Strategy Brief Of Verizon Communications
Verizon Communications, more commonly known as Verizon Wireless by today’s technology gurus, is known around the globe as the supreme supplier of wireless communication. The company was originally founded in April 2000 by “Bell Atlantic Corp. and Vodafone AirTouch Plc who combine their U.S. wireless interests to create Verizon Wireless”. The company was built upon the foundation that they were going to help people around the world connect with greater ease. Their mission statement states that, “Verizon delivers the promise of the digital world by enhancing the ability of humans, businesses and society to do more new and do more good”.
After researching some of Verizon’s values, it is evident that this company has done their best to tie their morals and beliefs directly into the mission statement. Verizon puts a majority of their emphasis on the idea of diversity and inclusion inside and outside of the workplace. They understand that people of all different backgrounds and orientations can offer something special to the workplace. They have dedicated and committed their company values to this notion of inclusion because they believe that it is truly what brings them success. As a matter of fact, they have a 59% workforce diversity rate and 50% of their board members are women or people of color. Because so many companies and industries struggle to create and maintain this sense of inclusion and welcoming in their work environment, I find it admirable and impressive that Verizon has implemented this so seamlessly into their business model. Furthermore, they provide and support nine employee resource groups, some of which include: Black Resource Association of Verizon Employees, Gay, Lesbian, Bisexual and Transgender Employees of Verizon and their Allies, and South-Asian Professionals Inspiring Corporate Excellence. These have been put in place to ensure that each and every one of their employees feels safe and confident at work. More of their values that they instill into their employee’s daily routines include integrity, performance excellence, and respect which they require all of their employees to deliver to one another. Verizon Communications knows that they exist in an industry with high standards, therefore they have constructed their vision for the future with their customers wants and needs in mind. Their vision states that they want “to inspire tomorrow’s creators to use technology to build brighter futures for themselves, their families and the world”. This vision statement truly reflects the goals and responsibilities that Verizon holds within the world of wireless communications. As for their strategy statement, they have centered their objective around remaining and affordable, convenient plan with unlimited coverage for their users.
Furthermore, a main part of Verizon’s growth strategy is differentiation. Differentiation means that they are creating something for the customer that is unique compared to other services who live in the same market. For instance, Verizon’s “competitive strategy uses quality as the most significant factor to stand out from the competition”. After reading through their 2027 Annual Report, I learned even more details on their strategy. They have listened to what consumers what from their service and it isn’t just about their personal gain. What Verizon has learned is that people want to use a company’s services even more if that company does their due diligence to improve the community around them. Because of this, they have started “providing young people with relevant skills for good jobs and entrepreneurship, and promoting an environmentally sustainable economy”.
All in all, Verizon Communications works meticulously to incorporate their mission, vision, and strategy statement into all that they do as an incorporation.
