Verizon Wireless As A Vital Asset

As of late 2004, Verizon is already considered the world's largest telecommunication company with annual revenue of $67.8 billion. Their continued plans are leading toward acquisition and development of fiber technology, which will allow it to offer cable TV services. Apparently they are still apprehensive regarding business customer and plan to extend add-ons again into the private sector, which worked for them in 2003.

​Verizon Wireless, officially incorporated as Verizon Communications Inc., is a company that provides communication, information, and entertainment products and services. Its consumer base consists of the general public, as well as businesses and governments. Its business operations can be divided into parts, which are Verizon Wireless and Wireline, though Verizon doesn't advertise its Wireline business by name. Instead, Wireline is advertised to the public as part of Verizon Wireless' services. Some of the services that they provide are phone equipment sales, wireless voice and data services, broadband internet access, network access, internet protocol network services, and various on-demand video streaming. Now providing services in over

Verizon Communications Inc. is a provider of communications services with for operating segments: Domestic Telecom, Domestic Wireless, information Services and International.

Verizon Wireless officially entered into the communications market on April 4, 2000. A joint project of Verizon Communications and Vodafone, Verizon Wireless is the self-proclaimed leading supplier of wireless communication in the United States, offering service in more places across the country than any other service provider. While Verizon Wireless did not begin corporate operations until 2000, its history can be traced back many years.  The company’s roots can be traced to two distinct companies: Bell System and General Telephone & Electronics Corp. (GTE). Verizon Communications was formed on July 27, 1998, from a merger of

First off, Verizon Wireless has the best coverage without a doubt. Even United States President Barack Obama stated that “the nation’s largest carrier provided LTE to just over half of the U.S. population”(A Huge 4G Milestone). This shows that more people use Verizon Wireless than any other cell service provider. As if that wasn’t enough, Verizon Wireless offers “Licensed broadband technologies to an approximate population of 312,996,328 (out of a total population of 323,785,881)”(Verizon Communications Inc.). Considering that these statistics are from 2014, imagine how much more those numbers have grown and how much better the quality has gotten since then. Overall, Verizon Wireless’ coverage is outstanding and undoubtable better than any of its competitors’.

The Verizon Wireless brand remains successful despite increasing competition in the telecommunications industry. After breaking away from Bell Atlantic (AT&T) in 2000, Verizon made advancements toward connection speed and coverage. Verizon was the first to employ 3G network in 2002, and repeated again in 2010 when it introduced 4G LTE. Since 2000, Verizon has spent over $80 billion in technology innovation which allows it to provide top coverage amongst competitors and develop its network (About Verizon Wireless).

The mergers that formed Verizon were among the largest in U.S. business history, culminating in a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City, and GTE, which was in the process of moving its headquarters from Stamford, Conn., to Irving, Texas.

Verizon Wireless is the result of “one of the largest mergers in U.S. business history” between Bell Atlantic Corp. and GTE Corp. on June 30, 2000” (History and Timeline. Verizon 2017). Even though “Verizon was ranked #1 in three out of four regions for residential internet service, #1 in six out of six regions surveyed for wireless, and #1 overall among U.S. large-business customers” in 2016, there was unrest in the organization (Building a Connected World 2016).

Verizon is a major telecommunication provider in the United States. The company is the market leader, with $110 billion revenue and $2.4 billion in profit (MSN Moneycentral, 2012). Verizon has steady revenue streams that are largely based on a subscription model. It has several business segments, including wireless (63.3% of revenues) and wireline (36.7%) (2011 Verizon Annual Report). Most of this report will therefore focus on the wireless business, not only because this is the largest business that the company operates but because it is a rapidly growing and evolving business as well, a function of the rapid pace of smartphone adoption in America.

According to the 10th annual Verizon Data Breach Investigations Report, 88 percent of the analyzed 1,935 breaches were accomplished through the nine attack vectors, which means that they could have been prevented if some cyber hygiene measures had been applied. It was also discovered that 81 percent of the hacking-related breaches involved either reused/stolen passwords or weak/crackable ones. Not to mention, this year there was an increase in attacks that targeted smaller businesses; 61% of breaches that occurred involved companies with fewer than 1,000 employees. The former Director of National Intelligence James Clapper suggested a few basic hygiene measures for organizations to follow such as the following: patching software, implementing

60.1 million retail customers -- most retail customers of any carrier, an increase of 14.3 percent; 62.1 million total customers, an increase of 13.2 percent. (Verizon 2007)

Due to wide coverage and most efficient customer service Verizon has become the largest Wireless communication company in U.S.

In its 2012 annual report the company states “innovation in networks is the foundation for growth across the whole industry.” Therefore, Verizon has not only developed strong partnerships aimed at enhancing services; the company has also expanded into the digital healthcare industry, reduced reliance on energy usage, and will continue to expand vertically to other industries where their technologies can influence social change.

Verizon Communications formed by the merger of two big and successful companies, Atlantic Corp. and GTE Corp., is the largest telecommunication company. The company serves large part of the market in United States. However the company faces certain strengths and weaknesses which affect the way company formulate its strategies.

The success of the economic agents depends on a multitude of forces, such as the managerial ability to combine and exploit the resources in an efficient manner, the ability to manage the labor force or the ability to develop positive relationships with the external stakeholder, such as the customers, the business partners, the public and so on. Still, while all these factors are crucial, they are merely adjacent to the core operational function which builds towards organizational success, namely the organizational operations.