Verizon’s Marketing Strategy | Marketing Strategy used by Verizon
Verizon is one of the great networking and technology companies that build, operate, and design worldwide mobile telephony, information systems, and networks to help different companies in growing and excelling their business. Fortune list of 500 companies listed Verizon as 13 effective companies. Recently this company acquired the digital assets of Yahoo for $4.83 billion in cash. The strategic acquisition of this company has been a great help in creating various possibilities for customers and a transforming guide for industries too. Here, we are analyzing Verizon’s Marketing Strategy.
Targeting, Positioning, and Segmentation in Verizon’s Marketing Strategy:
Since this company is serving B2B and B2C, both types of customers. It uses behavioral and demographical segmentation-based strategies for segmenting the market which helps in providing customized services according to their needs. Industries like information technology, networking-based industries, or telecommunication are solely run on the basis of customization, i.e. client or customer’s requirement, so Verizon uses a differentiation-based targeting strategy for providing facilities to its clients. It also uses a product and usage-based effective positioning strategy which helps in creating a diverse and advanced technological telecommunication company-centered image. Its vision is based on a smart, simple, and connected smooth and continuous experience for its customer each time they interact with Verizon. Its tagline hints towards delivering the promises of the digital world.
Use of Competitive Advantage for Verizon’s Marketing Strategy:
Different strategies of the company like the strategic partnership with Google to leverage the mobile platform and various others, different acquisitions like digital assets of yahoo or AOL and Hughes telematics, helped in building communication and networking structure. Broad service and product portfolios like wireline/ wireless, broadband, and mobile networking have greatly helped the company to retain its loyal customers through interrelated services bouquets offered at competitive at the same place.
BCG Matrix Analysis of Verizon’s Marketing Strategy:
Mobile communication network consists of 98 % coverage of U.S. wireless internet, cable services, coverage and vertical like cloud computing, all are stars because of having huge competition. Nevertheless, this segment’s rate of market growth is excellently high which can be understood by considering data consumption.
Distribution Strategy as a part of Verizon’s Marketing Strategy:
Partnership and strategic acquisitions of Verizon have been of great help. It supports the brand in delivering high-quality network services with different platforms. While simultaneously developing already existing platforms according to customer’s demands and needs. It is to fulfill the promise of a better digital world.
Brand Equity as a part of Verizon’s Marketing Strategy:
As a leader of communication and network companies, Verizon believes in exploring possibilities that will help the company in expanding its services. This in return helped the company to work with 500 fortune companies and enhance its solution and connectivity infrastructure.
Competitive Analysis as a part of Verizon’s Marketing Strategy:
For a technology industry, the marketplace will always be competitive. Because large multi-national companies being present along with hovering local players in the market. That is why differentiation-based customer product experience is a must to help companies in strategizing and building support-based infrastructure and to fulfill their missions.
Market Analysis as a part of Verizon’s Marketing Strategy:
The telecommunication and information technology industry is fully crowded with a great amount of MNC and local/ national players struggling hard to eat up market shares of each other. But final deal-breaker to such competition will be the resource cost of the organization. Moreover, such companies prefer to outsource secondary activities and handle company-specific and critical activities by themselves.
Customer Analysis as a part of Verizon’s Marketing Strategy:
Verizon customers are various industries based companies like education, government organization, or healthcare. Verizon’s IT competencies help its customers in the co-creation of their different digital platforms.
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