Running Head: VERIZON COMMUNICATIONS 1

Verizon Communications - Cases 4

Ezra Ling

Siena Heights University

BAM 479

Professor Deborah Harvel-Jenkins

04/03/19

Case Statement
VERIZON COMMUNICATIONS 2

Verizon Communications is now facing the challenge of trying to become the biggest

company in its industry and at the same time keep its place as the companies under them strive to

knock them down.

Vision Statement

“To inspire tomorrow’s creators, to use technology and to build brighter future for

themselves, their families and the world.” (panmore.com)

Mission Statement

“Verizon delivers the promise of the digital world by enhancing the ability of humans,

businesses and society to do more new and do more good.”(verizon.com). Our mission statement

is short and simple and gets to straight to the point of the company we are trying to be. We put

forth the point that we are first and foremost about our products and services. We strive to

provide excellent service and enable people as well as businesses to have the ability to

communicate with one another.

Mission Statement Evaluation Components

Mission Table Evaluation Matrix

Customers Yes

Products & Services Yes

Markets Yes

Technology Yes

Concern for Survival, Growth and Profitability Yes

Philosophy Yes
VERIZON COMMUNICATIONS 3

Self Concept Yes

Concern for public image No

Concern for employees No

It meets the first component of mission statements because it addresses their customers.

Verizon says clearly that they want to improve the way their customers do things in life. They

have a very broad demographic of people they serve, so it makes good sense to be very general

on what they call their customers.

Verizon does a good job for the second component as well because they address their

services, which is digital items and services. They also promise to keep improving at it which is

a nice touch.

They do a decent job of the third component of markets, because as stated before they

have such a broad market that they have to be incredibly general in the way they address it.

They also cover a broad spectrum of technology, so they cover all their bases by saying,

“digital world” because that includes services and goods on the digital side. They could’ve done

better here because Verizon isn’t known for being on the cutting edge of technology. Combine

this with the advertising by Sprint that goes directly at Verizon and the fact that Sprint is

combining with T-Mobile, they whiffed on this component.

In terms of the fifth component they do a good job by addressing that they promise to try

keep improving their products and services for their customers.

Their prime philosophy is to “deliver the promise of a digital world.” This is a very

mediocre philosophy because any other company with an internet connection can technically do

the same thing. It also talks on the page of their website things like leadership, diversity, and
VERIZON COMMUNICATIONS 4

innovation, but they’ve done a terrible job of marketing these things about the company,

compared to companies like Google and Netflix, but they technically do deliver.

Their self-concept is that they cover 98% of the US and they reach over 1 billion people

worldwide. This puts them over Sprint, T-Mobile, Cricket, Boost etc., but their main competition

is AT&T and this doesn’t set them apart from them. A good example is Adidas and Nike. Nike

obviously has the advantage over Adidas in terms of market share, but Adidas can claim things

like innovation and reference their foothold in the fashion world and the fact that many in the

industry have copied their look. Verizon should’ve mentioned something about Xfinity because

that’s something that gives them an actual edge over their competitors.

It addresses concern for public image a little bit by stating that they want to help people

“do more new and more good”, which grammatically sounds awful. They should’ve referenced

something specific as an example.

They say nothing in terms of concern for employees.

Overall this is an average mission statement, but since Verizon is such a successful company

with a big profile and plenty of resources, they should’ve done a lot better.

Milestones

“Verizon Communications was formed in June 2000 with the merger of Bell Atlantic and

GTE. Verizon Wireless evolved from the merger of Vodafone, Airtouch, Bell Atlantic, and

GTE.”(referenceforbusiness.com). Since then Verizon has grown substantially and presented an

alternative to major player in the market at that time AT&T, who was going through some legal

trouble at that time. Verizon is primarily known for providing great internet with Xfinity and

their broad cellular service. This is proved with accomplishing things like
VERIZON COMMUNICATIONS 5

In the year 2000, Verizon Communications was formed from one of the largest mergers

between Bell Atlantic Corp. and GTE Corp, in a deal worth over $52 billion

In 2002, Verizon launches their 3G network, which gives their consumers the ability to

access the internet with high speed connection on their mobile devices

In 2004, Verizon is added to the Dow Jones Industrial Average

In 2006, Verizon acquires MCI Corp., and by doing so, becomes a “leading provider of

advanced communications and information technology solutions to large-business and

government customers worldwide” (Verizon Communications).

In 2007, Acquires “Cybertrust, a global information security firm, Verizon Enterprise

Solutions becomes the leading provider of managed security services to business and

government customers worldwide.”

In 2009, Verizon becomes the “largest wireless service provider in the U.S., as measured

by the total number of customers”, with their acquisition of Alltel Corp. (Verizon

Communications)

In 2010, Verizon announces the launch of their 4G LTE network, which is the “fastest

and most advanced network” with speeds up to “10 times faster than the company’s 3G network”

(Verizon Communications).

In 2012, “Verizon launches 4G LTE in its 400th market Less than 24 months after

launch, Verizon's 4G LTE service expands to its 400th market. Marquette, MI is chosen to

symbolize how the nation's largest 4G LTE network now reaches every corner of the

U.S.”(Verizon Communications).

In 2015, Verizon acquires AOL Inc for 4.4 billion dollars

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In 2016, Verizon acquires XO Communications’ fibre optic network business in an effort

to continue to strengthen their position

In 2018, “Verizon and its technology partners complete the world’s first 5G data

transmission on a smartphone over a commercial 3GPP 5G New Radio (NR) network.” (Verizon

Communications).

This gives Verizon more of an ever present foothold in the digital world. From their

purchases and the way they’ve handled their business Verizon centers itself on providing good

product and services and expanding the scope of their company.

External Assessment

Key External Factors Weight Rating Weighted Score

Opportunities

Wide Phone 0.2 4 0.8

Coverage

Acquisition of assets 0.1 3 0.3

like Yahoo

Establishment of 5G 0.3 2 0.6

networks

Threats

Other Companies in 0.3 2 0.6

the Industry

Controversies about 0.1 2 0.2

privacy

Evolving technology 0.1 2 0.2

VERIZON COMMUNICATIONS 7

Total 1.00 2.7

We can see from this that Verizon has doubled down on in its strengths rather than addressing

their weaknesses. They have a good reputation for having great service, so this was a smart to

keep guareenting and updating their great service. They do need to address the other companies

in their industry more and get a new marketing campaign.

Internal Assessment

Key Internal Factors Weight Rating Score

Strengths

Great cellular service 0.3 4 1.2

Has a strong foothold 0.1 3 0.3

within its industry

Good Return on Asset 0.2 3 0.6

Ratio (5.95)

Weaknesses

Spotty Customer 0.15 1 0.15

Satisfaction

Service is very US 0.15 2 0.3

based

High Total Debt to 0.1 2 0.2

Total Equity(212.74)

Total 1.00 2.75

VERIZON COMMUNICATIONS 8

Cellular Service is still an important part of this industry and it's also why Verizon has an

advantage over its competitors. Reviews of people who have Sprint or other companies complain

all the time about their service and Verizon have little to none bad reviews about their broadband

service. Their debt to equity ratio is a little worrying though. Its incredibly high ratio compared

to its competitors like AT&T who are at 95.88, Sprint is at 155.15, and T-Mobile is at

121.79(marketwatch.com). Customer Satisfaction with the company itself with service and

contracts is a mixed bag. A lot of people have had bad experiences with Verizon and word-of-

mouth is amplified in the online age since anyone can put a bad review online.

SWOT Analysis

Their strengths that Verizon has is that its broadband coverage is incredibly strong this is

something among their competitors only AT&T has. They also are extremely profitable in their

market due to their investments in their assets. Their purchases of other companies have been

extremely profitable for them. The good reviews of their coverage and internet service has also

been a strength. Since their service is so good their customer satisfaction with it is good, boosting

their notoriety and establishing their reputation, even though their contracts with the service has

been a point of contention with their customers. This is a threat because it's the main selling

point their competitors use to market themselves. Their weaknesses is that they don’t have a

strong foothold in the international market. This limits their potential to grow as the world gets

more connected and the scope of all business expand. It’s ironic that a company that is built on

digital prowess and connecting people is lacking this much in this area. Overall their strengths

overwhelm their weaknesses and their outlook for the future is bright.
VERIZON COMMUNICATIONS 9

Industry Analysis

Rivalry among competing firms is strong within the industry Verizon is in. AT&T and

Verizon have the biggest market share and Sprint & T-Mobile are have good growth and

aggressive marketing to give some examples of the competition Verizon has. According to

Statista since the 1st quarter of 2011 Verizon has had around 34% of the US market share,

Verizon has had around 31%, Sprint averaging around 13%, and T-Mobile having around 15%.

Verizon attempts to combat the competition by focusing on the quality of their product and

service since they have the largest cellular coverage in the nation, but rival companies have tried

to undermine this by offering contracts that are more beneficial to the consumer by buying them

out even if it means less profit for them. An example is Sprint with their Clean Slate program

that covers up to $400 in switching providers.

Potential Entry of New Competitors is not something Verizon has to worry about since

the amount of resources it takes to establish a telecommunications company is enormous and it

would take even more resources for that new competitor to even pose a threat to Verizon.

Threat of Substitutes is a huge problem that Verizon must address. Their competitors can

almost offer all the exact same things and one of the only things that seperates Verizon from the

rest of the pack is their extensive coverage. We can see this from the phones that each service

offers with Iphones and Samsung being the most popular and available for almost all companies.

Their competitors are catching up now though and they must innovate to keep their position

within the industry or risk becoming obsolete.

In terms of the bargaining power of the supplier, they have little to none. Verizon has a

variety of different suppliers they can go to acquire the supplies they need. Any supply company

that does business with Verizon is guaranteed to make a considerable amount of money because
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Verizon is such a successful business generating 33.96 billion dollars of revenue in Q4 of 2017

according to CNBC. So in terms of negotiations, the supply companies will bend to any of

Verizon’s demands.

The bargaining power of the consumer is now larger than it was in the past. This is due to

rival companies like Sprint and T-Mobile making it easier for consumers to switch to their

services by offering things like buying out the rest of their contracts. This puts Verizon in a

compromising position.

Competitive Strategies

SWOT Analysis

Strengths

They have the largest network coverage in the US and that is their biggest strength.

“Verizon customers experience the fewest dropped calls, best call connections and fastest data

speeds overall of any wireless mobile network in the United States, according to what may be the

largest independent test of America's networks.”(Forbes). The independent test was conducted

by Dave Anderson of RootMetrics. They also have great brand recognition due to being around

for a while and good marketing in the past. They actually ranked in the top three in ad awareness

according to a study done by BrandIndex.(mediapost). They are also pretty profitable with a 3.74

dollars adjusted earning per share and 87.5 billion dollars in wireless revenues in 2017.(Verizon).

They’ve also become one of the first companies to start establishing 5G in America.

Weaknesses

One of their key weaknesses is that they are not very an international company. Getting a

lot of their revenue from the United States. This could prove to be the Achilles’ heel for Verizon

as rival companies have pounced on this opportunity to expand into other countries outside of the
VERIZON COMMUNICATIONS 11

US. Another weaknesses stems from their strength, due to the high quality of the service that

results in high prices, but “Still, Verizon's LTE network is generally seen as the fastest and

farthest-reaching of the bunch…”(businessinsider).

Opportunities

They could expand globally and increase their profits substantially. They already have

the brand recognition and good reputation so there is less risk for them to fail in those markets.

They could also be the first to establish 5G networks across America like they did with 4G. This

will show their commitment to quality and be on the cutting edge of technology.

Threats

The Sprint and T-Mobile merger is a big threat, as Stephanie Dennig of Forbes stated,

“The merger will give power to Sprint and T-Mobile to compete with AT&T and Verizon more

effectively.” Another threat is cyber security as we move forward in the digital age we move

towards cyber warfare now more than ever, so Verizon and its customers are always under threat

of a cyber attack, so they have to keep updating and protecting their systems at all times.

Financial Analysis

Where is the firm financially strong and weak as indicated by financial ratio

analyses?

Verizon’s strength financially relies mainly on its profitability. They lead their competitors in

things like gross margin, operating margin, and return on total capital. Their weaknesses lie in

the fact that they have a lot more total debt to total equity, total debt to total capital, total debt to

total assets, long-term debt to equity, long-term debt to total capital.

Can the firm raise needed short-term capital?

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Yes, they can raise the needed short-term capital because they have good ratios on return of

assets, equity, total capital, and invested capital.

Can the firm raise needed long-term capital through debt and/or equity?

Yes, they can raise long-term capital because as a company they are in a good position of being

able to add debt to the debt they already have without risking bankruptcy. They churn in enough

profits to counteract any debt they take on in an effort to make more capital long-term.

Does the firm have sufficient working capital?

At the moment the company does not have a sufficient working capital with a 0.87

ratio(tradingeconomics). A current ratio less than one means the company has insufficient assets

to convert to cash and pay operating expenses and near-term liabilities.(small-business).

Are capital budgeting procedures effective?

They are decent because even though they don’t a sufficient working capital, as stated before

Verizon has managed to stay extremely profitable and maintained its position within its industry

as number two right behind AT&T.

Are dividend-payout policies reasonable?

Yes, the dividend-payout policies are reasonable. They are paid quarterly and the yield of 4.13%

is a lot higher than the average for technology 0.99%(dividend).

Does the firm have good relations with its investors and stockholders?

They have a good relationship with its investors and stockholders because the good rate of

growth the company has experienced and the return they have gotten.

Are the firms financial managers experienced and well trained?

As a leader in ints industry, Verizon’s financial managers are experienced and well trained. They

have a lot of resources so they can afford to get the best there is.
VERIZON COMMUNICATIONS 13

Quantitative Strategic Planning Matrix

Strengths Weight AS TAS

Largest Network 0.3 3 0.9

Coverage in US

Great brand 0.2 2 0.4

recognition

Profitability 0.4 4 1.6

Establishing 5G in 0.1 1 0.1

America and is
among the first

Total 1.0 3.0

Weaknesses

Not international very 0.45 4 1.8

much

High prices 0.25 2 0.5

Competitive industry 0.3 3 0.9

Total 1.0 3.2

Opportunities Weight AS TAS

Expand 0.45 4 1.8

internationally

Be first to establish 0.15 1 0.15

5G in US

Offer lower prices 0.25 2 0.5

with longer contracts
and be more able to
restructure contracts

Total 1.0 2.45

VERIZON COMMUNICATIONS 14

Threats

Sprint and T-Mobile 0.5 3 1.5

Merger

Cyber Security 0.35 1 0.35

Changing technology 0.15 1 0.15

Total 1.0 2.0

The reason profitability is prioritized so much is at the end of the day business is about

making money and Verizon makes a lot of money. Their network is of high importance because

they are known for their quality of service and that is what separates them from the rest of the

pack. The biggest problem that Verizon is facing is their lack of international expansion. This is

will work against their long-term sustainability and could lead to a lot of future problems. Their

industry is also cutthroat and this is a threat and a weakness because not only is the technology

constantly changing forcing these companies to keep up, but they are concurrently trying to

knock each other down. For opportunities, international expansion should be priority number one

because a lot of money can be made by having international representation. By diversifying the

international market, they’ll make it more competitive leading to better prices for consumers.

The price and contracts they do is also a priority because the main complaint of Verizon is this.

The recent T-Mobile and Teen Mobile merger should be a threat, Verizon should be wary

because they were a distant place behind them and AT&T, but now they can cover ground

quicker with more resources.

For long-term objectives, Verizon should look to establish 5G in America and market

develop by establishing a more solid base in big markets like Europe and South Korea. They
VERIZON COMMUNICATIONS 15

should stay out of China because of ethics because as of right now there is a lot of immoral

things going on behind closed doors that is leaking out right now about China and would go

against the values that Verizon has. South Korea would be a good one as it technologically savvy

nation and there is a lot of crossover in terms marketability to be done as the Korean pop culture

has gone mainstream and that would allow them to capture that whole region if done right.

Verizon going international might incentivize other companies to venture as well and might put

more companies in America as well, as stated before creating more competition which is good

for the consumer as companies strive to keep their interest. A good example of this is the

Monday Night Wars of wrestling. Back in the late 90s WWE and WCW were constantly

competing for viewers and produced some of their product and if you ask a lot of people who

watch wrestling, a lot of them would regard this as their favorite era. Even now WWE is still

riding a wave of nostalgia created by that era and it pushed them into becoming a billion dollar

company.

They could also horizontally integrate and seek to acquire Telefonica S.A., a

telecommunications that primarily serves Latin America. This would allow them to expand into

those companies more successfully.

Verizon could also focus on product development and really push the 5G. Be the first to

establish a wide network of working 5G in the United States. This would give them a lot of

publicity and people would probably head over to Verizon just to try it out, but the celebration

would be short-lived because as soon as other companies see it, they will try their hardest to push

out 5G as well.
VERIZON COMMUNICATIONS 16

The case statement was addressed by coming up with strategies that would boost Verizon

position within the industry while maintaining it. Two of these strategies address Verizon’s main

weakness of international coverage and capitalizes on their great brand recognition.

Action Plan

Verizon’s main goal right now should be international expansion so it can maintain its

sustainability.

Diego Scotti, the Chief Marketing Officer and Guru Gowrappan, Chief Executive Officer

of Verizon Media should take the reins on this project. There should be a focused marketing

campaign in foreign markets that will make consumers want to switch to Verizon. They should

also work with Rose Stuckey Kirk, Chief Corporate Social Responsibility Officer to make sure

all the marketing content released matches up with the values Verizon tries to enforce.

The first move should be to sponsor a soccer team with widespread recognition like Real

Madrid , Manchester United, or Liverpool. It should cost around 47 million dollars per season if

we compare to Liverpool’s current deal reported by the Mirror.

Tons of people tune into these matches, the mirror reports an average of 1.2 million

people watch Manchester United matches just in England. This would lead to a lot of exposure

not only in England, but the world because soccer is the most popular sport in the world and

these clubs are hugely popular from South America to Australia. Not only that, but millions of

people buy these jerseys so they’ll have the Verizon brand on them whenever they wear them

giving you free advertising. In addition these jerseys will be the ones that will be present in video

games and commercials that companies like Nike and Adidas will do giving you additional

advertising for Verizon.

VERIZON COMMUNICATIONS 17

They could also get social media influencers to market their product overseas. The cost of

this would vary depending on the popularity of the social media influencer you are choosing.

This is a relatively easy and quick way to get word out about their product.

The second recommendation should be a loyalty program that allows consumers to

renegotiate the contract or get out of the contract the longer they’ve been with Verizon. The

longer you are with Verizon you also get shorter contracts allowing the consumer to have more

flexibility. Even though it might seem odd to give long term customers the option to leave but at

that point they’re more likely to stay any way since they’ve put all that progress and time into the

company at that point and would lose it if they joined another company. It just gives the comfort

of knowing that Verizon hears their concerns and lets them have an out if they ever need it.

The last recommendation would be to implement the 5G fully in America because as

stated before it would generate a lot of good press for the company and maintain its image of the

company that offers the cream of the crop service and is on the cutting edge of technology. This

would attract a fair share of consumers especially in overseas markets because if they see how

good Verizon is doing in America they will be led to believe Verizon will do the same thing in

the location as well.

Kyle Malady, Executive Vice President and Chief Technology Officer should be in

charge of this project since, “he oversees the Global Network & Technology (GN&T)

organization, responsible for building the Intelligent Edge Network (iEN), a fiber-based, multi-

purpose network that serves all domestic Verizon customers, as well as the systems that support

it. The iEN enables the country’s leading 4G LTE customer experience, the largest 5G test-bed,

and the nation’s largest residential fiber broadband service.”

VERIZON COMMUNICATIONS 18

In terms of time for each of these goals I would say that the loyalty program should be

the quickest one to implement being a few months at the most. The next one is the contract with

major soccer teams it just all depends on whoever’s contract ends first and would fit the Verizon

brand best. The last is the implementation of 5G which should be finished in the next two years.

In terms of finances Verizon is looking like this for the past four years according to

marketwatch.

2014 2015 2016 2017 2018 5-year trend

Sales/Revenue 127.08B 131.62B 125.98B 126.03B 130.86B

Cost of Goods Sold (COGS) incl. D&A 66.46B 68.57B 67.35B 68.51B 72.61B

COGS excluding D&A 49.93B 52.56B 51.42B 51.56B 55.21B

Depreciation & Amortization Expense 16.53B 16.02B 15.93B 16.95B 17.4B

Depreciation 14.97B 14.32B 14.23B 14.74B 15.19B

Amortization of Intangibles 1.57B 1.69B 1.7B 2.21B 2.22B

Gross Income 60.62B 63.05B 58.63B 57.52B 58.26B

2014 2015 2016 2017 2018 5-year

trend

SG&A Expense 41.72B 30.24B 32.72B 31.01B 28.25B

Research & Development - - - - -

VERIZON COMMUNICATIONS 19

Other SG&A 41.72B 30.24B 32.72B 31.01B 28.25B

Other Operating Expense - - - - -

Unusual Expense 1.4B - 1.8B 2.88B 6.55B

EBIT after Unusual Expense 17.49B - 24.11B (2.88B) 23.45B

Non Operating Income/Expense 805M 325M 1.29B 1.68B 888M

Non-Operating Interest Income 108M 115M 59M 82M 94M

Equity in Affiliates (Pretax) 1.78B (86M) (98M) (77M) 21M

Interest Expense 4.92B 4.92B 4.38B 4.73B 4.83B

Gross Interest Expense 5.29B 5.5B 5.08B 5.41B 5.57B

Interest Capitalized 376M 584M 704M 678M 740M

Pretax Income 15.27B 28.24B 20.99B 20.59B 19.62B

Income Tax 3.31B 9.87B 7.38B (9.96B) 3.58B

Income Tax - Current Domestic 3.33B 6.28B 8.29B 4.31B 2.93B

Income Tax - Current Foreign 81M 70M 148M 200M 267M

Income Tax - Deferred Domestic (83M) 3.51B (1.06B) (14.4B) 359M

Income Tax - Deferred Foreign (9M) 9M (2M) (66M) 30M

Income Tax Credits - - - - -

Equity in Affiliates - - - - -
VERIZON COMMUNICATIONS 20

Other After Tax Income (Expense) - - - - -

Consolidated Net Income 11.96B 18.38B 13.61B 30.55B 16.04B

Minority Interest Expense 2.33B 496M 481M 449M 511M

Net Income 9.63B 17.88B 13.13B 30.1B 15.53B

Extraordinaries & Discontinued Operations - - - - -

Extra Items & Gain/Loss Sale Of - - - - -

Assets

Cumulative Effect - Accounting - - - - -

Chg

Discontinued Operations - - - - -

Net Income After Extraordinaries 9.63B 17.88B 13.13B 30.1B 15.53B

Preferred Dividends - - - - -

Net Income Available to Common 9.63B 17.88B 13.13B 30.1B 15.53B

EPS (Basic) 2.42 4.38 3.22 7.37 3.76

Basic Shares Outstanding 3.97B 4.09B 4.08B 4.08B 4.13B

EPS (Diluted) 2.42 4.37 3.21 7.36 3.76

Diluted Shares Outstanding 3.98B 4.09B 4.09B 4.09B 4.13B

EBITDA 35.43B 48.82B 41.84B 43.47B 47.41B

Marketwatch
VERIZON COMMUNICATIONS 21

If we look at their net income of 15.53 billion dollars in 2018, they have more than

enough money to finance all these recommendations.

Overall they are an internationally recognized company with a large amount of resources

as seen by the chart that can afford to expend these resources for future gain. With these

recommendations they can further solidify their place in their competitive industry and achieve

more stable sustainability for their company.

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VERIZON COMMUNICATIONS 23

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