Verizon Communications Inc Organizational Overview
Organizational overview
Verizon Communications Inc. is one of the well known companies in wireless communication sector that offers services to mass market, government, business and wholesales customers. The company has its headquarters in Basking Ridge, New Jersey, USA. The customer base of Verizon is around 92 million which makes it one of the market leaders in America. The company also offers converged communication along with information and entertainment to highly advanced fiber-optic network. For its international customers, the company has several innovative seamless business solutions (Verizon-a, 2010).
Verizon was established in June 03, 2000 and is a joint venture of Verizon Communications and Vodafone Group having a partnership ratio is 55:45. Later on, in January 09, 2009 Alltel Wireless acquired Verizon Wireless in a deal of $28.1 billion (Reardon, 2009).
The total customer base of the company comprises 99.7 million customers with 175+ switching centers. Similar to the customer base, the number of employees working in the company is also large. As per the data revealed by the company, Verizon employs more than 79,000 workers.
Verizon was the first company to introduce wide area wireless broadband network in US and also offered the first wireless 3G multimedia services to its customers. Later on, the mobile service offered by the company also attracted numerous customers which further boosted its competitive position in the industry (Verizon-b, 2010).
With time, many new entrants entered this industry, taking the competition to an altogether new height. Spring Nextel, U.S. Cellular, AT & T, Leap Wireless are few of the companies that pose as major competitors of Verizon. To retain its competitive position along with the market share, Verizon is in the process of introducing 4G network technology to further increase the wireless data speed. The technology for machine-to-machine communication and smart devices will be launched in the near future. The company is in the process of developing collaboration with partners like Qualcomm, Skype and Google to start a laboratory that will actively work towards innovation in wireless technology (Verizon Communications, 2009, p.3).
Purpose and mission of the organization
The core value of Verizon is “integrity and respect”; hence the company nurtures a strong commitment towards its corporate governance. Stakeholders are its first priority (both internal as well as external). In the Code of Conduct of the company reflects its values and commitments to society at large. Apart from integrity and respect, other components of the core value of Verizon are performance excellence through which customer’s experience can be further improved. Accountability is also a vital component of the company’s core value.
The Code of Conduct developed by the board members is required