The Organization’s Product Plan
Verizon Wireless is a firm in the telecommunications industry that provides wireless products and services to consumers and enterprises within the United States. This organization’s primary focus areas include supplying data-driven solutions and voice-centric options while maintaining an extensive inventory of mobile devices and accessories. Its primary thrust is home internet service sales – all part of its overall product plan.
Verizon Wireless provides voice services for local, long-distance, and international calls. They offer a range of plans to cater to different customer needs, including prepaid and postpaid options (Jurkowski & Daly, 2019). Apart from voice call service, they also provide wireless Data Services that enable users to access mobile apps, stream videos online, or get on the internet via their phones or other devices, which can be customized depending upon one’s budget constraints.
The Service’s Current Life Cycle Stage
The wireless voice and data services offered by Verizon Wireless have reached a mature stage. This is because many companies are vying for market share in the highly saturated market for these services. Furthermore, most customers and businesses already have access to wireless voice and data services, making it challenging for new competitors to establish themselves in the market. Verizon Wireless mainly concentrates on maintaining its market position, keeping current clients, and differentiating offerings from its rivals during the maturity stage. The company has been investing significantly in its network infrastructure, enhancing network speeds, and extending coverage to new locations to meet these objectives (Price, 2022). The company’s stable condition has also allowed it to introduce new goods and services, such as 5G network and home internet services, to set itself apart from its rivals.
Viable Techniques for Building the Equity of the Brand
Verizon Wireless is a well-known company with a significant market share in the wireless telecommunications sector. However, the business can still use some strategies to increase and strengthen its brand equity. For instance, Verizon Wireless can continue to make significant investments in its network infrastructure to increase network speeds and broaden coverage to new locations. By doing this, the business can set itself apart from its rivals and enhance its standing as a provider of dependable wireless services. Verizon Wireless can keep innovating and launching fresh goods and services, like home internet and 5G network services. This can assist the business in staying one step ahead of its rivals and remaining relevant in a rapidly changing market.
Branding Decisions Recently Made
Verizon Wireless has recently made or may consider making several branding decisions to improve its brand equity and market position. For example, the company unveiled a new brand identity in 2021, complete with a new logo and color scheme. The new visual identity reflects the company’s desire to emphasize technology and innovation. Verizon Wireless wants to appeal to younger customers by becoming more relevant and modern with the new branding. Moreover, the company has committed to lessening its carbon emissions and using more renewable energy. Hence, Verizon Wireless can stand out from rivals and develop brand equity by promoting its environmental initiatives.
Organizational Efforts at Customer Satisfaction, Loyalty, and Retention
Verizon Wireless is a business that highly values client retention, loyalty, and satisfaction. The business has made significant organizational changes to guarantee that its clients enjoy using its goods and services, increasing client loyalty and retention. Verizon Wireless highly values customer service, and the company invests significantly in training its staff to deliver the best experience possible (Weinstein, 2022). Users can reach the company’s customer service staff by phone, email, or live chat at any time, increasing client satisfaction. The company offers specialized plans and services in accordance with customer usage patterns, device preferences, and financial constraints to attain and maintain the clients’ loyalty and retention (Kumar, 2018). Since clients believe the company meets their specific needs, this strategy helps increase customer loyalty and retention.
References
Weinstein, A. T. (2022). Customer obsession – the springboard for a value creation strategy. Journal of Business Strategy. Web.
Kumar, B. R. (2018). Acquisitions by Verizon. In Wealth creation in the world’s largest mergers and acquisitions (pp. 45–56). Springer.
Jurkowski, J. H. & Daly, D. D. (2019). Financial analysis of various companies in the pigs group of countries. International Journal of Science Arts and Commerce, 4(10), 66–76. Web.
Price, S. (2022). Verizon fights for growth amid price hikes, fixed wireless expansion. S&B Global Market Intelligence. Web.