Verizon Marketing Mix

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Marketing Mix of Verizon analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the business & marketing strategies of Verizon.

Let us start the Verizon Marketing Mix:

Product:

Verizon, as being a telecommunication company with a good network provides many products in this domain such as retail connections, 4G LTE devices, Fios Internet, Fios Vedio. Verizon's product and services are mainly classified into 3 categories namely, wireless, residential and business. These cover the product strategy in the marketing mix of Verizon.

The further divisions of these categories are given below:

• Wireless: devices that involve wireless connection i.e. smartphone, wearable techs, home solutions etc.

• Residential: services that a residential customer would want i.e. Fios Internet, Fios TV, Fios Digital Voice

• Business: provides technical solutions for business success and the basis of innovation - internet of things, cloud, security, networking etc.



Image: flickr-photos/jeepersmedia/


Price:

Verizon Wireless provides quality services to its customers but it’s not at the lowest price. Verizon quote higher prices on the bases of their service quality and features provided. This gives an understanding of the pricing strategy in its marketing mix. As per the statistics of data usage of the customer over the past year, there has been a substantial increase, thus they have come up with plans that would cater to the needs of today’s customer which will obviously be higher than previous data plan (subjected to the increased usage of data). 

As the US mobile market has already reached a point where further penetration is almost impossible Verizon finds it difficult to start quoting high prices as it would lead to loss of business. Keeping these factors in mind the prices are formulated. Verizon has limited or stopped the device subsidies in which the payment of the device was coupled with the service prices. It believes in providing services and devices that will give the correct value to customer for the price he pays.


Place:

Verizon Enterprise Solution has its reach all around the world which also includes majority of Fortune 500. They mainly deal with products which are IP oriented. Its IP network covers 150 countries in different zones of the world. Its website enables a user to browse and understand how their solutions are formulated based on the region wise.

Seeing a few of the numbers below one can envisage the reach of Verizon (numbers for 2015).

418,000 Fios Internet subscriber net additions

178,000 Fios Video subscriber net additions

4.0 million wireless retail net additions


Promotion:

As the competition increase and switching cost of consumers is less Verizon is promoting the idea of not getting limited to unlimited plan. Verizon has come up with plans from the study of customer data usages. To increase the transparency in charging the consumer it has focused on the use of its smartphone app where the consumer can monitor the data usage, change features of the selected plan and switch between plans without penalty. In 2016 Verizon launched the campaign "Better Matters". This involved jotting down of customer frustration in the use of technology which was later used to simplify complicated plans and made it easier for the consumers to understand the new technology. The Verizon campaign also included creation of technology-driven models meant for young people and students to learn skills that would be useful in securing jobs of the future.


Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Verizon.


Physical evidence:

Verizon has an interactive website which provides details about its various services and where customers can buy the services. Verizon also has stores therefore they serve as physical evidence. Since Verizon is a telecommunication company hence its communication networks such as also serve as physical evidence.


People:

Verizon focuses a lot on customer satisfaction. Recently a survey ranked Fios Internet as the top internet service provider in 3 out of 4 regions. Verizon considers customer loyalty as a very important performance matrix. It is improving the interface with customers and making it easier to interact and transact. Lowell McAdam is the chairman and CEO of the company. As of 2014 Verizon employed 177,300 people.


Process:

Verizon works to simplify its various processes and do away with complex procedures. They have simplified complicated wireless and data plans into simple bundles of small, medium, large, extra-large which are very easy for customer to understand and use. Verizon has streamlined its business processes to cut cost to improve productivity and profit. This summarizes the marketing mix of Verizon.


About Verizon:

Verizon is a telecommunication company which deals in wireless services. The mission of Verizon depicts its desire to connect people and the business. It works towards its mission by providing quality service at a competitive market price. The wireless department provides reliable 4G LTE network. Verizon has 110+ million retail connections and 107+ million postpaid customer base (statistics stated on July 26, 2016). In the year 2015, the company had a merger with AOL Inc . AOL did its business in the field of content and advertising. As Verizon is keen in keeping up with the new technologies it found merging with AOL as an opportunity to tap into market of content and digital advertising which would enrich future revenue sources.

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Browse 4Ps Analysis of more brands and companies similar to Verizon Marketing Mix. The Marketing Mix section covers 4Ps and 7Ps of more than 300 brands in 2 categories.

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The names and other brand information used in the Marketing Mix section are properties of their respective companies. The companies are not associated with MBASkool in any way. The brand names are used purely for educational/academic purpose only.

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