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Strategic Marketing Plan

Rosiland Young Comment by Ismael Hau:

University of Phoenix

Prof. Ismael Hau-Rosa

Marketing 574

March 4, 2024

Business Description Comment by Ismael Hau: Start with the name of the assignment as your initial heading. Please, read more information and comments within the paper.

The popular telecommunications business Verizon Wireless strives to provide dependable cellular communication services. Their goal is to link individuals and companies worldwide to help them succeed in the digital age. Verizon aims to deliver reliable cellular services. They connect people and businesses globally to prosper in the digital era. They want to be the most trusted communication and entertainment provider, improving consumers' lives with innovative solutions. Verizon Wireless offers phones, data, internet- Internet, and entertainment. Verizon, a major US cellphone operator, serves millions. References? Environmental Analysis Competitive Forces Comment by Ismael Hau: Centered. Nowadays, Artificial intelligence (AI) can significantly enhance the efficiency and effectiveness of environmental analysis in a strategic marketing plan. Through advanced data processing and pattern recognition, AI can quickly analyze vast amounts of environmental data, identify trends, and provide valuable insights for strategic decision-making. The use of AI in environmental analysis enables marketers to stay abreast of changing market conditions, anticipate trends, and adapt their strategies accordingly.

Verizon Wireless has substantial rivalry from other telecommunications behemoths like AT&T, T-Mobile, and Sprint. Verizon has a strong market position and significant market share by using a BCG matrix, which is attributed to its wide network coverage and dependable service. Competitors' recent strategic actions, including aggressive pricing or bundling services, provide obstacles (DiMaggio, 2017). Verizon's primary competitive strengths are its advanced network infrastructure, cutting-edge technology, and solid brand recognition.

Economic Forces

Verizon Wireless's operations are substantially affected by economic issues. Changes in consumer spending, interest rates, and general economic well-being impact the demand for telecommunications services (Ding, 2018). Economic factors impact supplier relationships and infrastructure expenditures required for network development and improvements. No blank space Political Forces Comment by Ismael Hau: What about the inflation? Comment by Ismael Hau: A heading should be spaced closer to the text that follows (and that it describes) than the preceding section to avoid confusion for the reader. This won’t be pointed out again to avoid repetition.

Political influences, such as regulatory changes and government policies, influence the telecommunications business. Legislation concerning net neutrality or spectrum allocation directly impacts Verizon Wireless's business. Political stability and infrastructural development plans, together with digital inclusion objectives, have a significant influence on the company's long-term strategy (Marques, 2019). Legal, Regulatory, and Ethical Issues

Verizon, like most companies, operates in a highly regulated environment in which it is required to deal with legal and ethical issues like privacy law, data security and adherence to FCC rules. Among the elements impacting innovation, sustainability and social responsibility are also included in the company's decision-making process and market positioning (DiMaggio, 2017).

Technological Forces

Verizon Wireless has to adjust to fast technological progress, such as 5G implementation, IoT incorporation, and AI-based solutions. Remaining at the forefront of developing technology helps Verizon sustain its competitive advantage and fulfill changing customer needs for quicker, more dependable connection and cutting-edge services (Ding, 2018). Social Forces Comment by Ismael Hau: Technology, particularly artificial intelligence, holds immense importance in the contemporary business landscape. It enhances operational efficiency by automating tasks and processes, reducing human error, and enabling faster decision-making. Additionally, technology provides businesses with valuable data and insights for informed strategies, facilitating better customer experiences and competitive advantages. Finally, the rapid evolution of technology ensures that companies embracing these advancements can stay agile, adapt to changing market dynamics, and remain relevant in today's highly competitive marketplace.

Social factors like demographics and consumer preferences affect Verizon Wireless's target markets and products. Consumer preferences are changing due to digital connectivity and mobile device usage, necessitating fluid communication solutions (Ding, 2018).

Current Target Markets

Verizon Wireless caters to a wide range of populations, such as people, families, and companies, in different geographic areas. Their target market consists of tech-savvy consumers and professionals looking for dependable communication services and smooth connection (Xaif, 2022). Verizon's consumers prioritize quality, dependability, and simplicity in their wireless communication solutions based on their psychographics. Current Marketing Strategies Comment by Ismael Hau: Try to be more specific. In marketing, measure is a key element. Comment by Ismael Hau: Tactics?

Verizon Wireless combines multichannel marketing tactics to make consumers desire its services. These are just some of the marketing tactics they employ: print advertising, online marketing campaigns, social media events, joint efforts with other forces. Customers usually come to Verizon's goods via marketing, word-of-mouth recommendations, and internet research (Ding, 2018). Typically, the purchasing procedure includes internet research on plans and devices, visiting retail outlets for product demos, and seeking advice from customer support experts. Verizon dedicates substantial resources to marketing efforts to enhance brand exposure and expand market reach. Good. SWOTT Analysis: Strengths:- Comment by Ismael Hau: Centered. Delete the double dots (colon). The SWOTT Analysis holds great relevance within a strategic marketing plan for several reasons. Firstly, it provides a structured framework for assessing the internal Strengths and Weaknesses of a company, helping to identify areas for improvement and optimization. Also, by examining external Opportunities, Threats, and Trends, it enables businesses to adapt their strategies proactively to changing market conditions and competitive landscapes. Furthermore, the SWOT analysis serves as a foundational tool for aligning marketing strategies with the overall business goals, enhancing the plan's effectiveness, and ensuring a more informed and comprehensive approach to marketing decision-making.

Verizon Wireless excels in its broad network coverage, technical expertise, high brand awareness, and devoted client base. They stand out from rivals due to their better infrastructure and unique solutions, which help build client trust and happiness (DiMaggio, 2017). Weaknesses: –

Despite its benefits, Verizon Wireless faces pricing competition, customer service, and network congestion. To maintain market leadership, greater pricing, customer service, and network optimization are needed (Xaif, 2022).

Opportunities: –

Verizon Wireless has several opportunities in developing technology, market growth, and strategic alliances. Utilizing 5G technology, entering new geographic areas, and partnering with content providers create opportunities for development and innovation (Xaif, 2022). Threats: – Comment by Ismael Hau: In a SWOTT analysis, understanding the opportunities in the market is essential as it provides valuable insights into areas where a company can potentially grow and thrive. By identifying opportunities, businesses can tailor their strategies to capitalize on emerging trends, new technologies, or underserved market segments. Measuring these opportunities allows companies to prioritize their efforts effectively, allocate resources efficiently, and stay ahead of competitors in a dynamic market environment. Ultimately, by leveraging market opportunities, organizations can enhance their market position, drive innovation, and achieve sustainable business growth.

Verizon Wireless faces threats from fierce competition, regulatory obstacles, technological changes, and cybersecurity vulnerabilities. Verizon faces challenges to its market position and profitability because to competitors' pricing practices, legislative developments affecting net neutrality, fast technology improvements, and cybersecurity risks (Xaif, 2022). Transforming weaknesses and threats into strengths and turning strengths into opportunities. Comment by Ismael Hau: Trends are missing. Check the instructions. Incorporating Trends into a SWOTT analysis is vital because it helps businesses stay current and forward-thinking. By identifying trends, both opportunities and threats, companies can proactively adjust their strategies to harness emerging opportunities and mitigate potential challenges. Furthermore, considering trends in a SWOTT analysis allows for a more comprehensive and future-oriented understanding of the business environment, enabling organizations to make informed decisions and stay ahead of the competition.

Verizon has to focus on customer-centric initiatives, invest in network infrastructure improvements, improve service offerings, and simplify operations to tackle vulnerabilities and threats. Verizon can take advantage of possibilities in 5G innovation, market development, and strategic collaborations by using its technology competence, brand recognition, and consumer loyalty. Marketing Objectives

Performing a SWOT analysis for urban markets, Verizon Wireless objectives are: Verizon focuses on the leadership with the presence in rural markets by upgrading infrastructure of and cooperating with the local service providers. The corporation intends to increase its market penetration in rural regions by 15% before the end of June 2024. Success will be determined by the quantity of new customers gained from these regions and the increase in income produced from rural markets. Reference?

Verizon Wireless plans to provide advanced 5G-based IoT solutions to meet the increasing demand for IoT services. The company's goal is to secure a substantial portion of the growing IoT market sector by August 2024. Success will be determined by the pace at which companies embrace these new services and the income earned from IoT subscriptions.

Verizon Wireless aims at winning customers over and over through the service of personalized marketing strategy and reward programs. The company targets to retain 25% new clients it adds every year by December 2024. Achievement will be defined by things like consumers’ satisfaction, how frequently they buy from Verizon Wireless, and the Net Promoter Score (NPS), which shows how probably consumers would advise Verizon Wireless to others. Good.

References

DiMaggio, D. (2017, January). Victory at Verizon: The Anatomy of a Strike. In  New Labor Forum (Vol. 26, No. 1, pp. 28-35). Sage CA: Los Angeles, CA: SAGE Publications. Comment by Ismael Hau: Review the APA information provided by the professor on the first day of class. Read more for APA examples at: APA style, 7th edition Common Reference Examples Guidelines

Ding, S. (2018).  Optimizing Verizon distribution center and logistics operations (Doctoral dissertation, Massachusetts Institute of Technology).

Marques, L. F. F. (2019).  Equity Research-Verizon Communications Inc (Doctoral dissertation, Universidade de Lisboa (Portugal)).

Xaif. (2022, October). Detailed SWOT analysis of Verizon – 2022 update. IIDE. https://iide.co/case-studies/swot-analysis-of-verizon/

Rosiland,

Overall, your assignment shows good information and a good understanding of the topic. However, there are a few areas that need improvement. Some of the required information is missing or too general, which affects the completeness of your work, and it appears that you did not fully adhere to the given instructions. To enhance your performance, make sure to carefully review the assignment instructions, guidelines, and ensure that all necessary components are included in your future submissions.

Note: Citing references in an academic assignment is fundamental as it acknowledges the contributions of other authors. It helps prove credibility and demonstrates the thoroughness of the investigation conducted for the assignment. Additionally, proper citations enable readers to access and verify the sources, promoting precision and integrity in academic performance.