The Strategy of Verizon - Research Paper Example

 Strategy Plan Table of Contents Abstract ………………………...……………….……………………………………….………..3 Selection of a company and justification …………………………………………………………4 Strategy of Verizon: Vision, Mission, Goals, Objectives, Strategies, and Measures …....……….4 SWOT analysis of Verizon…………………………………………………………………….….6 References ……………………………………………………………………………………….10 Abstract The strategy of Verizon in increasing their business process and evolving new technologies in their business. Verizon is the service provider of broadband wireless communication service to its users. They want to meet the global need and establish new technologies and meet the customer requirement. The primary goal of the company is to reach the top in the market and take the leading position. A SWOT analysis is done on Verizon to identify the objectives of the company. Selection of a company and justification: Verizon Verizon is a multinational corporation and had the highest value in the market as a largest broadband telecommunication company. It is chosen for discussion in the report because it identified as a global brand and there is more information available about the enterprise. Moreover, it is a technology related business and act as a broadband service provider with extensive range services such as providing wireless communication service, internet service and providing a bundle pack with internet television and telephone service. Verizon is chosen for further discussion in the report because the company has a brand identity for providing broadband service to the enterprise and the residential and small business companies (About Verizon, 2016). The audience reading this report would also be familiar with this brand, and thus it would be easy for the author to make the reader understand about the company. Strategy of Verizon: Vision, Mission, Goals, Objectives, Strategies, and Measures Verizon is transforming its business process and aligning the different segment of its business process with their new strategy. The primary strategy of Verizon is to move to the wireless platform and make their infrastructure capable of giving the internet and wireless service to the cars and automobiles (About Verizon,2016). Verizon is innovating new technologies that would help the company to take a lead position in the future. It has identified that the wireless technology in the next evolution and thus it has quickly jumped into the wireless platform for further development. According to the strategy, they are working on new technologies that can implement and as a result, more than 98% of the US 4G network covered by Verizon (Greenwald,2013). They use the optical fiber cables for faster transmission instead of traditional copper wires. Verizon is also working on the 5G service to access the cloud and is moving towards the always connected world. They are providing the larger bandwidth for the cloud solutions and deploy security firewalls and other encryption techniques that completely change the security levels of the data center and Internet of things (King, Case & Premo 2012). Verizon has the strategy of innovating new technology for their wireless communication technology that is not available on the market, and Verizon is the only provider of this service. Verizon follows Moore’s Law and the business aligned with the law. The primary goal of Verizon is to reach every device and platform worldwide and gain long term profit the market. The mission statement of Verizon includes delighting the customers and the other stakeholders associated with the company (About Verizon, 2016). It does this through advancement in the technology evolving new technologies for every platform. The vision statement of Verizon is that they believe that the innovation should always develop to make more things conceivable and all things less demanding, more astute, and more associated than any time in recent memory. The objectives and measure of Verizon include: a. Provide the highest network quality b. Continue to expand their business and networks c. Improve the rates of the data transmission d. Focus on the efficiency and the satisfaction of the customer Provide the highest network quality: Verizon expanded its network and upgraded their equipment to increase their voice capacity and increase the data transmission speed (About Verizon, 2016). The merged with the Lucent Technologies and launched their service under express network company. The company is induced switching centers and base stations to increase the transmission speed; they also introduced core data framework that enables wireless access to the data and CDMA interaction (King, Case &Premo 2012). Thus Verizon is working on increasing the quality of the network. Verizon is innovating and developed the 4G technology combining the Wi-Fi with the 2G and 3G. Improve the rates of data transmission: Verizon has implemented EvDO technology for the faster transmission of data. EvDO (Evolution Data Optimized) can be used as voice or voice or both for carrying voice and data using this the top speed can be increased and the voice calling quality is improved (Greenwald,2013) Continue to expand their business and network: Verizon is continually working to expand their network and provide their service to the enterprise and the small home based users (Lyons,2013). Verizon has added wireless data, multimedia offering like video chat and message service to the customer and the different business segments. Focus on the efficiency and satisfaction of the customer: The primary focus is given to the customer service and developing their network technology (Yoo, 2013). The service of Verizon is distributed across the globe, and it has a different division for managing the network and customer service to handle the complaints of the customer and respond quickly. SWOT analysis of Verizon Strength The brand name of Verizon is globally identified and has a brand attraction for the customers. Verizon has very less competitor and works with a joint venture, Vodafone group thus increasing their strength in the business field. It has approximately 98% of its users in the US used in the market (Hasan,2013). It provides a wide variety of network services like fixed line, wireless and Internet television and consists of more than 190,000 employees. Weakness The weakness of Verizon is that it charges more than its competitors for providing their service (Ying,2013). The presence of Verizon is mainly in U.S and for its global business, it works with Vodafone and other established telecom partners. Opportunity The customer looks for new technology and updated product in the minimum price range. Thus Verizon should analyze the customer requirements and apply new technologies and innovations in their products. The business can be diversified in multiple fields such as expanding in audio conferencing, expansion globally and VOIP business growth (Baum &Voit, 2012). Threats Advancement in new technologies obsoletes the networking process and the products. There is a strong competition regarding the pricing of the service between the competitors (Ying,2013). The company might face legal issues, and cannibalization due to wireless and VOIP service offered. References About Verizon (2016). Verizon.com Retrieved 8 September 2016, from http://www.verizon.com/about/ Baum, R.T.& Voit, E.A (2012). U.S. Patent No. 6,771,673. Washington, DC: U.S. Patent and Trademark Office. Greenwald, G. (2013). NSA collecting phone records of millions of Verizon customers daily. The Guardian, 6(06), 2013 Hasan, M. R. (2013). Apple Inc.-An Analysis: http://www.rajibulhasan.com Lyons, Bridget.  Advances in Financial Education (Winter 2013): 11-23. Ying, Z.H.AN. G (2013). Comparison Based on External Environment _____ Taking Verizon and Chinese Telecom Operators for Example. (Social Sciences Edition), 4,010 Yoo, C. S. (2013). Wickard for the Internet-Network Neutrality after Verizon v. FCC. Fed.Comm. LJ, 66, 415 Read More