Proposed 2016 Marketing Plan for Verizon Wireless
Principles of Marketing
MAR1011
Desiree DeBlois ( Introduction, Marketing Strategies, References)
Daniel Padron ( Executive Summary, Marketing Strategies, Conclusion)
Brian Acosta (Marketing Objectives)
Steven Salgado ( Situation Analysis, SWOT)
Jed Quintero ( Implementation, Measurement and control)
Executive Summary
Situation Analysis
Principles of Marketing
MAR 1011
Desiree DeBlois (Introduction, Marketing Strategies, References)
Daniel Padron (Executive Summary, Marketing Strategies, Conclusion)
Brian Acosta (Marketing Objectives)
Jed Quintero (Implementation, Measurement Strategies)
Steven Salgado ( Situation Analysis , SWOT Analysis)
Verizon Communications was founded in October 7, 1983 when it was formerly known as Bell Atlantic. Verizon Communications was formed on June 30, 2000 with the merger of the bell Atlantic corporation and the GTE corporation. Verizon is currently expecting to increase subscribers as the demand for smart phones increasing nationwide and globally.
Mission Statement
As a leader in communications our mission is to enable people and businesses to communicate with each other. We are also committed to providing full and open communications with our customers, employees and investors.
Corporate Culture
As Verizon continues to forge forward as the leading communications company, a key element of the internal environment consists in a culture that inspires ingenuity, integrity, respect, performance excellence and accountability
Current products
Our current products range from our extremely fast and reliable 4G LTE Connection on most of our up and coming phones.
We also provide FiOS Internet, Television, and Landline services
Cloud services are being used by more and more businesses to continue the switch over to cloud computing, this enables more agile and efficient productivity.
Markets
The consumer market for Verizon products and services is for any individual consumer or families that want great communication and media services for a bit more money. Our market is also available for those business that need phone service or cloud computing.
Customers/Sales
Verizon sales have been going up every year in fair amounts since 2010 as the demand for smartphones is currently rising rapidly. Our customer base ranges from the young adults all the way to the elderly everyday more and more of our old folk from ages 50-70 switch over to a more high tech 4G LTE enabled phones. Technology is on the rise and not only to the young.
Distribution
To get our product out to the community we have Verizon owned store in nearly every city you can think of as our primary channel to the consumer our stores come equipt with knowledgeable employees and the most high tech gear as you venture out in to the world. As Verizon continues to expand globally we continue to open stores and even have authorized dealers do business for us. Our secondary channel on how to get our product and services in through the internet we are not perfect when you can’t reach us via local store the internet is waiting as we can ship and propose you with a cellphone plan right from your home.
External Enviroment
Competitive Environment
Verizon has several levels of direct competition.
1. Big companies like AT&T, T-Mobile.
2. Smaller companies like metro pcs, boost mobile.
3. And any other company that offers landline phones
4. Internet and televison providers like Comcast, and AT&T
Economic Environment
When Verizon was first formed cellphone technology was still fairly new and underdeveloped, regardless to the new technology people were still inclined towards buying this new product. As the years went by the technology did get better and more efficient. In 2008 the United States went through a severe recession causing sales to slow down, we also lost customer due to other companys that offered cheaper more affordable wireless plan. But in 2014 and 2015 sales have dramatically risen as consumer start to have more spending money so former subcribers are now slowly coming back to Verizon.
Technological Environment
Verizon services are powered by our signature nation wide network. Using the network, consumers can get the most out of their smartphones. We have the nations largest 4G LTE network with XLTE capabilities in many areas. The technology we have is all based on our ability to keep purchasing assets like cellphone antennas all over the nation. In the last couple of years Verizon has made a very strong social media presence as Verizon is now its own Facebook, Instagram, Twitter etc…
Political and Legal Environment
Sociocultural Environment
As humans start to get more technologically advanced, we need to conduct more marketing research to see who it is that we need to reach out to in the telecommunications world. Not only do we need to reach out to others around the nation, we also need to reach certain age demographics like those of the age 50-75, one long-term goal we acquire is to try and show the older generation that new technology is not all that bad.
Verizon is a telecommunications company so therefore Verizon has follow and abide by FCC regulations it’s as simple as that Verizon must follow FCC regulations like keeping business operation transparent and also no blocking and no unreasonable discrimination to consumers.
S.W.O.T.
Strengths
• Currently Verizon has a strong market position
• The ultra-fast FiOS Internet connection
• Leading coverage we hold over 85 million customers annually
Weaknesses
• Service Cost
• Customer service is also a weakness among our company multiple customers have had problems reaching our customer service center after numerous calls
Opportunities
• Business VoIP its currently growing more and more
• Expansion International & Regional achievements
• Demand for smart phones keep increasing.
Threats
• Very tough market competition as companies like AT&T & T-Mobile are on the rise.
• FCC regulations
• Cannibalization being caused by VoIP and wireless offerings.
Strengths
Weaknesses
Opportunitites
Threats
Marketing Objectives
2. Increase Verizon Wireless market share by at least 5% to continue its position as head of the telecommunications market in America.
3. Promote Verizon Mobile Cloud to increase public knowledge of its advantages.
4. Continue to phase out old 3G network to become more competitive in the pre-paid phone market.
1. Promote awareness for the existing Verizon FiOS network to generate at least 10% increase in customer revenue.
Organizational Structure
Lowell C. McAdam: Chairman and chief executive officer of Verizon Communications.
Jim Gerace: Chief of communications officer for Verizon.
Roy Chestnutt: Executive vice president and chief strategy officer for Verizon.
Tony Melone: Executive vice president of Verizon Communications.
Dan Mead: Executive vice president and president of strategic initiatives.
Diego Scotti: Executive vice president and chief marketing officer for Verizon Communications.
Marc Reed: Executive vice president and chief administrative officer.
Francis Shammo: Executive vice president and chief financial officer for Verizon Communications.
John Stratton: Executive vice president and president of Operations.
Marni Walden: Executive vice president and president of Product Innovation and New Businesses.
Internal Environment
Demographics
• Males and females of the X and Y Generations
• Ages: 18-54
• Household income: $40,000 and above
• Education of head of household: High school or above
• Primarily located in medium to large urban areas
Psychographics
• Technology savvy
• Prefers to consume media in many different forms
• Likes to be on the move
• Enjoys staying connected to friends and family
Media Habits
• Consumers who are likely to use an internet connected device to consume their media
• Individuals are involved in social media and connect with others through many different means throughout the way.
Marketing Strategies: Target Markets
Positioning the Product
Verizon positions its services as the fastest, most widely available, and most reliable on the market. Its services are the definitive choice for consumers who value performance over other factors for their communications services. Verizon offers the most coverage in the nation and offers speed that rivals and surpass those of our competitors. Our marketing strategy will highlight these strengths.
Product Strategies
To help product sales in the market, Verizon wireless must promote their services of the following products:
FiOS:Verizon FiOS is a bundled Internet access, telephone, and television service that operates over a fiber-optic communications network.
Cloud: Verizon Cloud offers secure online storage to back up and sync your important contacts, photos, videos, music, documents, call logs and text messages. Access and manage all your content on any of your devices, even while you're on-the-go.
4G LTE/ XLTE: Fastest networks available at Verizon, both working together to make sure you always have service no matter the location.
Pricing Strategies
The current pricing strategies will be maintained for our existing products. The price points for our products are as follows:
Verizon FiOS: Bundles comprised of a mixture between TV, internet, and/or home phone service range from $74.99 to $149.99
Verizon Mobile: Customers pay for the phone of their choice, pay a monthly access fee for each device on the plan, and choose a monthly data limit for the account. Prices vary depending on the options chosen.
Verizon Mobile Cloud: Prices range from $2.99 per month to $17.99 per month depending on the amount of storage space chosen.
Verizon pre-paid phones: prices range from $35 to $55 per month depending on phone and options chosen.
Promotion Strategies
To facilitate more sales. Verizon plans to use the following promotional Activities:
The FiOS Tour: In order to increase market share in cities where Verizon FiOS is available, Verizon will launch a twenty week-long tour to each of the twenty markets where Verizon FiOS is available. Once the tour arrives on a new city, a promotional center will be set up in a populated center of the town. At this center, passerby’s can test out internet connection by connecting to the free Wi-Fi provided at the site nad sample the quality and variety of our television service at one of the viewing stations that will be offered. Knowledgeable representatives will be staffed at the promotional center to address any question potential customers may have.
Measurement and Control Strategies
Implementation
Objective 1
Objective 2
Objective 3
Objective 4
A diverse array of activities will assist in measuring how well the marketing plan is functioning. These activities will aid the company in terms of knowing whether to stay the course or make modifications to the marketing plan. It is paramount that companies perform market research in order to fully understand how recognizable the brand is and what is the public perception of the brand. Verizon will therefore continue to conduct research that will let us know information such as, who is buy our products, customer age ranges, ethnicities, income, social class, residency as well as other data. Ultimately the most impactful data are sales numbers. All this information will let us know how the public responds to our marketing as well as trends in the market. Will respond according to these results.
Works Citied
4G or Bust: Verizon Begins Phasing Out 3G. (n.d.). Retrieved January 31, 2015, from http://www.nbcnews.com/tech/mobile/4g-or-bust-verizon-begins-phasing-out-3g-n262476
Commitment & Values. (n.d.). Retrieved March 9, 2015, from http://www.verizon.com/about/commitment-values
Executive Bios. (n.d.). Retrieved April 6, 2015, from http://www.verizon.com/about/our-company/executive-bios
Our Company. (n.d.). Retrieved February 7, 2015, from http://www.verizon.com/about/our-company
Responsibility. (n.d.). Retrieved April 6, 2015, from http://www.verizon.com/about/responsibility
Richmond, K., & Solomon, M. (2012). Brand you: [supplement to] Marketing, real people, real choices, 7e / Michael R. Solomon, Greg W. Marshall, Elnora W. Stuart (4th ed.). Upper Saddle River, N.J.: Prentice Hall.
Retrieved February 10, 2015, from http://eol.edgarexplorer.com/EFX_dll/EdgarPro.dll?FetchFilingHTML1?SessionID=Q3wp6luXaNzqrZu&ID=10506387#D820819D10K_HTM_TOCOverview. (n.d.). Retrieved February 12, 2015, from http://www.verizon.com/about/our-company/overview
Through Our Work. (n.d.). Retrieved February 27, 2015, from http://www.verizon.com/about/through-our-work
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K. (2014, December 14).
Verizon Cloud - Verizon Wireless. (n.d.). Retrieved March 20, 2015, from http://www.verizonwireless.com/wcms/consumer/products/verizon-cloud.html?intcmp=SearchBanner:cloud:Top
Verizon Loses Cellphone Customers for First Time. (n.d.). Retrieved February 24, 2015, from http://www.wsj.com/articles/SB10001424052702303380004579519974135792910
Why Verizon America's Largest and Most Reliable 4G LTE Network. (n.d.). Retrieved March 26, 2015, from http://www.verizonwireless.com/wcms/consumer/explore/why-verizon-network-reviews.html
Why Verizon America's Largest and Most Reliable 4G LTE Network. (n.d.). Retrieved March 4, 2015, from http://www.verizonwireless.com/wcms/consumer/explore/why-verizon-network-reviews.html
Promotion Strategies
Promotion Strategies
Promotion Strategies
Verizon Mobile: Our Promotional strategy will center on gaining new customers and persuading them to sign up under Verizon edge, the 24 month payment plan. The marketing campaign will be called Verizon’s “Edge the Season”. This campaign will begin August of 2016 and last through to the New Year. During the “season”, customers who ensure the edge program, both new and existing customers will be offered a reduced monthly access fee, and a choice of either 5% off their Edge payments.
Cloud: The promotional strategy will be to highlight mobile clouds ability to integrate the media from all of a consumers devices into one sale storage source with an ease of access. A campaign can be launched with commercials and web advertisements showcasing people who are on the go access files that were on the computer from their smart phone, etc.
Eliminate 3G: Our promotional strategies to our pre-paid markets will be multi-tiered. As our plan is to phase out 3G, we will offer a trade in discount to existing Verizon pre-paid subscribers who trade in their old 3G phone for a newer 4G model. In order to attract new pre-paid subscribers, we will be offering a 1 GB data upgrade for me if they decide to sign up for auto pay. These promotions will begin January 1 and last until June 31. Our goal with this is to encourage existing 3G subscribers to switch to a 4G phone and to increase our strength in the prepaid phone market. We plan to completely phase out 3G by 2020.
Situation Analysis
Verizon Wireless is a nationwide network that provides individuals with cellphone, internet, and television services that work at high speeds to give our customers the best possible service on the market. We design, build and operate global networks, information systems and mobile technologies that connect people, grow businesses and economies, and improve communities. Technology inspires us. We believe that through our powerful technology, we can help transform any industry, leave a positive impact on any issue and create new possibilities for our customers and our world.
Marketing Objectives
Verizon Wireless marketing objectives are to promote awareness for the existing Verizon FiOS network to generate at least 10% increase in customer revenue, increase market share by at least 5% to continue its position as head of the telecommunications market in America, Promote awareness of our Cloud Software, and to slowly phase out old 3G networks.
Marketing Strategies
To accomplish increasing awareness of our FiOS, Cloud, and 4G LTE services, Verizon Wireless will direct its marketing activities towards the following strategies:
1. Target Market Strategy: Verizon Wireless will continue targeting our existing customers while expanding its original markets to uneducated individuals to inform them more about our services
2. Positioning Strategy: Verizon will continue to position our services as the fastest, most widely available, and most reliable on the market.
3. Product Strategy: Promote our FiOS, Cloud storage, and 4GLTE network as they are our main services.
4. Pricing Strategy: The current pricing strategies for each service will be maintained as it gives us profitable margins
5. Promotion Strategy: Using a variety of marketing campaigns, we plan on raising awareness for our core services.
Implementation and Control
A diverse array of activities will assist in measuring how well the marketing plan is functioning. These activities will aid the company in terms of knowing whether to stay the course or make modifications to the marketing plan.
Full transcript
verizon marketing plan, verizon wireless marketing plan
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