Verizon Communications, Inc., the parent company of Verizon Wireless, keeps its focus on technology as basis for delivering value to its target customers in the telecommunications industry, based on the specifications of the vision statement and mission statement of the business. A vision statement serves as a description of the future desired state of the business. For example, Verizon’s vision statement presents the importance of the inspirational role of the company in enhancing lives around the world. On the other hand, a mission statement sets the approach and general activities of the business. For instance, Verizon’s mission statement specifies the use of network technology and related technologies. In its corporate vision statement, the company establishes its value in the lives of its target customers. The corporate mission statement determines the nature of the activities of the business. In these statements, the company creates a general sense of what the business is all about and how to grow the operations of its various divisions and subsidiaries, such as Verizon Wireless.
Through its corporate mission statement, Verizon Communications, Inc. aligns human resource activities with the corporate vision statement, based on terms and emphases that are common between the two statements. Managerial decisions for all operations throughout the organization are guided through these statements. For example, as a subsidiary, Verizon Wireless uses the vision statement and mission statement of its parent company as basis for developing strategies for its specific market for wireless telecommunications services.
Verizon’s Vision Statement
Verizon’s corporate vision is “to inspire tomorrow’s creators to use technology to build brighter futures for themselves, their families and the world.” In this vision statement, the emphasis is on the role of the company in the lives of its stakeholders. This same role extends to the business activities of the company’s subsidiaries. For example, Verizon Wireless aims to fulfill this inspirational role in the lives of its customers in the wireless telecommunications market. The following are the components Verizon Communications, Inc.’s corporate vision statement:
- To inspire tomorrow’s creators
- To use technology
- To build brighter futures for themselves, their families and the world
The first component of Verizon’s corporate vision statement specifies the type of role that the company has in the lives of its stakeholders, which are called creators in this case. These creators may include customers and employees, among others. The second component of the vision statement establishes the type of organizational output that the company provides to its customers. For example, in the case of Verizon Wireless, such output comes in the form of wireless telecommunications products, through the use of wireless telecommunications technologies that form part of the company’s assets. On the other hand, the third component of the corporate vision presents the value that the company delivers to its stakeholders, especially customers. For instance, in the operations of Verizon Wireless, continually improving telecommunications services enable 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.
Verizon’s Mission Statement
Verizon’s corporate 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. Such evolution is an indication of the company’s continuous improvement and adaptation to account for new technologies and needs in the market. For example, the subsidiary, Verizon Wireless, was founded in 2000 to address new and emerging wireless telecommunications technologies and corresponding demand in the market. The following are the components of Verizon Communications, Inc.’s mission statement:
- 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.
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. Details that describe this promise, however, are not specified. Nonetheless, it is arguable that this promise pertains to the effects of advanced telecommunications technologies in people’s lives, as implied in the other components of the mission statement. For example, the second component points to enabling customers to have innovative lifestyles through the company’s services, such as popular services from Verizon Wireless. On the other hand, the third component of the corporate mission refers to the nature of the business. For instance, to deliver its promise, the company uses reliable network technology and the latest technology, which involve cellular network technologies in the case of Verizon Wireless. Thus, the corporate mission statement guides business decisions, such as decisions on the type of assets to acquire to grow the business. Such technological nature of the business is also included in the company’s corporate vision statement. These corporate statements influence Verizon’s generic strategy and intensive growth strategies.
Analysis & Recommendations – Verizon’s Corporate Mission & Corporate Vision
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. For example, an ideal corporate vision should be future-oriented and should state a primary goal. 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 future situation is essential to guiding the development of strategies throughout the organization, such as strategies for what is to become of Verizon Wireless, 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 a target future situation of the business, such as a description of what Verizon will be in the decades to come.
The mission statement of Verizon Communications, Inc. satisfies conventions and standards. For example, the company specifies its target market as composed of customers of digital products. Also, the corporate mission includes the nature of the business and what it uses to provide its products to the target market. Specifically, Verizon uses network technology and related technologies. Such technologies include cellular telecommunications technology in the particular case of Verizon Wireless. Thus, the 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 general information about human resource strategies, business beliefs, and approaches to ensure competitiveness in the information and communications technology industry.
References
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- Kirkpatrick, S. (2016). Build a Better Vision Statement: Extending Research with Practical Advice. Rowman & Littlefield.
- Pace, S. (2017). Shaping Corporate Brands: From Product Features to Corporate Mission. International Studies of Management & Organization, 47(2), 197-205.
- Singal, A. K., & Jain, A. K. (2013). An empirical examination of the influence of corporate vision on internationalization. Strategic Change, 22(5‐6), 243-257.
- Verizon – Who We Are.
- Verizon Communications, Inc. – Form 10-K.
- Verizon Wireless – Official Website.