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 131 million access line equivalents and serving 53 million wireless customers. Verizon is also the world's largest provider of print and online directory information. A Dow 30 company with more than 250,000 employees and $90 billion in 2006 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.
Rapid ChangeIf 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.
GlobalizationResearch in the solid state technology for the improvement of telephony switching systems...