Swot Analysis Of Verizon

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Verizon Wireless Verizon Wireless is a telecommunications company that offers wire, wireless and data transmission services that cover internet access as well as media broadcasting. The company formed in the year 2000 was as a result of a merger between GTE and Bell Atlantic. With the mention of Verizon Wireless, many people in the United States are able to associate it with everyday telecommunication solutions and as the leading service provider in the same industry. Under Verizon wireless, there is Verizon telecom, Verizon wires and Verizon business. With a mission to empower people as well as businesses in communication, the company endeavors to provide open communication with all its stakeholders. The company’s strategic plan is creation…show more content…
It is these resources that have seen its exponential growth over the years (Bhaumik, Nigel and Zhou, 2016). . Ina perfect competition, Verizon wireless would still be a formidable competitor because of the huge customer base and financial resources which place it at an advantage. Where a new entrant was to get in the market, it would require a lot of financial resources and take a very long time before getting to where Verizon wireless is. Competing with a monopoly can be challenging because the competitor would be bigger in all perspectives which would prove a challenge. However, considering that they offer the same services coupled with the current customer base and financial resources, Verizon wireless would still have a fair market share. Monopolistic competitors can be termed to the current competitors in the market because they all have different market segments that they have dominance. From the current situation, it would be difficult to venture in each other’s markets because of the predetermining factors such as the already established…show more content…
From its current performance, it is one of the strong telecommunication corporations and will be there in the foreseeable future. Together with the few competitors, Verizon wireless dominates the market and other competitors would have little or no effect to its operations. Competitive Strategies in Maximizing Profits Competitive strategies are techniques that a business requires to achieve a competitive advantage in the market. In order to attain this advantage, businesses use cost of leadership, differentiation and focus strategies. Focus strategy as the name suggests concentrates on specific market segments where the product or service thrives. The business then customizes its products to fit such a market. Verizon wireless already has the market and the quality of its services and products determines the level of satisfaction. Differentiation seeks to develop a competitive advantage by supplying and promoting unique products. While telecommunications is not very unique, not every other business can be able to offer the same services. In addition, competition remains limited due to the cost of market entry. Cost of leadership focuses on reduction of operating costs in order to reduce product prices. Verizon wireless does not require reducing its operating costs further because its prices are already competitive

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