A cheap product will not be able to survive in this rapidly changing business environment. Organization is another extremely important aspect of the necessary managerial skills for any manager desiring guaranteed success at their individual Verizon location. Organization can be as simple as instituting training at work in a pattern that overlooks no single employee. A good manager cannot expect employees to train themselves or improve their work manners without additional help. A strong organized training program is sure to enhance even the most successful company.
A strong leadership team is another necessary important aspect for businesses engaged in the phone industry. Verizon's leadership team must be instituted and adopted without fear at the workplace, because employees who fear their supervisors simply cannot evolve into successful employees interested in the growth of the company. A strong leadership team will effectively manage the business with the overall objective of accomplishing the larger goals of the organization. Leadership is also represented by effective communication with other members of the team, the establishment of high standards, and the promotion of continuing education in the line of business. Maintaining effective control over the business is also a highly regarded area in effective management. Effective control can be exuberated in a number of ways. At Verizon, the system of annual raises or merit systems has also been eliminated, and raises are given based on performance and quality of workmanship.
The role of the four fundamentals of management in the phone and telecommunications industry is very important. Verizon, a successful competitor in this market, owes much of its economic success to its' pricing methodology, sales preservation and enhancement, and ability to compete within the unique structure of the rapidly evolving technological market. Since the market in which Verizon competes is characterized by intense competition with other phone companies offering the same and similar products and service, the ability to effectively plan plays a crucial role. At Verizon, organization is also key, because the market structure can be best described as a monopolistic market structure in which many firms produce similar goods or services but each firm maintains some independent control of its own price. The element of leadership is important to Verizon because the barriers to entry in this type of market are fairly low and new competitors can easily enter the market.
However, Verizon has taken several steps to place themselves in an optimal competitive position. For example, their pricing strategy has been to invest significant financial resources to advertise products, differentiate themselves from the competition, build brand image, and improve brand loyalty. Although such advertising is fairly expensive, Verizon has used this non-price competitive tool to build brand loyalty and change consumer determinants of demand. Verizon has protected their brand by actively pursuing infringers and protecting their trademarked names. Verizon also uses a pricing strategy to preserve and enhance sales. All of its' prices remain competitive with those of competitors, and from time to time the company will also implement sales or specially priced items occasionally to attract more consumers. In this way, Burger King has maintained effectively the phase of control in their management model.
As a review of the leadership at Verizon indicates, the company has successfully built its business on a simple, powerful premise; the more people connected to a network, the more valuable the network is to those who use it (Verizon 2006, at pp.1). Two recommendations for the future of Verizon would be implement the goal of going international with their telecommunications service, to serve millions of customers around the world, including global, national, mid-size, regional and government customers. Another recommendation would be to offer employees a free phone incentive program, which would serve to motivate employees in the performance of their day-to-day work. Finally, as long as leadership and management at Verizon continue to operate in its current manner, the phone company will undoubtly remain in a competitive advantage. Thus, the future of Verizon appears bright.
Bass, B.M. (1996). A new paradigm of leadership: An inquiry into transformational leadership. Alexandria: U.S. Army Research Institute for the Behavioral and Social Sciences.
Oak, C. & Schoeffler, B. (2002). Management for the 21st Century. Retrieved March 13, 2007, from Insurance Journal Web site: http://www.insurancejournal.com/magzines/southcentral/2002/03/11/mindyourbiz/18984.
Verizon. (2007). Verizon. Retrieved March 17, 2007,…