Strategic Plan, Part 2: Internal Environmental Analysis

User Generated

ubbqyr20747

Business Finance

Description

Write a 1,400-word minimum internal environmental analysis in which you include the following:

  • Assess the organization's internal environment.
  • Identify the most important strengths and weaknesses of your organization including an assessment of the organization's resources.
  • Identify the most important internal environmental factors in the general, industry, and external analysis in relation to the internal analysis.
  • Perform competitor analysis.
  • Assess the structure of the organization and the influence this has on its performance.
  • Determine the organization's competitive position and the possibilities this provides.

Format your paper according to APA guidelines.

Unformatted Attachment Preview

Running head: VALUES AND STRATEGY: VERIZON WIRELESS Values and Strategy: Verizon Wireless Rashard A. Barkley May 30, 2018 STR/581 Strategic Planning Dr. Florence Richman 1 VALUES AND STRATEGY: VERIZON WIRELESS 2 Values and Strategy: Verizon Wireless William (2009) defines the word value as conventional standards that rule the actions of people within an institution. Without corporate values, staffs tend to follow behaviors, which bring into line with their private value system culminating to conducts that an organization does not seek to encourage. This compels corporations to establish values that specify the collective anticipations and the preferred mode behavior among employees. Enterprise values direct the established conduct and resolute action by incorporating both values and strategies into a company’s tactic of business operation, such as policies, procedures, appraisal practices, and benefits practices. A firm’s strategy refers to the general actions an institution intends to pursue to attain the long-term objectives. The strategy and value must emanate from the corporate vision and mission statements, hence, playing a primary role in the strategic direction, vision and mission attainment. Operational enterprise values and strategies help in adding company value as well as obliging as a principal guide in developing both the short and long-term objectives. The Major Components of the Strategic Management Process Strategic management process connotes to the procedure whereby executes make a strategic choice focused on helping a company to realize better performance. That is, strategic management procedure is an ongoing process of managing a company deliberately by involving established managerial decision and actions culminating in the establishment and execution strategies, which decide both the enterprise success and performance. The major components of a strategic management procedure are the goal setting, assessment, strategy devising, strategy execution, and strategy valuation and control. VALUES AND STRATEGY: VERIZON WIRELESS 3 Goal setting ✓ ✓ Evaluation and control Performance measurement ✓ Evaluating the progress alongside the plan ✓ Components of Strategy Management Process Strategy implementation ✓ describes the firm’s vision explains short and longterm goals Incorporating the resources, communicating the plan and administering the strategy ✓ ✓ Analysis Gathering of data needed to attain the vision Assessing internal and external influences that may thwart vision attainment Strategy formulation ✓ ✓ Analyzing the garnered information Assessing the existing resources Figure 1: Components of the Strategic management process How These Components Collaborate in Creating Value for Verizon Wireless Strategic management procedure offers an enterprise with a direction by stipulating the goals, forming the company policies, as well as planning on how to realize the long and shortterm goals. Thus, a firm is able to assign its functions and apply a strategy that will provide a competitive gain and amplify the level of organizational sustainability and growth. In the process of developing its value, Verizon Wireless utilizes the strategic management process by outlining clear mission; hence, providing customers with the capability to do more by providing the promise of the digital world to its clientele. Verizon’s vision statement focuses on inspiring the tomorrow’s clients to utilize technology to form a better future for, the universe and themselves. The company employs its vision and mission statement to develop value by presenting the VALUES AND STRATEGY: VERIZON WIRELESS 4 importance of its inspiring role in helping the lives around the world. In the firm’s vision and mission statement, the company creates value in the target market by stating its purpose. The enterprise determines its output that it provides to the customers, which in its case, wireless telecommunication products. Verizon mission and vision statement succor in creating value by stating what the company delivers, for example, developing its telecommunications services; thus, permitting its regulars to communicate and access data proficiently with one another. Analysis performs a central role in Verizon Wireless because it emphasizes on acquiring information from both workers and clients. Gathering relevant data helps the company to design superior products that gratify its customer’s hopes and expectancies. Verizon Wireless ascertains that it pays attention, predicts, and acts upon its clients’ necessities as well as ensuring that the firm production procedure is effectual and free of faults. Verizon comprehends that excellence and having exceptional ethical standards offers a competitive gain in the market. Upon this apprehension, the enterprise is highly liable, follows through its patrons’ needs, and reviews with urgency. The company recognizes that the current technological progression has subjected people to be dependent on the internet; thus, via market analysis, the firm is able to advance its network by offering its customers with an upgraded 5G wireless technology and as well as Fios TV. A successful business venture requires a reliable and effectual strategic formulation. Verizon Wireless has enough resources such as finance and staffs who contribute enormously to the company’s success. Verizon staffs’ teamwork aids in delivering superior products and services to its clientele. Additionally, Verizon Wireless labor force is directed by the company values such as reliability, which plays an essential role in developing customer relationship. The company utilizes the technological innovation by making sure that it is updated with the latest VALUES AND STRATEGY: VERIZON WIRELESS 5 technology; thus able to offer latest products such as Fios TV and 5G internet (Verizon: what we do, n.d). Communication is a functional part of Verizon Wireless strategic implementation where the management ascertains that every individual including the vendors and staffs are on board with the proposed plan. Additionally, as part of the tactical implementation, the firm has teams comprising of diversified people with differing capabilities. Diversity and inclusion at Verizon help in bringing people with unlimited ideas to work together to deliver superior products. Lastly, the company uses strategic management procedure to add value by ensuring measurement and control of the plan. To attain this, Verizon uses measuring metrics, for instance, the number of sales that are often in comparison with actual alongside the strategized plan. The measuring parameters allow the enterprise to trail its sales relative to the targeted objective. Therefore, the strategic management procedure helps Verizon to not only deliver quality products but also become the vast wireless telecommunication contributors in the whole U.S. Company Mission, Vision, Motivation, Innovation, and People’s Statement A mission statement is critical in relaying an enterprise direction as put forward by Ekpe, Eneh, and Inyang (2015). Verizon Wireless’s mission statement stresses on offering the promise of the digital world to its clientele by enabling businesses and persons to communicate proficiently with the updated technology and a consistent network. The firm’s mission statement succors the company communicating its output to its clients, which are offering wireless telecommunication products as well as empowering its clients to enjoy groundbreaking lifestyles via the excellent products and services delivered by Verizon. According to Kirkpatrick (2016), a vision statement is a shared and idealistic view that communicates a firm’s long-term plan. The company vision statement is dedicated at stimulating its customers to desire to be tomorrow’s VALUES AND STRATEGY: VERIZON WIRELESS 6 developers of utilizing technology for promoting their future as well as delivering its clients with superior wireless products culminating to customer satisfaction and elevated market share. Motivation statement focuses on developing a working environment that inspires harmony. Verizon Wireless inspirational statement is ‘best is our strength’, and hence, the firm is able to work harmoniously to transform a disaster into an opportunity. Every person in the enterprise put effort takes actions, and act accountable to get activities done. Verizon inventive statement originates from their definition that is, being problem-solvers, engineers, skills, and inventors. That company uses the latest technology to create inventions in the Internet of Things, media, and interactive entertainment to provide the digital promises globally. Verizon people’s statement incorporates focusing externally on their clientele by making it simpler for the customers to interact and do business with Verizon (Verizon, 2017). Thus, the management anticipates, acts upon, and responds to the clients. Additionally, the staffs make sure they know the products such as Fios phone and TV and explain with simplicity to the products to the customers. Ethics and Corporate Social Responsibility Corporate social responsibility and ethics are critical and central aspects of the establishment of a firm’s strategic planning. Strategic management entails planning to achieve the set goals while at the same time incorporating ethics to ascertain that the employees stand by the stated Code of Ethics. The strategic planning of a firm can influence a significant mass of people globally, and hence, the necessity to make decisions, which will influence people positively. Verizon Code of Conduct depicts the firm’s transforming business environment, and so, directs workers’ behavior, the client-staffs relationship, as well as competitors and vendors alike (Verizon, 2017). Verizon’s corporate responsibility entails diversity and inclusion, as well VALUES AND STRATEGY: VERIZON WIRELESS 7 as equal staffs’ opportunities. The enterprise realizes the benefit of maintaining its staff happy; through rewarding them and ascertaining their satisfaction leading to increased productivity. The company participates in social responsibility by providing the young people in the community with tools, and resources needed to participate in opportunities of the digital times. The company focuses on reducing its carbon emissions and helps its customers to alleviate theirs too. This helps in ascertaining the people that Verizon is not just focused on making profits but aims at making its customers happy. In conclusion, Verizon’s mission and vision statement align with mine since, although I may fail to be in the technological world, I seek to provide what I have assured as well as helping people attain their goals. The firm’s values include integrity, reliability, performance superiority, and reverence. The four stated values are my central principals since like Verizon whose effort is taking accountability for its actions; I too take the responsibility for my deeds. Besides, I believe that reverence is the key to living in harmony with everyone, thus, striving at embracing individuality and listening keenly when other people speak. VALUES AND STRATEGY: VERIZON WIRELESS 8 Reference List Ekpe, E. O., Eneh, S. I., & Inyang, B. J. (2015). Leveraging Organizational Performance through Effective Mission Statement. International Business Research, 8(9), 135. Kirkpatrick, S. A. (2016). Build a better vision statement: Extending research with practical advice. Rowman & Littlefield. Verizon. (2017). Our Code of Conduct. Retrieved from https://www.verizon.com/about/sites/default/files/Verizon-Code-of-Conduct.pdf Verizon. (n.d).What we do. Retrieved from https://www.verizon.com/about/our-company/whatwe-do Verizon. (n.d).Who we are. Retrieved from https://www.verizon.com/about/our-company/whowe-are Williams, K. (2009). Strategic Management. New York, N.Y: DK. Running head: ENVIRONMENTAL SCANNING Environmental Scanning: Verizon Wireless Rashard A. Barkley June 6, 2018 STR/581 Strategic Planning and Implementation Dr. Florence Richman 1 ENVIRONMENTAL SCANNING 2 Environmental Scanning: Verizon Wireless In the business environment that is highly dynamic due to the rise and growth of globalization, which has increased the business competition, it is imperative for an enterprise to carry out an environmental scanning. Moutinho and Vargas-Sanchez define environmental scanning as a strategic business administration process that involves the analysis or relevant enterprise information in a bid to identify various organizational external threats and opportunities (2018). Besides, the scanning assists in the development of techniques aimed at gaining a competitive advantage over the rival enterprises selling alternative products in the same market either domestically or globally. For instance, Verizon Wireless a technological enterprise could utilize environmental analysis process in the process of developing policies that would assist the company in realizing the strategic goals. Enterprise environmental scanning assists in attaining the business objectives through a thorough evaluation of the potential threats as well as opportunities that enables the management in formulating effective policies geared towards achieving the enterprise tactical goals. Creating Value and Sustainable Competitive Advantage Operating in a highly competitive telecommunication industry, Verizon Wireless would utilize environmental scanning in creating value and developing a sustainable competitive advantage over the rival companies such as the AT&T Inc. Epstein and Buhovac postulate that environmental scanning especially the external analysis boost the ability of a company in identifying, developing and adopting business techniques aimed at creating value and developing a sustainable competitive advantage over the rival enterprises (2014). In creating of value, Verizon Wireless would utilize the environmental scanning strategy in evaluating and understanding the driver for customers’ value in a bid to capitalize on what the customers’ values ENVIRONMENTAL SCANNING 3 for the telecommunication products. Secondly, the environmental analysis would assist in identifying the customers as well as the segments where Verizon Wireless would create more value relative to the competitors. Often, consumers depict varying perceptions of a company value in comparison with the competitors often based on proximity; thus, through environmental scanning, Verizon would identify and implement strategies in the segments aimed at creating value for the customers relative to the competitors. On the other hand, Verizon wireless would as well embrace environmental scanning the course of creating a sustainable competitive advantage. For instance, the environmental evaluation would enhance the capability of developing a win-win price for their telecommunication products relative to the competitors’ prices. Win-win prices ensure customers receive value while the company maximizes on the offered prices for the products leading to customer satisfaction and building consumer loyalty, an aspect that would heighten the development of Verizon Wireless sustainable competitive advantage. Besides, the analysis of the business environment would as well intensify the capacity of the Verizon wireless Inc. in engaging product differentiation aimed at developing unique products that meet the client needs building a sustainable competitive advantage. Likewise, the company would utilize the environmental scanning technique to focus on the advantage by building a specific market niche aimed at offering tailored items in a bid to earn a sustainable competitive advantage. Verizon Wireless External Environment External environment in business operation comprises outsides elements that influence the operation of an organization (Grant, 2016). In tactical administration, evaluation of the external environment fosters the capacity of an enterprise in realizing a competitive advantage by optimizing the available internal resources through the alleviation of external threats while ENVIRONMENTAL SCANNING 4 capturing external opportunities. Therefore, the external environmental analysis would assist Verizon wireless in identifying the company’s threat and opportunities, which are an imperative aspect in creating value and sustainable competitive advantage over the rival companies. Verizon wireless depicts various opportunities as part of the company strategic elements that support the growth of the company as well as the improvement of the enterprise in the external environment. One of the opportunities of the Verizon Wireless is the engagement of the company management in the global expansion and growth for the enterprise products, which has enhanced the long-term sustainability of the telecommunication company amid intense competition in the global market. Secondly, Verizon Inc. has embraced enterprises diversification where the company has entered in different industries to minimize the enterprise overreliance on a single market. This would boost the capacity of the company in building customer value as well as increasing the market share as an opportunity for the company to maintain enhanced sustainability and business growth. Nonetheless, Verizon wireless faces a number of threats in the external business environment that requires addressing to boost the company long-term growth and sustainability. For instance, Verizon faces intense competition in the market from other leading telecommunication companies such as the AT&T Inc. posing a threat to Verizon’s growth and sustainability. Another threat that Verizon faces is the security threat on the information technologies, a threat that could bring down a company if unauthorized entities access vital corporate information. Verizon General Environment Political - Verizon Wireless business operations are influenced by government actions and policies creating its opportunities for expansions in the Marco environment. For example, the ENVIRONMENTAL SCANNING 5 government moves to open new markets and support free Wi-Fi to the public are opportunities for the company. The government action to open markets to globalization proves as a political opportunity as well as a threat since the same opportunity is opened for other companies leading to intense competition. Economic- the general environment for telecommunication industry relies on the situation of a country’s economy. Therefore, Verizon is required to account strategically for elevated disposable incomes in progressing nations, which is an opportunity as well as reduced information asymmetry, which is a threat to the company. The augmented disposable income in progressing nation is an opportunity that the company can exploit by establishing its operations in these nations. On the other hand, reduced information asymmetry emanates from the ability of customers comparing products based on the availability of information particularly online, which empowers clients. This is a threat that elevates bargaining power of clients against services providers such as Verizon. Social- the social and cultural trends significantly influence the company employees and customers. For example, increase in adoption of mobile services is a threat and an opportunity to the company because it allows an organization to grow due to increased demand as well as a threat due to increased competition. Technological- this deliberates the impact of technology on organization capabilities to deliver up-to-date products. Thus, the widespread development of communication and information networks is a technological factor offering Verizon an opportunity to invest in new markets. However, the increased security issue is a threat that weakens the stability and integrity of company networks and information. ENVIRONMENTAL SCANNING 6 Environmental- Verizon Wireless operating a business is subject to environmental challenges such as natural disaster, which could destroy its infrastructure. Moreover, the increased availability of a renewable source of energy is an opportunity ecological factor that could help Verizon CSR to participate in corporate social programs, and thus, heightening its sustainability. Verizon Wireless Operating Environment It is vital for a corporation to analyze its competitive structure in relation to its operational capabilities; hence, maintaining a competitive edge at the local, regional, and global levels. Using the Porter Five Forces will help Verizon Wireless to establish a competitive benefit in the telecommunication industry as posited by (Porter, 2008). Companies from the industry bringing substitute products Competitive pressure emanating substitutes to win clients to their services and commodities Suppliers who deliver parts, and resource output Competitive pressure emanating from participative and bargaining Rivalry among sellers Competitive tension to gain a better market edge and marketing positions Competitive pressure emanating from participative and bargaining Competitive pressure originating from new entrants to win buyers to patronize their items and services Potential of new entrants Figure 1: Porter’s Five Competitive Forces Analysis (Rice, 2010) Buyers ENVIRONMENTAL SCANNING 7 Table 1: Verizon Wireless Operating Environment based on Porter Five Forces Forces Competitive Status Tactics to address the competitive status Threats of new Low Threat Innovating new products that are inimitable market entrants This is due to high capital and unique only to Verizon Wireless intensive required to venture in Investing continually in Research and telecommunication industry as Development to bring new improved well as building networks, which products; thus, discouraging new entrants can compete with low-budget carrier Supplier’s Low bargaining power, which Verizon can intensify its supply chain with bargaining power depicts insignificant threat to numerous vendors Verizon Have loyal vendors In telecommunication industry, Verizon has a huge number of suppliers to choose its raw materials from and by contrast, the number of organizations as deep-pocketed and bi as Verizon that vendors have a chance to conduct business with is minimal. Thus, this places leverage on Verizon making it able to negotiate from a position of power and can switch from one ENVIRONMENTAL SCANNING 8 vendor to another without any issue Buyer’s High Verizon should expand its market share bargaining power This is due to elevated demand globally and offer quality and exemplary for quality products and products and services as well as continue availability of Verizon’s offering lower rates on texts and calls competitors offering similar products; hence, allowing customers to switch to other carriers within hours Threats of High Verizon Wireless should elevate its customer substitute This attributable to augmented understanding of their needs and commodities and telecommunication firms offering expectations services similar products and at affordable Verizon should also focus also on services prices provided to clients, such as lowering its service costs to compete with its competitors such as T-Mobile and AT&T Rivalry among High Verizon should consider opening more the existing This is attributable to increased specialties in various countries competitors innovation in the wireless industry making competition from its rivals such as AT&T stiff and intense ENVIRONMENTAL SCANNING 9 Reference List Moutinho, L., & Vargas-Sanchez, A. (Eds.). (2018). Strategic Management in Tourism, CABI Tourism Texts. Cabi. Epstein, M. J., & Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons. Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard business review, 86(1), 25-40. Rice, J. F. (2010). Adaptation of Porter's five forces model to risk management. Defense Acquisition Univ Ft Belvoir Va.
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Verizon Internal Environment
I.
II.

Most Important Strengths and Weaknesses
Assessment of Resources

III.

Most important Internal Environmental

IV.

Competitor Analysis

V.
VI.

Organizational Structure and Influence of the Company Performance
Organization's Competitive Position and the Possibilities


Running head: INTERNAL ENVIRONMENT ANALYSIS

Strategic Part II: Internal Environment Analysis
Student’s Name
Institutional Affiliation

1

INTERNAL ENVIRONMENT ANALYSIS
Strategic Part II: Internal Environment Analysis
In business, internal environmental assessment is an imperative strategic management
process that involves the evaluation of various organizational internal aspects in alignment with
the tactical goals and objectives. The internal environment comprises of elements such as the
employees, corporate culture the management and the organizational behavior that enhances the
capacity of an enterprise achieving the strategic objectives (Bennett & Chorley, 2015). Notably,
the internal environmental evaluation enhances the ability of a company to attain required
strength and competencies, identify the company weaknesses, threats and competitive viability.
Internal environmental evaluation fosters the ability of an organization to realize competitive
advantage through enhanced internal competencies aligned to the business strategic goals and
objectives.
Verizon Internal Environment
The company is influenced by several internal environmental factors, such as the value
system. Values system of a company refers to the ethical beliefs guiding the firm in attaining its
objective and mission. Besides, the value system also aids in determining a company behavior
towards its customers, employees, and the community at large. The company value system is
embedded on its core values, which are integrity and respect, accountability, performance
excellence, and customers (Claudiu, Andrei, & Gabriela). Verizon is dedicated to delivering
superior client experience through their services, products, and actions. Integrity and respect are
vital aspects of Verizon business operation resulting from the company committed to doing the
right thing as well as following sound business practices while dealing with its clients. The
organization mission statement is to “delivers the promise of the digital world by enhancing the
ability of humans, businesses, and society to do more new and do more good,” (Verizon, 2018).

2

INTERNAL ENVIRONMENT ANALYSIS

3

A company mission statement defines its overall reason and purpose of its existence and thus,
guiding and influencing its economic and business activities. Accordingly, organizational
structure refers to aspects, such as the board of directors, shareholding pattern, and professional
management. The company organizational structure is operational-focused divisional
organizational structure. The corporate organizational structure facilitates its business expansion
and growth. Corporate culture is a vital internal environment of a business that reflects a firm’s
business operation in relation to its employees and the community at large. Verizon corporate
culture establishes a set of principles, norms, beliefs and values which influences the staffs’
behavior. In this respect, Verizon corporate culture aims on attaining high quality via staffs
decision-making and behavior. Thus, the manag...


Anonymous
I was stuck on this subject and a friend recommended Studypool. I'm so glad I checked it out!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags