Headquartered in Basking Ridge, New Jersey, Verizon generates in excess of 130.9 billion USD in revenue from its 118.7 million subscribers. Founded as a joint venture between Bell Atlantic with British telecommunications giant Vodafone and, later GTE Corporation.
At its founding, Verizon was valued at around 70 billion. However, later Verizon Communications became the whole and sole owner of the business in 2014 by purchasing the 45% percent stake that Vodafone had in the company.
Today Verizon covers 98% percent of the American population with its 4G LTE. The company’s LTE in Rural America Program covers 21 rural wireless carriers in 169 rural counties. In 2015 the company announced the development of 5G technology.
The development of 5G technology ties directly with the company’s mission statement of changing people’s lives with innovation. So, it is essential to dissect Verizon’s mission statement to get a better understanding of what drives the business.
Verizon Mission Statement and Analysis
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.”
Verizon is stating a couple of things in its mission statement. However, everything the company promises has to do with digital technology. To get a better understanding of the message Verizon is trying to deliver via its mission statement, it is important to dissect it.
- “The promise of the digital world” is Verizon alluding to the company taking steps to ensure that its services reach all corners of America. However, that’s something fairly evident in the way the company has grown operations across the country’s rural areas, which brings the digital world to people living there.
- Making “innovative lifestyles possible” is the company’s way of saying that its reach into the homes and pockets of about everyone will change their lifestyle for the better. For instance, people using a Verizon wireless connection can benefit from highspeed internet even in places where cable TV may not be available. So, these people can stream Netflix and use other streaming websites, which essentially changes their lifestyle.
- Establishing a reliable network is the cornerstone of delivering an excellent service in the digital world. However, reliability comes from consistently investing in the latest and greatest, something that Verizon has proven that it does over the years.
Verizon Vision Statement
Verizon’s vision statement is: “To inspire tomorrow’s creators to use technology to build brighter futures for themselves, their families, and the world.”
Verizon’s vision is to make it possible for people to show their creations to the world and benefit from it. Creations can include books, pictures, logos, designs, paintings, etc. What Verizon hopes to do is make it easy for anyone and everyone to use the internet to make a living doing what they enjoying doing.
Consequently, Verizon via its LTE network, also makes it possible for people to leverage the power of the internet to work as middlemen and outsourcers. That’s one of the reasons why a growing number of people in the US are now self-employed and work from home.
Verizon Core Values
Verizon’s core values are: “A great customer experience, growth & profitability, speak human, keep our word, deliver digital-first, and better matters for our customers. “
Verizon’s core values are interestingly about offering great customer service, which consequently drives growth and profitability. Every successful company knows that the key to success in a competitive industry is to build a cohesive culture and that’s what Verizon hopes to achieve as described in its core values.