areas across the board showing strong growths still. (LexusNexus 2011)
Organizational Strategy for Growth
Verizon has a large market penetration it is a global company in 38 different markets. In the wireless and wireline industries it offers both bundled and unbundled packages to suit customer needs. In its wireless component it offers customers a choice of prepaid or postpaid contract products. It is staying on top of the latest phone and device technology so that it may offer its customers the latest in availability.
Product development is the key for companies in communications. They always have to on with the latest technology. Verizon is using strategic partnerships and buy outs to help itself maintain its market share and gain market share in several different markets. Among the technologies it hopes will gain them a greater market share is the cloud technologies that it has bought or partnered for.
Market development for Verizon at this time