Verizon’s mission statement and vision statement specify business focus on technology for delivering value to target customers in the telecommunications industry. The mission statement represents the business purpose and sets the approach and general activities of the company. For example, Verizon’s mission statement specifies the use of network technology. On the other hand, the vision statement describes the future desired state of the business. Verizon’s vision statement presents the importance of the inspirational role of the company in enhancing lives. The corporate mission statement determines the business nature and activities, as well as the capabilities and strengths noted in the SWOT analysis of Verizon. In its corporate vision statement, the company establishes its value in the lives of its target customers. In these statements, the telecommunications company creates a general sense of what the business is all about and how to grow the operations of its various divisions and subsidiaries.
Through its corporate mission statement, Verizon Communications Inc. aligns human resource activities with the corporate vision statement, based on emphasized points that are common between the two statements. Managerial decisions for all operations throughout the organization are guided by these statements. For example, Verizon’s wireless services use the mission statement and vision statement for developing strategies for its specific market for wireless telecommunications services.
Verizon’s Mission Statement
Verizon’s mission statement is “We deliver the promise of the digital world to our customers. We make their innovative lifestyles possible. We do it all through the most reliable network and the latest technology.” This corporate mission pertains to what is known as the “Verizon Promise,” which has evolved through the years. The following are the components of Verizon’s mission statement:
- Deliver the promise of the digital world to our customers
- Make their innovative lifestyles possible
- Do it all through the most reliable network and the latest technology
Verizon’s mission statement pertains to goals and objectives that establish the relevance of telecommunications competitors, like AT&T, T-Mobile, and Google Fiber. The first component of the corporate mission statement shows focus on the promise of the digital world as a value that Verizon Communications Inc. provides to its target customers. This promise pertains to the effects of advanced telecommunications technologies in people’s lives, as implied in the other components of Verizon’s mission statement. For example, the second component points to enabling customers to have innovative lifestyles through the company’s popular wireless services. On the other hand, the third component of Verizon’s corporate mission refers to the nature of the business. For instance, to deliver its promise, the company uses a reliable network and the latest cellular network technologies for wireless services. Thus, the corporate mission statement guides business decisions, such as decisions on the type of telecom assets to acquire to grow the business. This technological nature of the business is also included in the company’s corporate vision statement. These corporate statements influence Verizon’s generic competitive strategy and intensive growth strategies.
Verizon’s Vision Statement
Verizon’s vision is “to inspire tomorrow’s creators to use technology to build brighter futures for themselves, their families and the world.” In this corporate vision statement, the emphasis is on the role of the company in the lives of its stakeholders. The following are the components of Verizon’s vision statement:
- Inspire tomorrow’s creators
- Use technology
- Build brighter futures for themselves, their families and the world
Verizon’s vision statement indicates technology-based business aims that satisfy market demand and customers’ needs. The vision reflects a value proposition (e.g., benefit to customers and their future) that aligns with Verizon’s marketing mix (4P). The first component of the corporate vision statement specifies the role of the telecommunications business in the lives of its stakeholders, who are called creators in this case. These creators may include customers and employees, among others. The second component of Verizon’s vision statement establishes the type of organizational output that the company provides to its customers. For example, some of the output comes in the form of services using wireless telecommunications technologies that are part of the company’s assets. On the other hand, the third component of this vision statement presents the value that the wireless carrier delivers to its stakeholders, especially customers. For instance, in wireless operations, continually improving telecommunications services enable Verizon customers to effectively access information and communicate with the people that matter in their lives. Thus, the corporate vision statement indicates the core significance of technology in the company’s business. Such significance of technology is also established in the corporate mission statement of Verizon Communications Inc.
Evaluation & Recommendations – Verizon’s Mission & Vision
The mission statement of Verizon Communications Inc. satisfies conventions and standards regarding mission statements. For example, the company specifies its target market as composed of customers of digital products. Also, this mission statement includes the nature of the business and what it uses to provide its products to the target market. Specifically, the company uses network technology and related technologies. Such technologies include cellular technology for wireless communications. Thus, Verizon’s corporate mission statement is satisfactory in these aspects. However, it is ideal to include details on competitive advantage, employees or human resources, and business philosophy. Therefore, a recommendation to improve Verizon’s corporate mission statement is to add information about human resource strategies, business beliefs, and approaches for ensuring competitiveness in the information and communications technology and services market.
Verizon Communications Inc. has a vision statement that presents the value of the business, especially in terms of technology that enables customers. However, there are insufficient details to satisfy conventions and standards for the ideal corporate statement. An ideal corporate vision states a primary goal and is future oriented. While Verizon’s corporate vision statement does include a primary goal, it does not specify a future situation that the company wants to reach. Such a future situation is essential to guiding the development of strategies throughout the company’s organization, such as strategies for what is to become of existing wireless service operations, considering the continuing advancement of technologies in the telecommunications industry. In this regard, a recommendation to improve the corporate vision statement is to add more information about the target future situation of the business, such as a description of what Verizon will be in the decades to come.
References
- Desta, E., & Amantie, C. (2024). Investigating the relationship between brand equity and customer loyalty. The moderating effect of customer satisfaction in the telecom industry. International Journal of Business and Economics Research, 12(1), 21-35.
- U.S. Department of Commerce – International Trade Administration – Telecommunications.
- Verizon Communications Inc. – Form 10-K.
- Verizon Communications Inc. – Who We Are.
- Verizon Shop.