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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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