Verizon Communications Inc Discussion Essay

Open, View, and/or
Download this Document

Total Length: 1608 words ( 5 double-spaced pages)

Total Sources: 2

Page 1 of 5

IV: Success Factors and Risks

A:

Verizon, like any other business seeking to thrive in an increasingly competitive marketplace has in place financial and strategic priorities which, in essence, guide the company’s operational and strategic decisions. To ensure competitive advantage, Verizon makes use of a differentiation strategy. It is important to note that this strategy comes in handy as the business seeks to keep the various external forces that may in some way affect its profitability at bay. In adopting this particular strategy, the company seems determined to not only defend its market share but also enhance its brand image. Verizon’s selling point in this case is quality as it seeks to not only win new customers, but also keep the existing ones. It should be noted that the company ensures this generic strategy is adopted across all its business units and activities – with Verizon Wireless adverts, for instance, being seen to largely focus on the company’s wireless services quality. The company, according to Clegg, Schweitzer, and Whittle (2016), has also heavily invested in infrastructure, and continues to embrace new technologies so as to ensure that it carries on the high-quality narrative. The company’s personnel, and particularly its customer service representatives, are also well trained – with the company, from time to time, implementing training programs to further enhance the competency of its staff. To successfully deploy this strategy, Verizon has to, amongst other things, engage in customer accounting through cost analysis and customer profitability analysis; and competitor accounting via competitor performance appraisal and cost assessment (Clegg, Schweitzer, and Whittle, 2016). For its adoption of this strategy, Verizon manages to charge a premium for its services. This effectively means that for the same ground covered by competitors, the company earns more. The better quality of the company’s services also enhances customer royalty, with loyal customers choosing to stick with the company instead of switching to the competition.

B:

There are various ways through which Verizon could capitalize on non-financial factors. To begin with, Verizon could further seek to enhance the capabilities of its human resources by offering additional training particularly in the areas of change management and technology. The industry in which Verizon operates, as Hill, Schilling, and Jones (2016) point out, is prone to constant changes as businesses seek better and more efficient ways of servicing the needs of their clients.

Stuck Writing Your "Verizon Communications Inc Discussion" Essay?

View All Our Example Verizon Communications Inc Discussion Essay

Have A Custom Example Essay Written

Resistance to chance could, in essence, impede the company’s ability to adapt to new market conditions. On this front, the company could also spur creativity in its workforce by amongst other things implementing encouraging teamwork and stimulating better employee relations. Further, the company could seek to ensure that it further enhances employee motivation by reviewing its employee compensation policies. This would enhance employee loyalty and lead to a reduction in employee turnover rates.

Technology is also another non-financial factor that Verizon could seek to capitalize on. A study Verizon sponsored four years ago came to the conclusion that companies that adopt new technologies early enough are likely to have fast mover advantages, in that they are likely to lead in not only the generation of revenues, but also in the further expansion of their market share (Verizon, 2017). First mover advantages are often difficult to beat, effectively meaning that by embracing better applications and methods, Verizon would be far ahead of the rest of the competition. Further, in addition to erecting entry barriers, continuous improvement in the realm of technology could help Verizon revolutionize its operations and become more effective in the delivery of its services to customers.

Next, reputation is also of great relevance as far as the company’s capitalization on non-financial factors is concerned. Over time, Verizon has been awarded a number of awards based on its commitment to superior service. Recently, Verizon was ranked the best in wireless network performance and quality in the whole of the United States in 2017 (Verizon, 2017). The company also has excellent reputation as an equal opportunity employer. Recently, it was awarded “a 100% rating on the Disability Equality Index (DEI) demonstrating the value of our diverse and inclusive experiences for employees, customers and suppliers.” Verizon could continue this reputation by amongst other things being more visible on the CSR front. While the company already has excellent CSR reputation, it could further build on the same by selecting a specific cause and following up on it. Areas….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Verizon Communications Inc Discussion" (2017, October 09) Retrieved April 29, 2024, from
https://www.aceyourpaper.com/essays/verizon-communications-inc-discussion-2166184

Latest MLA Format (8th edition)

Copy Reference
"Verizon Communications Inc Discussion" 09 October 2017. Web.29 April. 2024. <
https://www.aceyourpaper.com/essays/verizon-communications-inc-discussion-2166184>

Latest Chicago Format (16th edition)

Copy Reference
"Verizon Communications Inc Discussion", 09 October 2017, Accessed.29 April. 2024,
https://www.aceyourpaper.com/essays/verizon-communications-inc-discussion-2166184
   

Open, View, and/or
Download this Document
order custom essay example