Final Strategic Plan

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Business Finance

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Create the Final Strategic Plan. The Final Strategic Plan contains the elements of all the previous weeks' components and incorporates instructor feedback. The strategic recommendations will be evaluated and the best options chosen for recommendation. The final strategic plan contains:

  • Table of Contents
  • Executive Summary (350 to 700 words)
  • Company Background
  • Mission Statement
  • Vision Statement
  • Value Statement
  • Environmental Scan
  • Internal and External Environmental Analysis
  • Strategic Recommendation
  • Implementation Plan
  • Organizational Change Management Strategies
  • Risk Management Plan
  • Conclusion
  • References

Create a 25- to 35-slide Microsoft® PowerPoint® presentation with speaker notes to present the strategic plan, combining all relevant elements from previous weeks. The objective is to sell the strategic plan to investors or company directors.

Format the assignment according to APA guidelines.

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Running head: INTERNAL ENVIRONMENT ANALYSIS Strategic Part II: Internal Environment Analysis Rashard A. Barkley June 13, 2018 STR/581 Strategic Planning and Implantation Dr. Richman Florence 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 management encourages staffs to consider options that would aid in maximizing the quality of their output in regards to addressing clients’ complaints and questions. Therefore, the company culture is guided by features, such as reliability and quality, customer-centric, teamwork, excellence, and value-driven culture. The company culture helps Verizon in gaining competitive advantage in the market by providing quality services and products, which is attributable to its positive staffs’ behavior. The quality of human resource is another internal environment that aids Verizon in gaining a competitive edge in the market. The success of an enterprise relies on a significant extent on capabilities, skills, competence, and commitment, and attitudes of its workforce. Verizon human resource is comprised of diversified employees, and thus, entails a team of the qualified, talented, and skilled labor force. This succors in ensuring that the company provides quality and exemplary services and products to its customers and prospects. INTERNAL ENVIRONMENT ANALYSIS 4 Value system Organizational culture Human resource Internal Environment factors Organizational structure Mission Figure 1: Factors of an internal Organizational Environment Organizations Strengths and Weaknesses Verizon Wireless has major strengths which support its stability and growth in the telecommunication industry. Verizon is among the leading players in the telecommunication industry, and thus, the organization can utilize its marketing position to support its strategic business growth. For instance, the organization capitalizes on its leading and popularity in the United States to develop new services. Some of the company strong strengths include strong brand, which empowers the firm to compete effectively in the telecommunication industry. The company strength is based on its ability to provide quality products against its competing companies, such as AT&T. Additionally, the organization benefits from high economies of scales, hence, enabling the firm to optimize its proficiency leading to increased profits. Importantly, the company provides high quality and exemplary products to its customers, and thus serving as a selling point for the organization products. Quality services and products attract more customers leading to augmented sales and competitive edge. INTERNAL ENVIRONMENT ANALYSIS 5 Weaknesses limits an organization ability to remain competitive and succeed. Organizational weaknesses make it hard for a company to expand and grow. In this relation, Verizon Wireless is faced with several weaknesses such as low diversification resulting from the company representing one of the largest revenues streaming, which increases the risks. Another weakness emanates from the high cost of organization infrastructure in regards to maintenance and development. Resulting from the high cost of infrastructure, Verizon is unable to compete basing price with competitors like AT&T and Sprint. Table 1 Summary of Verizon Strengths and Weaknesses Strengths Weaknesses • Strong brand image • The high cost of its infrastructure • High-quality products and services • Low level of diversification • High economies of scale • High price due to the high cost of infrastructure Assessment of Verizon Resources The company has adequate resource ranging from human resources to financial capabilities. Over the years, the firm has been recording high revenues, for instance, in 2018, the company had 128 billion dollars which the organization utilizes as a financial resource to build its corporate brand as well as corresponding promotions of its product portfolio in the international market. Additionally, utilizing the vast revenues produced, Verizon manages to invest in infrastructure which is sophisticated as well as having the capacity to intensify its effectiveness in its overall operations. The human resource also forms another vital resource that aids the company to remain competitive in the market. Better staffs’ engagement, motivation, INTERNAL ENVIRONMENT ANALYSIS 6 autonomy, and empowerment have played a fundamental role in ensuring the company has the highly skilled workforce and increased retention; thus, saving costs incurred in rehiring as well as enabling the firm to concentrate on its business operations. Most important Internal Environmental Factors for Verizon Company and Influence of External Environment According to Petrovska (2017), internal environment factors aids in promoting an enterprise growth as a global brand. Organization mission and vision are critical internal environment factors for Verizon by playing a critical role in contributing to the ability of the company to identify new opportunities as well as establishing its threats. For example, the attribute of Verizon mission statement involves delivering the promise of the digital world by intensifying the capability of humans, businesses, and community to do more new and do more good. This aids in promoting the development of Verizon as a brand as well as enhancing its reputation leading to a competitive edge in the telecommunication industry. as a result, this aids in opening more opportunities for the firm, which is one of the organization external environment. Moreover, the organization vision is to inspire the creators of tomorrow to utilize technology to build brighter future for their families, community, themselves, and the world at large. The vision statement propels the company to hire a skilled workforce that would aid in delivering the company promise to its customers and the world. This, in turn, aids in building the company brand as well promoting its reputation through the delivery of quality products. Verizon Wireless Competitor Analysis Competitor evaluation is a pivotal aspect in the process of running an enterprise that entails the process of identifying the major competitors in the industry as well as conducting a thorough assessment on the techniques adopted by the competitors (Daellenbach, 2014). This INTERNAL ENVIRONMENT ANALYSIS 7 includes the rivals’ strengths and weakness relative to company products or services forming an imperative part of informing an enterprise marketing plan. Verizon wireless competitor assessment will entail four primary parts, the identification of the core competitor, the competitor future objectives, the current strategies, and the capabilities of the competitor. Verizon Wireless Primary Competitors Operating in the telecommunication industry, Verizon wireless faces intense competition from the AT&T communication, T-Mobile and Cox communication enterprises. However, based on various attributes such as the revenue and market share, AT&T is the biggest competitor of Verizon Wireless. AT&T Future Objectives AT&T one of the biggest competitors of Verizon wireless has an objective of improving the company’s sustainability to boost a sustainable future by enabling the customers to lead more sustainable life by expanding technological access as well as integrating the sustainable solution into the products. AT&T Current Strategies The company current techniques are embedded in the organization’s vision and the missions. AT&T vision involves the creation and design of new global network, service platform and processes aimed at maximizing automation, as well as the reallocation of human resources complex and productive work. Besides, as described in the mission statement, another strategic objective of AT&T is to exploit technical innovation for the benefit of the company and the consumer by discharging the next-generation technologies and the network advancement in the organization operates and services. INTERNAL ENVIRONMENT ANALYSIS 8 AT&T Capabilities The AT&T capabilities involve the company strengths and weaknesses that determine the competitiveness of the organizations. The table below depicts AT&T strengths and weaknesses. Strengths Weaknesses o Brand recognition o Dropped calls (wireless network) o Largest wireless carrier o The focus on iPhone o High revenues and customers o Customer services o Largest broadband provider in the o The decline in landline consumers USA o Product diversification Comparison with the Competitor Based on the strengths and weakness tables above, AT&T Inc. strengths make the company the biggest competitor of the Verizon Inc. in respect with the revenues and market share. Although AT&T reveals a stronger competitor in the market with significantly higher revenues, Verizon depicts unique high-quality products with a capacity to attract and retain clients. Influences of Verizon Organizational Structure to its Performance The company is operations are guided by operation focused divisional organizational structure which helps in determining the employees’ interactions and teamwork based on system, design, as well as organization composition. The corporate structure at Verizon is directed by the nature of its business operations, for instance, Verizon Oath and Wireless are distinct divisions which characterize the structural business system. In the bid of gaining competitive edge and INTERNAL ENVIRONMENT ANALYSIS 9 becoming competitive in the market, Verizon organization structure enables the firm to implement new business operations easily by taking advantages of the existing opportunities in the communication and information technology industry. Thus, Verizon organization structure is characterized by three features which all influences its performance. For example, the company operation based divisions helps the management in expanding and realizing new opportunities such as customer and product operation division which helps in focusing on client’s needs leading to increased profitability. Network and technology operation division aids in developing the organization networks; hence, enabling the company to deliver up-to-date and reliable networks. This contributes to the organizational performance through augmented competitive gain leading to increased market share. The corporate hierarchy is another feature of its organizational structure that plays a fundamental role in influencing the work units and staffs’ interactions. This allows the company manage its operations through its organizational structure, for instance, one executive is in charge of marketing while another is responsible for information architecture. As a result, this feature aids in heightening the company communication leading to open and effective flow of information culminating to effective running of the company. Also, the organizational structure promotes the need to seamlessly grow, manage, and expand the company leading to increased market share and profits. Verizon Competitive Position and Possibilities Competitive position involves the definition of how a company would differentiate their offered product and create value for the intended market (Wagner III & Hollenbeck, 2014). Competitive position enhances the capacity of a company in surviving external forces that influence the business. Verizon wireless competitive position is built on the provision of highquality services to the consumers, an aspect that has the boosted the brand image of the INTERNAL ENVIRONMENT ANALYSIS 10 company. Besides, another competitive position of Verizon wireless is differentiation of products, which has built a competitive position based on the uniqueness of the products. Differentiation has enhanced the company market penetration driven by the company intensive techniques aimed at maximizing the business growth. As a result, emphasis on the market uniqueness and focus on quality at the selling point to attract and retain consumers’ forms the competitive position for Verizon wireless communication. Market penetration, market development, product development and the diversification illustrates Verizon wireless competitive position. This attributes provides the Verizon possibilities in term of realizing a huge market share, increased corporate revenues, and sustainable business. In brief, the company internal environment analysis plays a fundamental role in the process of identifying enterprise strengths and weaknesses. Irrefutably, organization strengths and weaknesses promote the development of a company strategic plans. Too often, management focuses on building on the realized strengths while working towards overcoming the identified weaknesses. In this perspective, Verizon has built the organization based on its internal environment, that is a mission, human resource, corporate culture, organizational structure, and value systems. In regards to competitive analysis, Verizon is competitive, hence, having a larger market share. INTERNAL ENVIRONMENT ANALYSIS 11 Reference List Bennett, R. J., & Chorley, R. J. (2015). Environmental systems: philosophy, analysis, and control. Princeton University Press. Claudiu, C. S., Andrei, P., & Gabriela, P. M. (2011). Internal Environment Analysis Techniques. Annals Of The University Of Oradea, Economic Science Series, 20(2), 731-736. Daellenbach, U. (2014). Competitor Analysis. Wiley Encyclopedia of Management. Petrovska, D. V. (2017). Strategic Risk Management. Economic Archive / Narodnostopanski Arhiv, (3), 60-76. Verizon (2018). We honor the core values written in our credo. Retrieved from https://www.verizon.com/about/our-company/code-conduct Wagner III, J. A., & Hollenbeck, J. R. (2014). Organizational behavior: Securing competitive advantage. Routledge. Running head: VERIZON STRATEGIC EVALUATION Part 3: Verizon Strategic Evaluation Rashard A. Barkley June 20, 2018 Dr. Florence Richman STR/581 Strategic Planning and Implementation 1 VERIZON STRATEGIC EVALUATION 2 Part 3: Verizon Strategic Evaluation The rapidly escalating competition in the business world has compelled companies, such as Verizon to strategize its business operations with the effort of having a competitive gain as well as augmenting its market share in the local, regional, and global markets (Porter, 2008). For an institution to reap maximal advantage and meet customers’ needs, expectations, requirements, and wants it is indispensable to strategize its business, corporate, as well as global level strategies. Potential Business Level Strategy The business-level strategy aims at how companies can achieve and satisfy clients, provide products and services, which meet customers’ wants, as well as augment operating profits. To attain this, Verizon Wireless aims at positioning itself against its rivals, such as AT&T and stays updated on technology changes and market trends. There are four major generic business-level strategies, which emanate from two competitive aspects of an organization competitive edge and scope of its operations. These business-level strategies include differentiation, cost leadership, focused differentiation, and focused cost leadership (Davcik & Sharma, 2015). Verizon Wireless business-level strategy is differentiation. Differentiation in Verizon plays a vital role in building competitive benefit based on product distinction. Development of product uniqueness in Verizon is through quality, which enables the company to stand out from the competing firms. Verizon emphasizes quality in its marketing and sales, for instance, adverts for Verizon Wireless highlight quality of the company wireless services particularly connectivity superiority grounded on infrastructure quality. Additionally, to attain differentiation at Verizon, the company has the strategic objective of developing competitive gain through investment in its infrastructure. Thus, to maintain high-quality services, Verizon VERIZON STRATEGIC EVALUATION 3 Wireless implements advanced information and communication strategies, such as AOL, which offers online video services to its customers. Another strategy utilized by Verizon differentiation strategy is through features, image management, high client services, and rapid technological and product innovation. Customer services are a pivotal factor, particularly because of rampant client service complaints and issues experienced in the telecommunication sector. The high level of customer service at Verizon allows the company to have a competitive benefit in the market leading to increased market share and operating profits. Potential Corporate-Level Strategy Businesses require targeted corporate-level strategies for positioning their organizations for success. Corporate-level approaches define a plan to hit a particular target required to attain business objectives. The corporate level strategies tend to be long-lasting, but permits for dynamic adjustments, basing on uncertainty and transforming market conditions (De Wit, & Meyer, 2010). In the process of remaining competitive in the market, Verizon Wireless implements different corporate-level strategies, such as market penetration, market development, product development, and diversification. Diversification in Verizon plays an indispensable role in supporting the company growth in the ICT and service market. This strategy entails offering new products and services in the market, thereby, having a competitive benefit. To attain this, the company practices horizontal integration, which is the acquisition of competitors’ while elevating production of services and products at the same time adding the value of the supply chain. Therefore, acquisition, new business development, and joint ventures are approaches utilized by Verizon to enhance its growth. For instance, upon acquiring Social Radar and AOL, the organization joined the web mapping, thereby, expanding its product mix. The purpose of diversification is to continue VERIZON STRATEGIC EVALUATION 4 acquiring business ventures as a way of augmenting its growth, strengthening the company’s market positioning, and penetrating a new market. This approach offers the company a competitive edge over the competing companies, such as AT&T and thus, increasing its market share. Market development refers to where a company changes its market tactic to provide its existing products to new markets through the opening of new stores. Market development is a supportive corporate strategy that enhances the company growth. The approach aims at attaining growth based on entry to new markets or targeting new market segments. As a way of developing its market, Verizon offers wireless telecommunication services across the United States. Besides, to enhance its market growth, the company integrates differentiation to support its development through the provision of high-quality products and services that lure clients into the new market segment or new markets. Product development is another corporate strategy utilized by Verizon to support its growth strategy. Product development requires high innovation and intensive research and development. Verizon develops high-quality services including unlimited data packages and prepaid plans. Such services offer a competitive advantage for the company, thereby, enabling Verizon to retain its customers. Market penetration is the most vital intensive corporate level strategy used by Verizon to enhance its growth. The objective of market penetration is to grow an organization by augmenting revenues via a larger market share. Verizon attains market penetration by venturing into new market segments within the United States culminating in increased market share. The company offers quality services and products in its targeted markets as well as increasing usage by its existing customers. For example, Verizon advertising strategy on quality of its products, VERIZON STRATEGIC EVALUATION 5 thereby, persuading customers to continue using the company products. As a result, the aggressive marketing campaigns enable the company to attract more customers both existing and prospect towards Verizon Wireless. Table 1: Summary of Corporate-Level Strategy Existing Product Existing Market New Market Market penetration New Product to the Market Product development Venturing into new markets within Differentiating its products the United States High-quality and innovative Aggressive marketing campaigns products Market development Diversification Identification of new markets Quality services and products locally, regionally, and globally Horizontal integration through Integrating differentiation through acquisition, such as AOL and the provision of quality services and Social Radar products Potential Global-Level Strategies Verizon operates in various parts of the globe with the aim of expanding its market as well as increasing its market share. The organization utilizes the direct investment approach as its global level strategy to enter international markets. Resulting from the nature of the company products and services, it requires the company’s local infrastructure to be in place prior to the business operating in the international market. Hence, when Verizon Wireless seeks to sell its services and products to clients outside the U.S, the company invests directly. Another globallevel strategy utilized by the company includes acquiring global firms. This aids the company to VERIZON STRATEGIC EVALUATION 6 gain a competitive advantage in the new market quickly. In this regards, the company has acquired international companies, such as CloudSwitch and Terremark Worldwide Inc., which has aided Verizon in delivering a portfolio of highly scalable demand and secure solutions to government and business clients internationally. Conclusion and Recommendations In brief, the choice of a proper business, corporate, and global level strategies relies on factors such as product development, market penetration, market development, product differentiation, and product diversification. Therefore, Verizon has adopted various level strategies, such as differentiation to remain competitive as well as augment its market share. The organization acknowledges that the key to acquiring a competitive gain over its competing telecommunication companies is offering distinct, differentiated, and quality products. Recommendations o The company can adopt both diversification and differentiation strategy to increase its market share globally. To boost the value of its products and services, Verizon can increase its marker base by providing differentiated and inimitable products and services. o Additionally, the company can continue using acquisition as a global strategy to expand its market share. To increase the company markets share, the company can combine both acquisition and differentiation strategy by offering quality services and products. o The organization can also strengthen its competitive benefit by maximizing the quality of its services and products as well as continue highlighting high quality by conducting aggressive marketing tactics. VERIZON STRATEGIC EVALUATION Reference List Davcik, N. S., & Sharma, P. (2015). Impact of product differentiation, marketing investments and brand equity on pricing strategies: A brand level investigation. European Journal of Marketing, 49(5/6), 760-781. De Wit, B., & Meyer, R. (2010). Strategy: process, content, context. Cengage Learning EMEA Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard business review, 86(1), 25-40. 7 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. Running head: VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION Verizon Wireless: Strategic Plan Implementation Rashard A. Barkley June 27, 2018 Dr. Florence Richman 1 VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 2 Strategic Plan Implementation Verizon Wireless is considered among the leading companies in the telecommunication industry competing with other giant firms, such as AT&T. The company provides a variety of ICT services, such as the Internet, and other telecommunication solutions. Internet and mobile technology usage have rapidly progressed in today’s world, and Verizon is ensuring that the global society attains the technology through the provision of exemplary ICT services and solutions. Verizon executes strategies for conducting its business as well as guaranteeing a positive outcome in attaining success and meeting its goals. Thus, strategic controls are pivotal for ascertaining that the company implementation plan is launched successfully. To productively implement its strategic plan, it is vital for Verizon to aim on the organization objectives, functional tactics, action items, resource allocation, and risk contingency plan. Verizon Wireless Strategic Plan Execution Strategic Objective Objectives encompass the measurable aspects which a firm aspires to attain. They include mission, benchmarks, as well as strategies which an enterprise has established. The objectives of Verizon Wireless objective is to deliver the promise of the digitalization world to the global community by creating and providing ICT solutions that would aid in making a better tomorrow. To attain its objective, the company should focus on promoting quality network provision, improving its data transmission via creative technology, and focusing on client satisfaction. VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 3 Functional Tactic Functional tactics encompass findings of every division in an enterprise, such as finance, Human Resource, and sales and marketing, which are associated with a proficient utilization of resources to accomplish the objectives. They include Branding image. A brand aids in attaining various cultural meaning ranging from staffs, CEO, and the advertising strategies as put forward by Altuntaş, Semerciöz, Mert, and Pehlivan (2014). Branding in Verizon will help in ensuring that clients are consistent with the organization quality products, thus, distinguishing its services and offerings from its competitors. Moreover, branding will help in the establishment of customer loyalty and permit the company to command quality over its rivals. Human resource. Altuntaş, Semerciöz, Mert, and Pehlivan (2014) further argues that human resource succor in supporting a corporate to achieve its competitive goals by employing, coaching, and retaining workers that possess the motivation and skills to accomplish the organization set objectives. Therefore, to make sure that Verizon remains competitive in the market, the company should develop its human resource by providing training as well as recruiting skilled experts that will help in developing a quality product, thereby, enabling the company to meet its vision and mission. Information technology. Information technology refers to the transforming way in which a firm operates. It impacts the whole process by which the company creates and delivers its services and products. Thus, to ensure that Verizon remains competitive in the market, the management should ensure VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 4 that research and development departments updates with recent trends in IT, thereby, delivering up-to-date ICT solutions to the market. Marketing strategy. In the effort of attracting and reaching a wider customer base, Verizon should strategize its marketing approaches by comprehending its customer psychographic and demographic profile as well as capitalizing on its prospects. Therefore, to retain its clients, Verizon could provide loyal customers with occasional discounts, such as rewards. Action Items The action items refer to the things an organization should put into consideration (Smith, 2013). Some of Verizon action items will include o Identifying clients for its new markets o Establishing a relationship and connection with its customers with the aim of retaining its brand o Establishing a solid relationship with its vendors, which will help in negotiating the best competitive price for its products o Ensure that its employees have knowledge of the company brand and that their service delivery aligns with the company mission and vision o Continual promotion of data technology o Retaining contracts of establishing wireless networks Strategic Control Verizon will employ the balanced scorecard as the strategic control approach, thereby, allowing the company to view improvements as well as well as receive feedback from various perspectives. The company will, therefore, be in a position to view its progress from a business VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 5 process viewpoint, learning and growth point of view, as well as both financial and customer perspective. Milestone and Deadlines Verizon is making efforts in persuading consumers concerning its futuristic plans. For instance, the company is intending to provide high internet speed to businesses and its clients’ homes without necessarily laying the optic fibers. The implementation plan will take two phases, the market penetration and growth and the product development as well as diversification, thereby, taking 2 years to complete. Table 1: The Table Illustrates Verizon Wireless Strategic Implementation Plan (author, 2018) Milestones Market penetration and growth Duration The responsible department for the Action 10 months 1. Conducting a market research 3 months Market research 2. Designing a business model plan 1 month Market research and the management 3. Marketing commercialization 3 months Sales and marketing 4. Plan implementation 1 month Departmental leaders 5. Sale strategy development 1 month Sales and marketing 6. Reviewing the success of the tactics 1 month Organizational Administration Product development 14 months 1. Identifying clients’ needs 5 months Market research and product development 2. Developing the targets 2 months Product development team 3. Generating concepts and knowledge 1 month Product development and the management 4. Selecting the concepts 1 months Product development 5. Refining the product specifications 2 months Product development 6. Performing the economic analysis 2 month Finance department and management 7. Reviewing the success of the tactical 1 month Enterprise Management execution plan VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 6 Task and Task Ownership For the company to meet its deadline, various departments will be assigned disparate tasks and complete within the stipulated time as shown in the above table. Task ownership plays a vital role in staff motivation since it aids in ensuring employee accountability, thereby, making the members responsible for completing their assigned tasks. Resource Allocation Verizon resources will be allotted on a need basis, thus, ascertaining that staffs are equipped and empowered with necessary resources to carry out the implementation successfully. Each department showed in the table above will have access to materials, manpower, money, and technological resources needed to attain its objective. Additionally, the marketing department will also be provided with the necessary resources to conduct aggressive marketing for the product. Organization Change Management Strategy that would enhance successful Implementation For an organization to implement a successful change, it is vital to administer a change strategy that could enhance effective implementation plan. Thus, Verizon can utilize the Kotter’s eight model for change, thereby, promoting a transformational change within the company. To ascertain the Verizon makes an effective transformation, management should consider the eight crucial success components. o Creating a sense of urgency should be done by examining the opportunities that will be tapped if the company implements the change VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 7 o To attain effective change, Verizon management should form a powerful coalition including key stakeholders requesting their participating and involvement towards the entire implementation process o Developing strategy and vision by determining the core values as well as defining the final vision and strategy for attaining the change is vital in ensuring successful change implementation o The management should communicate the vision with the staffs and stakeholders o Verizon change management team should ensure that the company structure and processes are aligned with and in place with the overall mission and vision. Also, it is vital to remove obstacles by continuously checking for barriers or individuals resisting the change. o Developing short-term wins would also motivate stakeholders by rewarding individuals that meet the targets o The change management team should also attain continuous enhancement by analyzing the individual success and improving their experiences o The change should become an integral part of Verizon and strategies implemented to ensure that the change is supported and successful. Key Factors, Budget, Financial Forecast, and Break-Even Analysis Key Factors To attain a competitive gain in the telecommunication industry, Verizon should establish key success factors, such as strategic focus, customer relationship management, human resource, and resource availability. VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 8 Budget and Financial Forecast Budgeting is critical in monitoring a company past and present progress, thereby, allowing a company to adjust activities or execute new tasks to meet the profitability objectives. Thus, to abate and control eventualities that revolve around an organization budgeting, Verizon management could meet quarterly to discuss the company performance. Accordingly utilizing financial forecasting will aid in estimating Verizon past, present, and projected financials. Financial forecasting is vital in shaping an enterprise margin of safety based on revenue and other related costs. Table 2: The table illustrates Verizon forecasted budget for the product Budget for Assembling 10000 Units of 5G LTE Router Forecasted Labour $30,000.00 Material $10,000.00 Product development $80,000.00 Total The forecasted budget of $120,000 US dollars. $120,000.00 VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 9 Break-Even Analysis 5G LTE Routers Break-Even Point AMOUNT IN US DOLLARS Total Cost Total Sales $150,000.00 $100,000.00 $50,000.00 $0.00 0 1000 2000 3000 4000 5000 NUMBER OF UNITS Figure 1 depict the break-even point for the sale of the assembled 5 G LTE routers at Verizon Corporation. Based on the figure, the break-even will be realized after selling 2000 units of the routers at a cost of $ 25 dollars. Risk Management Plan Including Contingency Plans for the Identified Risks Risk management is another integral point in the process of administering a strategic plan as purported by Turner (2014). The possible losses of a contingency plan would entail identifying the uncertainties, prioritizing the expected losses, and impact assessment. Therefore in the course of Verizon Wireless tactical plan execution, the company may face various risks, such as loss of skilled employees, economic uncertainties, government regulation, and rapid change in technology. Nonetheless, to countermeasure the anticipated risks, Verizon management should lay down a contingency plan, for instance, allotting supplementary budget o cater for additional costs. Additionally, the company should train its staffs as well as assign enough resource for R&D department, thereby, enabling the department to conduct market analysis to minimize the stiff competition. VERIZON WIRELESS: STRATEGIC PLAN IMPLEMENTATION 10 Reference List Altuntaş, G., Semerciöz, F., Mert, A., & Pehlivan, Ç. (2014). Industry Forces, Competitive and Functional Strategies and Organizational Performance: Evidence from Restaurants in Istanbul, Turkey. Procedia-Social and Behavioral Sciences, 150, 300-309. Smith, R. D. (2013). Strategic planning for public relations. Routledge. Turner, J. R. (2014). The handbook of project-based management (Vol. 92). New York, NY: McGraw-hill.
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