Verizon Benefits From A High Customer Retention Rate

1481 Words Jun 17th, 2015 6 Pages
STAKEHOLDER ENVIRONMENT
Customers
Verizon benefits from a high customer retention rate. The company has the highest customer retention rate in the communication industry. According to a recent Consumer Intelligence Research Partners survey Verizon 's customer retention rate is greater than that of their main competitor AT&T. Customers choose to stay with Verizon due to the company 's reliable network. This reliable network gives Verizon a competitive advantage and is a result of the company 's investment in network infrastructure. Beyond the Verizon’s ability to retain current customers, Verizon also attracts customers. The Consumer Intelligence Research Partners survey also found that Verizon did a better job of stealing customers from rival carriers than the company 's chief competitor AT&T. Customers are switching to Verizon due to the company 's superior customer service. Also, consumers prefer Verizon 's distribution channels over those of AT&T.

Employees

Verizon is a major employer with almost two hundred thousand employees. Verizon 's workforce is highly trained providing the company with a strategic advantage. Training Magazine recently recognized Verizon as part of the Training Top 10 Hall of Fame. This distinction was based on both qualitative and quantitative metrics such as:
Employee turnover and employee retention
Number of trainers
Tuition assistance
Stockholders

Verizon began publicly trading stock on July 3rd of 2000. Since this…
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