Marketing Management of Verizon Wireless - Case Study Example

 Marketing Management: A case study of Verizon Wireless Marketing is an important feature of today’s business process. Today’s marketer is with tough decisions, which require constant evaluation of consumer’s choices and perceptions. With the passing time the consumers are becoming more aware, choosy and volatile. This fact has increased the work of constant consumer and marker analysis for the companies. The American marketing association defines market research as "The systematic gathering, recording, and analysis of data about problems relating to the marketing of goods and services". Consumer analysis is an important part of the market strategy. Every marketing campaign is aimed at consumers. In order to develop an effective marketing strategy it is important to understand the buyers needs and wants attached to a product. In order to understand how the consumers actually make their buying decisions, marketers must identify the motivators and the decision-makers. The aim of the report is to undertake a thorough analysis of the marketing strategy of the Verizon Wireless. In order to undertake the analysis the secondary data is used. Adding recommendations for the improvement of the marketing practices of the Company has increased the effectiveness and usefulness of report. The main strategy of the Verizon Wireless is the constant introduction of new ranges of products and services to the customers. Hence the company uses the strategy of product differentiation. The company keeps on innovating new packages fulfilling the demands of all ages from youngsters to adults. A great brand starts with a great product, they certainly have that, but they have much more too. It is the consistency of brand character and attention to detail that is outstanding. The market share of the Verizon Mobiles has been increased at a tremendous level in 2005 outperforming all its competitors in 2005. The Company has remained innovative from the beginning, which is a key for its success. The Company furthers aims to get the profits from ethics and to build the brand across US. The purpose of branding is to achieve a market position that will represent a sustainable competitive advantage. Companies are increasingly extending the line of variants available under a given brand, resulting in a family of related offerings. The reason for this is essentially economic and Verizon Wireless has gain many such advantages by successful introducing a range of products. Product development is ongoing and the company keeps on introducing new packages according to the needs of customers. The latest introduced in September. The Company has a strong brand name, which can be used as an economic benefit in future but the two important factors should be properly addressed: 1. The benefits from the brand 2. The expectations of the target markets. Advertising, as a form of social communication, is particularly reflective, and indicative of culture and its norms. To the extent that advertising does reflect cultural differences, and there exist clear differences between distinct cultural patterns, advertising appeals, which are specific approaches advertisers use to communicate how their products will satisfy customer needs (Arens & Bovee, 1994), should manifest such differences across these countries. Recommendations: Appropriate Market Segments: The Verizon Wireless has effectively addressed the group of customers between 25-50. The potential segments, which needed to be addressed, are: Teenagers: The new customers can be the group of teenagers, which have not been addressed before. This potential group can also play an important role in the expansion of the customer base. Since by satisfying the communication and surfing needs of this group the company can get exposure to the students and teenagers of age group between 15-20. Hence by selecting the group from the target market which have exposure to more masses the no. of addressed individuals can be increased without putting additional efforts. Adults and Old customers: In order to improve the economical gains of the company can also introduce some products keeping in view the needs of old age customers. The 4P’s are the most important founding factors on which the marketing plan of a company basically depends. Effective use of these 4P’s can lead to successful marketing of a product or service. All the 4P’s are volatile in nature and keep on changing according to the requirements. Constant evaluation of all the 4P’s is important losing focus on any one of them can lead to a disaster. Although the company is using the notions of Product, Promotion, Price and Placement very well but still there is much to do in the areas of People, Process and Physical evidence. The added 3P’s are as follows: People: the company should adopt effective recruiting and training techniques for the staff. The depth of management team should allow the managers to tap into tremendous internal talent. Process: Efficient system of processing the customer’s demand gives a cutting edge advantage. In fact the efficient and speedy services are the trademark of success. The company should undertake all necessary steps in order to improve the supply chain. Physical evidence: Physical evidence is an essential ingredient of the service mix, consumers will make perceptions based on their sight of the service provision which will have an impact on the organisations perceptual plan of the service. Promotion is aimed at informing customers about the presence of the goods or services in the market and persuading them to buy these products and services. For a promotional campaign to be effective it is important for the company to use most effective combination of the communication channel to reach the consumers. The best blend of these channel is Advertising, Personal selling, Publicity and sales promotion. Another trend, which is gaining importance, is the societal marketing concept. In this age of environmental deterioration, declining resources, increasing population and increasing economic and social issues, the awareness in the people is also increasing. Most of the companies are now aiming towards satisfying the customers and improving the society’s well being. The reason of the success of Verizon Wireless is the innovation of new products and the customer knowledge about donation of the pre-tax profit to different social and environmental causes by the company. Besides the company has also refined its product lines changed the confusing product packages and tightened the business practices. As Thompson and Pringle (1999) defined “ activity by which a company with an image, product or service to market builds a relationship or partnership with a cause or a number of causes for mutual benefit. By using the societal marketing approach the companies got the opportunities to enhance their reputation, increase brand awareness, improve customer loyalties, increased sales and press coverage. In this era of globalisation when the customers are looking for good citizenship in the corporation’s societal marketing can best serve the purpose. References Bovee, C. L., & Arens, W. F. (1989). Contemporary advertising (3rd ed.). Homewood, Ill.: Irwin. Kotler, P., (2000). Marketing Management, Millennium Edition, Prentice Hall International, Inc. Pringle, H., & Thompson, M., (1999). Brand Soul: How Cause-Related Marketing Builds Brands, New York: John Wiley & Sons. Read More