Verizon Communications, (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world’s leading providers of high-growth communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with over 137 million access line equivalents and over 34 million wireless customers. Verizon is also the world’s largest provider of print and online directory information. A Fortune 10 company with more than 221,000 employees and $67 billion in 2002 revenues, Verizon’s global presence extends to over 30 countries in the Americas, Europe, Asia and the Pacific.
As a company of this size, corporate planning is a vital function to deal external and internal factors, in which, the company’s goals or objectives are achieved. In addition, a well-defined strategic planning implemented will be the guidelines in dealing with each factor, such as, rapid change, globalization, technology, e-business, innovation, diversity, and ethics. We will break down each factor as how Verizon’s business plans set their objectives in being the leader of communications services.
If there are two issues that characterize the challenges twenty-first century corporations face today, those issues can be summarized as “competition and change.” (Dessler, p. 13) Rapid change is a common factor that most corporations needed to prepare itself, in order, to be competitive. That is, Verizon is implementing a restructure of their lines of business. One of their focuses is constantly providing improvement of customer services for their customers, such as a faster internet connection, bundling of services, or offering more flexible phone service (local & long distance) packages. The downturn of this restructure is management position reduction, in which, approximately 200 managers will be losing their jobs due to departmental merger.
Research in the solid state technology for the improvement of telephony switching systems made it possible the development of a new kind of electronic device which also helped the rapid evolution of computers. Computers were gradually interconnected through telecommunication lines. Initially they allowed terminals to access the main frame and later they were used to interconnect several computers in the network. In the early nineties these telecommunication networks covered most of the planet with different communication technologies. An era of knowledge had been birth, telecommunication engineering for computer systems. These new systems allowed information to travel at the speed of light. Such information exchange was the bases of a new economic phenomenon called Globalization of the world economy. The new profile will basically require the following,
*To be continuously curious and eager to keep updated with everyday change.
*To learn and adjust fast to new administrative routines.
*To contribute and efficiently work in small teams.
*The perseverance and courage to look for new solutions, for technical and economic improvements.
*To print one’ own ideas in a clear and objective way.
Verizon Wireless is on the cutting edge of technology. There are several different types of technology such as new DSL lines, dedicated internet access and Integrated T-1 access to name a few. As a growing business you would have a wide variety of choices available to you, in order to build the type of network that you would need to operate in the most efficient way. Verizon also has a variety of services for networks, voice communications, they will also configure, manage and do project management for a business. A lot of customers don’t have a sophisticated network department so in order to have a network that functions to its fullest potential these services would be a great benefit especially to a small business. There are also several different types of programs for the disabled with a variety of issues such as speech, hearing, mobility and visual disabilities. Verizon has taken the external factors that affect them and have turned it into a positive business decision for all of their customers.
All over the country people are doing more shopping and selling over the internet. The technology that Verizon is developing will enable everyone to have the connectivity that is needed for uninterrupted connections. The Verizon website can take you to the how to of e-commerce. Some of the items that you can find there are how to develop a web site, ways to get your site ready to sell and the what to do and what not to do for your business. E-commerce is such a broad topic, but as the Web evolves more and more companies will start to advertise and sell on the web which will probably cause businesses to downsize some of their departments such as marketing and customer service to name a few.
As Verizon tries to stay on the cutting edge of technology here are some of the things that they are trying to do. There is a huge role out of FTTP which means Fiber to the premise. This will entail households to utilize more with less. The bandwidth on a fiber cable can handle far more traffic than on copper cable. Customers will be able to use their computers, fax, and telephone all on the same line. It is very much like the DSL line that Verizon is also trying to role out. Digital Subscriber Line will allow you to do more with less. The cost factor between the two, DSL is much cheaper to put in than fiber. FTTP will have to all get put in new. From the cable in the ground to the cable at the customer’s premises. DSL can go over the existing copper lines so we will not have that extra added cost. Verizon also just came out with Sametime; it is a way to chat through Lotus Notes. Now many users while emailing one another can also chat at the same time.
Verizon is committed to diversity. They serve a diverse customer population and strive to have an employee body that reflects that diversity. This commitment is extended to their supplier relationship. Their belief is that having a wide range of suppliers is as critical to the company’s success as having employees that relate to their customers, speaking their language, reflecting their tastes and preferences. The idea is to build customer loyalty, stimulate economic growth, and tap into the innovation and entrepreneurship for Verizon to be competitive. By including Minority, Women, Vietnam Era Vets & Disabled Owned Business Enterprises (MW/DV BEs) in their supplier chain, two main goals are achieved. Verizon positions their business for success and contributes to the economic prosperity of the communities they serve.
In a speech for the National Minority Supplier Diversity Council Award meeting, Verizon CEO Ivan Seidenberg assured minority suppliers of their commitment: “The question facing many minority suppliers is: will businesses cut back on their spending with us, when the going gets a little tough? Of course there are no guarantees — for minority or indeed for any suppliers — but I want to assure you that as much as diversity is a business strategy with us, it’s also a moral commitment — an expression of who and what we fundamentally are. In good times and bad, we’re going to maintain the team that courts and cultivates minority suppliers, and we’re going to do our level best to assure that minority suppliers are not disproportionately hurt when things get tight, as they are right now. This is my personal commitment to you, as CEO of Verizon.”
Verizon’s code of business conduct provides a section on resolving ethic questions for the goal of helping them strengthen their connection with business partners and each other. Realizing that not every ethic questions has an easy answer and may require difficult judgment calls, this code of business conduct outlines the following steps to resolve these questions: (a) define the situation (b) consult resources and (c) seek help from others. By defining the situation; one might be able to find an answer to the question such as: Are you concerned about a possible violation of a law, regulation or Verizon standard? There are three available consulting resources for their employees: Verizon Promise/Code of Business Conduct/Corporate and department policies and procedures. Finally, employees are advised to seek help from their own manager, another manager, or a specific department like Human Resources, Legal, Verizon Security or the Office of Ethics and Business Compliance.
In conclusion, Verizon has positioned itself to deal with these external and internal factors. This shows how their management has made strategic planning in keeping with the company’s mission and in achieving their goals. In addition, their services and products are the reasons why Verizon ranks among the top in leadership, service, diversity and innovation. Verizon’s inclusion on numerous ‘best of’ lists in the country is a testament to these accomplishments. Also, Verizon prides itself on the relationships it maintains with business providers, and strives to promote a mutually beneficial business relationship based on the highest business standards of ethical conduct.
Dessler, Gary. Management, Leading People and Organizations in the 21st Century (2nd ed.), 2001. New Jersey: Prentice Hall, Inc.