Verizon’s Products/Services
4G LTE network.
3G network.
Converged communications.
Entertainment services.
Integrated business solutions (Verizon, 2013).
Employees Base Benefits Program
Highly competitive salaries.
401(k) retirement scheme.
Comprehensive medical plan.
Life insurance.
Educational reimbursement program.
What can they do to move up on the Fortune 500 lest or maintain its current position?
Enlarge existing customer base.
Increase expenditure on research and development.
Company History
Expand coverage network.
Formed in 2000.
Resulted from Bell Atlantic Corp.-GTE Corp. amalgamation.
Acquired MCI Inc. in 2006.
Purchased Rural Cellular Corp in 2008.
Acquired Alltel Corp. in 2009.
Launched 4G LTE network in 2010 (Verizon, n.d.).
Financial Information
Ranked 15th on Fortune 500.
Consolidated revenues of $115.8 billion.
$31.5 billion in operating activities cash flow.
Earnings per share $0.31.
Declared dividends $2.030 (Olsen, 2012).
What needs to be improved to fix it and why?
High prices are relative to rivals.
Large economies of scale capacity.
Major Change and Implementation
Maintain market leadership.
Curtail competition from other players.
Technology.
Research and development.
Steps in Building Corporate Competencies
Design a competency architecture.
Determine critical competencies.
Establish a competency learning scheme.
Identify knowledge gaps.
Create development plans.
Flexibility and adaptability.
How organizational structures may impact strategy implementation
Characteristics of stability.
Goal unification.
Process implementation.
Cultural alignment (Hanafizadeh, Moosakhani, & Bakhshi, 2009).
Technique showing superior results.
Used as a benchmark.
“Best Practices”
Most efficient performance methods.
Determined by:
- costs,
- time is taken,
- defects quantity, and
- actual performance relative to the industry benchmark.
How corporate culture and leadership impact good strategy execution in Verizon
Workforce diversity.
Employee empowerment.
Workplace equality.
Business ethics and social responsibility: Influence on strategy development and implementation
Increased stakeholder activism.
Transparency and reporting.
Employee focus.
Business partners (Patzer, 2011).
Corporate Social Responsibility: Verizon
Non-business related acts of appreciation to the community.
Environmental management.
Health care assistance.
Disaster response (“Verizon Singapore gets the award for sustainability efforts”, 2012).
Key strategy-making principles at Verizon
Differentiation.
Growth.
Change motivation (Koplyay et al., 2012).
Major managerial issues to be addressed for successful strategy execution for Verizon
Customer service delivery.
Employment relations.
References
Koplyay, T., Lloyd, D. M., Sanchez, L., Paguin, J-P. (2012). Strategy making in hi-tech markets – the “clock-speed” paradigm. IIE Annual Conference Proceedings, 1-10.
Hanafizadeh, P., Moosakhani, M., & Bakhshi, J. (2009). Selecting the best strategic practices for business process redesign. Business Process Management Journal, 15(4), 609-627.
Olsen, K. (2012). Verizon annuity deal adds to pressure on long bonds. Pensions & Investments, 40(22), 5.
Patzer, G. (2011). Ethics concerning physical attractiveness phenomenon: Business strategy versus research knowledge. Journal of Academic and Business Ethics, 3, 1-13.
Verizon (2013). About Verizon. Web.
Verizon (n.d.). The history of Verizon Communications. Web.
Verizon Singapore gets an award for sustainability efforts. (2012). Manufacturing Close – Up. Web.