EXECUTIVE SUMMARY 3
KNOW YOURSELF AND KNOW YOUR MARKET 5
Current situation 5
STRATEGIC ANALYSIS 6
MARKETING OBJECTIVES 7
Mobile video 7
Customer experience 7
Mobile commerce 8
GENERATING TACTICS AND STRATEGIES 8
Stories (who Verizon Wireless are) 8
Product and services 10
EVALUATE STRATEGIES 12
TRACK, ANALYZE, AND OPTIMIZE 14
VerizonWireless has its main operations in Basking Ridge, New Jersey. It isthe leading wireless provider. Established on April 4, 2000, it is awholly owned subsidiary of Verizon Communications. In the fourthquarter of 2015, it had achieved net retail postpaid connections were1.5million with the overall retail connections being 112.1 millionand overall retail postpaid connections being 106.5 million(Freifeld, 2008).
VerizonWireless holds a larger market segment closely followed by AT&TMobility. The T-Mobile US and Sprint occupy third and fourthpositions respectively (Freifeld, 2008). According to Freifeld(2008), Verizon Wireless employees follow the Verizon Code ofConduct, which details various ethical issues. The ethical concernsfaced by Verizon include customer service employee training toimprove customer experience leading to customer satisfaction,retention of employees that has been a major concern for Verizon.
Insummary, the strengths, weaknesses, opportunities and threats (SWOT)analysis of Verizon Wireless is as discussed below
VerizonWireless has a strong network coverage with over 100 millionsubscribers supported by an employee base of over 190,000 (Freifeld,2008). It is the largest wireless carrier with 4G capabilities.
Itoffers significantly higher prices as compared to other operators.It`s primarily found in the Americas hence limited to this region(Freifeld, 2008).
Itcan expand internationally and regionally acquiring other firms. Italso embarked on the expansion of audio conferencing facilities andgrowth Voice over Internet Protocol (VOIP) business (Freifeld, 2008).
Stiffcompetition in US market and existing regulations affectingoperations offers a significant challenge to Verizon Wirelessservices (Freifeld, 2008).
VerizonWireless has positioned itself in the market based on an excellentnetwork base and IP infrastructure. This is backed up by asignificant number of users mostly the young individuals, net andmobile savvy individuals. Their product and services are wellmarketed hence the deeper market penetration.
Theintroduction of E-marketing started around the mid-1990s. The numberof companies that use it today has increased. The use of E-marketingin a business has many advantages such as worldwide access and reach,cost effective, interactivity, competition, time, access, andvalue-added. People still use the traditional ways of marketing.However, e- marketing is more convenient for businesses. There aredifferent ways of E-marketing. Therefore, any business that wants toventure in E-marketing must have a good marketing plan. This paperfocuses on Verizon Wireless E-marketing plan, on how it can increaseits customer, make the internet site easier to use for customers andaddress some ethical issues that might arise.
3.KNOW YOURSELF AND KNOW YOUR MARKET
VerizonWireless desires to increase the number of people who use theirservices and products regionally and internationally. It is lookingfor ways to be able to retain the existing customers.
Theconsumer market for Verizon Wireless services and products fall intothree categories namely any individual, or families that desire majormedia and communication services. Also, businesses that would preferto use the Verizon Wireless cloud computing or phone services arepotential customers.
4.1. Competitorsor threats
Accordingto the Fierce Wireless, one of the companies that grade the top tenbusinesses in the wireless network providers proves that VerizonWireless is the leading company with around 115 million subscribers.The figure is both for wholesale and retail connections. However,AT&T Mobility follows it closely with around 106 millionsubscribers. The third company is T-Mobile with around 67 millionsubscribers. The fourth major competitor is Sprinter with around 57million subscribers. The above three companies are the majorcompetitors of Verizon Wireless. They have looked for different waysto be able to gain more customers and reduce the gap that existsbetween them. For example, some of the tactics that the competitorcompanies uses are by reducing the prices of devices that they sell. It makes their customers pay little figures for what Verizon Wirelesswould charge higher.
Thedifferent competitors offer their customers monthly fee costs oftheir products and services at lower prices compared with whatVerizon Company offers. They offer promotions on various goods andservices to their customers at a lower price. For example, in themonth of November 2015, T-Mobile has been offering its consumers freeinternational roaming data. It makes their customers be able tocommunicate with their friends using different internet channels, forexample, the social media at no cost. However, Verizon Wireless wascharging at $ 10 per day but at high speeds. Verizon Wireless givesits customers two years contract before they are to renew theirphones. However, the competitors allow the contracts to be longer fortheir clients. Some companies are improving their services andproducts that they offer to the customer. For example, AT & TMobility has announced the introduction of a mobile phone that hasimproved video services. It makes more customers purchase theirproducts more(Rogowsky, 2014).The competitors are offering customers the unlock option for theirmobile phones. It makes the customers be able to move from oneplatform to another by paying a small fee. For example, a customercan moves between AT & T to Cricket or T-Mobile.
Researchshows that Verizon Wireless offers its services and products at ahigher fee compared to its competitors. Verizon Wireless usesdifferent strategies stay on the top of its business. It spends $6Mmore money on advertising its products and services compared to theircompetitors. The company offers its customers better and moreadvanced technology for their devices. For example the use of the 4GLTE network broadband carriers. It makes the Verizon Wirelesscustomers users to access different sites and send information athigh and faster speed compared to other systems.
Thevideo content will account for mainstream traffic of mobile networksby 2019. The company believes that the increase in video consumptionby mobile devices will provide the opportunity for the company toexpand its revenue. The company has invested in coverage services andtechnologies involving networks that deal with content delivery,related consumer device to control new models that deal with contentand video streaming. The networks that Verizon Wireless uses the 4GLTE help the company to position itself for the upcoming phones(Lewis,2014).
Anexcellent customer experience will help the company to retain theirconsumers and stop them from going to a competitor (Kurtz,2012).Verizon Wireless projects that by executing and skillfully managingits customer’s experience, by using different strategies, will reapmany rewards for them. For example, the company will be able tosatisfy customers needs, increase revenue, satisfy it employees, andreduce churn. The company has invested in equipping its employees,social media and other analytical tools to be able to deal withdifferent customer needs question. By being able to have a one on oneconversation through the social media platform they can be able topersonalize the client’s needs and when then the customer issatisfied the company will benefit.
Ona daily basis, the Verizon Wireless network transfers large volumesof data. Therefore, the company believes that its position is anopportunity to benefit from and influence the rapid expansion ofselling and buying of services and goods through wireless handhelddevices that use advanced technology such as tablets and Smartphone.
6.GENERATING TACTICS AND STRATEGIES
6.1.Stories (who Verizon Wireless are)
VerizonWireless is one the leading wireless provider in the United States ofAmerica. It has its headquarters in New Jersey. Verizon Wireless is aone of the businesses that form the Verizon Communication (Lewis,2014). Verizon offers information, entertainment, and communicationservices and products to businesses, governmental agencies, andconsumers. Some of the communication wireless services and productsthat it offers to include equipment sale, and wireless data, videoand voice services. By the end of December 2014, the retailconnections that the Verizon Wireless had served w ere around 109million. Verizon Wireless provides third generation (3G) EV-DO andfourth generation (4G) LTE networks. The 4G LTE networks haveinternet broadband with speeds of up to 12mps. The speed makes theload time faster whether their customers are watching videos or aredownloading a web page. Also, the 4G network spreads over hundreddifferent cities in U.S.A.
VerizonWireless offers its wireless services depending on the prepaid andpostpaid basis. The retail customers use the retail accounts that arepostpaid based on a contract designed by the company. The lastquarter of 2015, the company was able to connect around 106 millionretail accounts that were postpaid. Verizon Wireless offers a varietyof plans on the postpaid accounts. For example, Single Connections,More Everything, and plans designed for the particular needs of thebusiness customer. The plan with More Everything deals with unlimiteddomestic voice minutes, international, and unlimited domestic text,picture and video messaging, cloud storage space and allowance forsingle data, distributed among ten devices joined to the wirelessnetwork of Verizon. The customers can be able to share long distanceand wandering minute’s calls between their devices in Canada andthe U.S.A.
Themore everything also allows customers to activate individual Wi-FiHotspots using their Smartphone’s that has internet options forenabled for Wi-Fi multiple devices. It has a variety of options forshared data and voice plans meant for businesses. The messagingservice allows its users to receive and send text, video and picturemessages. It has services whereby it customers can access theinternet wirelessly at high broadband speed on tablets or notebookcomputers that have either embedded 3G EV-DO or 4G LTE modules, orused with separate devices such as Jetpacks, USB modem, and devicesthat allow the Wi-Fi connection (Lewis,2014).Also, customers can use data cards on their computers to accesshigh-speed wireless broadband. They can use laptops that accommodateeither the 3G or 4G mobile broadband unit Verizon allows itscustomers access to multimedia options that offered by third parties,that have applications that consist of music, news, games, video andother substance. It allows customers to have access to theircorporate depending on the diversity portfolio of the wirelessdevice. Verizon services based on location allow the customers whosephones have them, to be able to find where they are and where theywant to go.
VerizonWireless website design structure uses different bright colors andpictures as an eye catcher for attracting different people to want toread more about it. Each web page has few and related content, foreasy understanding of the reader. For example, a page describing the4G LTE network carrier. Each web page has links to help a person moveback and forth between different WebPages. The website has made useof the different picture to illustrate the various products andservices that Verizon Wireless offers. It has a feedback form thatallows the customer comment about the company’s goods and services,or and ask any question that they have. There is the use of differentthemes to enhance the appearance of the site and its content.
6.3.Products and Services
Thecompany has various stores within the United States of America andother countries. Different pictures showing the products that thecompany offers such as Smartphone’s, tablets, and many more. Also,there is detailed information about the services that the enterpriseprovides, for example, the different postpaid plans and theirdocumentations
VerizonWireless to be able to retain, increase, and sell more of itsproducts and services has used different internet platforms to beable to make all its goods and services available to its customersand prospective customers. For example, posting different informationabout the company on Facebook, Websites, and then allowing people tolike or comment on it. Verizon Wireless support team communicatesdirectly to the customer through Chat, Twitter, Facebook, or E- mailsto be able to answer personal, or open questions from customers. Ithas created different forums that help answer different questionsanswer about the company products or services. Verizon Wireless makesuse of links to allow customers to share information with each otheron Facebook or Twitter about the business goods and services.
Thecompany has created questionnaire after closing a chat connectionwhereby the customer answers some questions about the services theyhave received. The answers will help the company to get more detailsif their customers are satisfied or not. Also, the questionnaire hasa comment section where they suggest anything that they want added orreduced from a product or service. Organize different articles andpost them on the company’s different platforms offering discountsand reduction on some of the services and goods that they areoffering (Strauss,2008). For example, they can reduce monthly charges on clients adding aSmartphone to a 15GB services plan. Divide the customers todifferent segments to be able to offer better services and goods tothem. For example, the modern generation needs phones that have thecapabilities of games, the internet for socializing while the oldwould simply need the phone for communication purpose only. Theinformation on the website should be eye catching and not crowded ona single page. There should be buttons to help the clients be able tomove forward or backward to get the required information that thecustomer desires. The use of tracking and the web analytic tools tobe able to monitor different activities on the net for example howmany people view particular content in a day, the number of times aperson visits what they comment concerning various products whichcontent do the customers visit most and many more.
VerizonWireless has employees that operate twenty-four hours around theclock to talk to different clients about the company’s products andservices. The employees follow the Verizon Code of Conduct, whichdetails various ethical issues (Strauss,2008).The ethical concerns faced by Verizon include customer serviceemployee training to improve customer experience leading to customersatisfaction, retention of workers that has been a major concern forVerizon. The employees also arrange for online sales with the client.
Insummary, (SWOT) the strengths, weaknesses, opportunities and threatsanalysis of Verizon Wireless is as discussed below.
VerizonWireless has a strong network coverage with over 100 millionsubscribers supported by an employee base of over 190,000 (Freifeld,2008). It is the largest wireless carrier with 4G LTE/XLTEcapabilities.
Itoffers significantly higher prices as compared to other operators.It`s primarily found in the Americas hence limited to this region(Freifeld, 2008). Consumers have challenges to reach the customerservice department, and they have to wait for several minutes beforesomeone attends to them.
Itcan expand internationally and regionally acquiring other firms andthrough the selling of products through different social mediachannels. It also embarked on the expansion of audio conferencingfacilities and growth Voice over Internet Protocol (VOIP) business(Freifeld, 2008). The demand for consumers need for Smartphoneworldwide is increasing.
Stiffcompetition in US market by competitors such as T-Mobile and AT &T., Existing regulations affecting operations offers a significantchallenge to Verizon Wireless services (Freifeld, 2008).
Asof 2015, consolidated revenue was $180.5B between Verizon’sWireline and Wireless business. Currently, the operating cash flow is$50.7B to use on expanding and advertising their business. Withinthe next three months, the company should have installed CRM tools tohelp keep the consumer and company’s information in one place at anestimated cost of $ 1.5M. $5.8M has been set aside to educate theemployees about the different services and goods the company offers.Also, ensure that all staff has the skills to interact with thecustomers on the various social media platforms. $ 3.5B payments forincrements of employees in the support department to reduce the longtime clients wait before somebody attends to them. Within six months,the company should invest in online survey and customer satisfactiontools at a cost of $16.3M.
Thecompany will use $ 20M for tracking and the web analytic tools tomonitor the different activities happening on the various internetplatforms, for example, the number of times people visit theirwebsites, which pages they prefer, what they comment concerning thecompany, its products or services and many more.
Thecompany will invest $ 900M in designing and creating good contentthat will be displayed on the different internet platforms for thebusiness and varies depending on the segments they are addressing.
9.TRACK, ANALYZE, AND OPTIMIZE
Variousanalytical tools and software will help to measure the functionalityof the marketing plan. The tools and software’s will help thecompany to identify whether to continue using the marketing plan ormodify it. It is important for the enterprise to carry out marketresearch to know more the different people that buying the company’sproducts or services. Also, the company will know the different ageof the clientele, ethnicity, residence, social class, or otherinformation. Most importantly, the company will know its salesnumbers. All the above information will help the business understandthe public response to the different products and services. Finally,the company will respond accordingly depending on the results.
Freifeld,L. (2008, February). Training Magazine – February 2008. RetrievedFebruary 10, 2016,fromhttps://www.nxtbook.com/nxtbooks/nielsen/training0208/index.php
Rogowsky,M. (2014, November). Verizon, AT&T Are At It Again With More DataFor LessMoney.Retrieved February 13, 2016, fromhttp://www.forbes.com/sites/markrogowsky/2014/11/01/verizon-att-are-at-it-again-with-more-data-for-less-money/#2782a4432fd8
Strauss,R. E. (2008). Marketingplanning by design: Systematic planning for successful marketingstrategy.Chichester, England: Wiley.
Kurtz,D. L. (2012). Boone& Kurtz contemporary marketing.Mason, OH: South-Western Cengage Learning.
Lewis,D. (2014). Verizon delivers LTE multicast over commercial 4G LTEnetwork in Indy. VerizonWireless. New York, NY, USA.