Verizon Conglomerate
Introduction
Verizon conglomerate is multi-nationally known for the provision of services for phones, digital televisions, and cables (Mishra, 2019). The Communications incorporation provide business to consumer and business to business internet services. Verizon has created employment for more than one hundred and thirty-nine folks and has many subsidiaries operating all over the globe. Verizon is the leading company in the telecommunication business with an outstanding competitive advantage, which has led to an increase in its market share in the United States of America and worldwide. The Incorporation’s workplace description, strategic goals analysis, and the marketing tactic used by Verizon to achieve differentiation and competitive benefit are the main aims of this paper.
Workplace
Verizon conglomerate’s workplace culture provides conducive employment for both permanent employees and interns. The company ensures workplace discipline and high ethical business conduct through fair recruitment of professionally competent and morally upright applicants. Verizon compensates its employees with optimum salaries and other non-financial benefits to ensure that they are motivated to work hard (Seidenberg, 2018). Some of these benefits include paid parental vacations and maternity leaves, provision of health insurance medical and dental covers, and gym services. Employees can also purchase the company’s products and services at discounted prices and even access to training tools and programs online, which are made for their individual and career growth and development.
Strategic Objective
The main tactic objective of Verizon incorporation is to expand its market share through the provision of both wireline and wireless product lines to its local and international consumers. The company’s contribution towards its goal achievement includes differentiation and diversification of products and offering different prices to various services according to their value (Mishra, 2019). Price differences make the services affordable to folks at different social status classes leading to the expansion of markets. The company also provides high-quality services that improve its customer’s working, learning, and playing, which enhances customer loyalty.
Marketing Strategy
Verizon communications incorporation uses product and price differentiation and marketing mix to maintain the existing and attract potential consumers hence increasing its sales. The company differentiates its products into two main categories known as Verizon Fios and wireless, which are produced using fibre and copper wires, respectively (Seidenberg, 2018). The two wires result in different internet speeds and values of the products. The differentiated services are offered at different prices depending on their value with Verizon wireline and wireless being affordable and Fios selling with a premium hence expensive. The differentiation of the phone services such as hotspots and 3G and 4G networks, as well as different internet services and digital cable and television services, provide users with variety to choose from hence increasing brand knowledge and value. The brand value and affordability of the services to both rich and poor, help in expanding the Incorporation’s market all over the world.
Verizon multinational incorporation advertises their differentiated through media such as television and online platforms to increase sales (Donovan, 2017). Different Verizon stores have been located at different nations to ensure comprehensive coverage of customer reach and appropriate customer care services. Advertisements and quality customer services enhance customer loyalty, which helps in the maintenance of currently existing consumers and attract potential users interested in Verizon’s services leading to an expanded market. The expanded market results in increased service revenue and reduced costs hence an increased rate of return.
Competitive Differentiation and Advantage
Verizon conglomerate faces very stiff competition from other telecommunication organizations such as AT&T, Cricket Wireless, and Cox Communications. The competition creates tension for all competitors since every firm must protect its customers from switching brands to another company’s services. Verizon Communications Inc. differentiates its services through innovation, which results in the creation of high-quality products and services with different values. The company’s employees are professionally competed and highly motivated, which enhances their creativity (Donovan, 2017). High creativity leads to the creation of innovative and updated information and communication technology products and services that are different from services provided by competing firms. Unique and high value updated internet services and differentiated prices make Verizon incorporation to compete outstandingly with its customers.
Verizon communication Inc.’s enhanced brand equity has also created a competitive advantage. Differentiated internet services such as text messages and data services to phones and hotspot services to computers and phones have attracted millions of subscribers leading to the superior brand name. Verizon incorporation also competes outstandingly with its competitors through expanding its market target (Seidenberg, 2018). Verizon conglomerate’s target market is wide consisting of individual consumers, small and large firms as well as government entities. The company, therefore, sells its differentiated internet services to many groups of consumers compared to its competitors. The use of different materials in Verizon’s products such as fibre for FiOS and copper for wireless allows the company to differentiate its prices, making it highly competitive. Different materials result in products with different speed and value; hence the company offers them at different prices, increasing its profitability.
Conclusion
Verizon Communications Inc. is the leading multinational company in the United States of America and globally. The company’s tactical planning, suitable marketing, and creation of differentiated services through creativity and innovation enable the company to compete outstandingly in the industry.
References
Donovan, S. R. (2017). U.S. Patent No. 9,577,933. Washington, DC: U.S. Patent and Trademark Office.
Mishra, G. (2019). Verizon Communications Inc.(VZ) D. Mudric Avaya June 6, 2019.
Seidenberg, I. (2018). Verizon Untethered: An Insider’s Story of Innovation and Disruption. Post Hill Press.