IV: Success Factors and Risks
A:
Verizon, like any other business seeking to thrive in an increasingly competitive marketplace has in place financial and strategic priorities which, in essence, guide the company’s operational and strategic decisions. To ensure competitive advantage, Verizon makes use of a differentiation strategy. It is important to note that this strategy comes in handy as the business seeks to keep the various external forces that may in some way affect its profitability at bay. In adopting this particular strategy, the company seems determined to not only defend its market share but also enhance its brand image. Verizon’s selling point in this case is quality as it seeks to not only win new customers, but also keep the existing ones. It should be noted that the company ensures this generic strategy is adopted across all its business units and activities – with Verizon Wireless adverts, for instance, being seen to largely focus on the company’s wireless services quality. The company, according to Clegg, Schweitzer, and Whittle (2016), has also heavily invested in infrastructure, and continues to embrace new technologies so as to ensure that it carries on the high-quality narrative. The company’s personnel, and particularly its customer service representatives, are also well trained – with the company, from time to time, implementing training programs to further enhance the competency of its staff. To successfully deploy this strategy, Verizon has to, amongst other things, engage in customer accounting through cost analysis and customer profitability analysis; and competitor accounting via competitor performance appraisal and cost assessment (Clegg, Schweitzer, and Whittle, 2016). For its adoption of this strategy, Verizon manages to charge a premium for its services. This effectively means that for the same ground covered by competitors, the company earns more. The better quality of the company’s services also enhances customer royalty, with loyal customers choosing to stick with the company instead of switching to the competition.
B:
There are various ways through which Verizon could capitalize on non-financial factors. To begin with, Verizon could further seek to enhance the capabilities of its human resources by offering additional training particularly in the areas of change management and technology. The industry...
References
Clegg, S.R., Schweitzer, J. & Whittle, A. (2016). Strategy: Theory and Practice (2nd ed.). Thousand Oaks, California: SAGE
Deloitte’s Global Mobile Consumer Survey - GMCS. (2016). Global Mobile Consumer Survey: US Edition. Retrieved from https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/global-mobile-consumer-survey-us-edition.html
Hill, C.W., Schilling, M.A. & Jones, G.R. (2016). Strategic Management: Theory and Cases – An Integrated Approach (12th ed.). Mason, OH: Cengage Learning
Scheiber, N. & Chen, B.X. (2016). In Verizon Strike, Blue-Collar Stress Hits the Sidewalk. Retrieved from https://www.nytimes.com/2016/04/14/business/verizon-workers-strike.html
Verizon. (2017). Our Company. Retrieved from http://www.verizon.com/about/
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