Harvard Case - Verizon 2018
"Verizon 2018" Harvard business case study is written by Rosabeth Moss Kanter, Jonathan Cohen. It deals with the challenges in the field of General Management. The case study is 22 page(s) long and it was first published on : Mar 14, 2018
At Fern Fort University, we recommend Verizon prioritize a digital transformation strategy focused on innovation, customer experience, and network optimization. This involves leveraging technology and analytics to enhance existing services, develop new products, and improve operational efficiency. This strategy should be guided by a strong corporate social responsibility framework, ensuring Verizon remains a responsible and sustainable leader in the telecommunications industry.
2. Background
This case study focuses on Verizon's position in 2018, facing challenges from increased competition, evolving customer expectations, and disruptive technologies. The company is grappling with declining wireline revenue, the need to invest in 5G infrastructure, and the rise of streaming services impacting traditional television offerings.
The key protagonists are:
- Lowell McAdam: CEO of Verizon, tasked with navigating the company through a period of significant change.
- Hans Vestberg: CEO of Verizon Wireless, responsible for leading the company's wireless business and driving growth in the mobile market.
- Marni Walden: Executive Vice President and President of Global Products and Consumer Operations, responsible for developing and delivering innovative products and services to meet evolving customer needs.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand recognition and customer loyalty
- Extensive network infrastructure and coverage
- Strong financial position and resources for investment
- Expertise in network management and technology
- Commitment to innovation and developing new technologies
Weaknesses:
- Declining wireline revenue
- Competition from cable companies and wireless carriers
- Difficulty attracting and retaining younger customers
- Reliance on traditional media offerings facing disruption
- Potential for high investment costs in 5G infrastructure
Opportunities:
- Growth in mobile data consumption and demand for faster speeds
- Increasing adoption of connected devices and the Internet of Things (IoT)
- Potential for new revenue streams through digital services and content
- Expansion into emerging markets with high growth potential
- Leverage technology and analytics for improved customer experience and operational efficiency
Threats:
- Competition from established and emerging technology companies
- Regulatory changes and potential for increased competition
- Security risks and concerns related to data privacy
- Economic uncertainty and potential for reduced consumer spending
- Disruption from new technologies and business models
Porter's Five Forces:
- Threat of New Entrants: Moderate - Barriers to entry are high due to infrastructure costs, but new players with disruptive technologies could emerge.
- Bargaining Power of Buyers: High - Consumers have many choices and can easily switch providers, increasing their bargaining power.
- Bargaining Power of Suppliers: Low - Verizon has significant purchasing power and can negotiate favorable terms with suppliers.
- Threat of Substitute Products: High - Cable companies, streaming services, and other communication technologies offer substitutes for traditional phone and TV services.
- Rivalry Among Existing Competitors: High - Competition is intense among established players, with aggressive pricing and marketing strategies.
Key Performance Indicators (KPIs):
- Customer acquisition and retention rates
- Average Revenue Per User (ARPU)
- Network performance and reliability
- Customer satisfaction and brand loyalty
- Innovation and product development metrics
- Financial performance and return on investment
4. Recommendations
1. Digital Transformation:
- Invest heavily in 5G infrastructure: This will provide a competitive advantage and enable new services and applications.
- Develop a comprehensive digital strategy: This should encompass all aspects of the business, from customer experience to operations and product development.
- Leverage data and analytics: This will enable Verizon to understand customer needs, optimize network performance, and develop targeted marketing campaigns.
- Embrace emerging technologies: This includes AI, machine learning, and blockchain, which can be used to enhance services, improve efficiency, and create new revenue streams.
2. Customer Experience:
- Improve customer service: This includes streamlining processes, providing personalized experiences, and addressing customer complaints effectively.
- Develop innovative products and services: This could include bundled packages, streaming services, and IoT solutions tailored to customer needs.
- Enhance digital channels: This includes improving the website, mobile app, and online support services.
- Focus on customer loyalty: This can be achieved through personalized offers, rewards programs, and exceptional customer service.
3. Network Optimization:
- Optimize network performance: This includes improving speed, reliability, and coverage.
- Invest in network security: This is crucial to protect customer data and maintain trust.
- Explore new network technologies: This could include edge computing and distributed ledger technologies.
- Develop a robust network monitoring system: This will enable Verizon to identify and address potential issues proactively.
4. Corporate Social Responsibility:
- Promote diversity and inclusion: This includes creating a diverse workforce and fostering an inclusive workplace culture.
- Focus on environmental sustainability: This includes reducing energy consumption, minimizing waste, and promoting responsible sourcing.
- Engage in community outreach: This could include supporting local initiatives, providing educational opportunities, and promoting digital literacy.
- Maintain ethical business practices: This includes transparency, accountability, and compliance with all relevant regulations.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Verizon's core competencies lie in network management, technology, and customer service. These recommendations build upon these strengths and align with the company's mission to connect people and businesses.
- External customers and internal clients: The recommendations prioritize customer needs and satisfaction, while also considering the needs of internal stakeholders such as employees and investors.
- Competitors: The recommendations address the competitive landscape and position Verizon to remain a leader in the telecommunications industry.
- Attractiveness: The recommendations are expected to generate positive returns on investment through increased revenue, improved efficiency, and enhanced customer satisfaction.
6. Conclusion
Verizon faces significant challenges and opportunities in the evolving telecommunications landscape. By embracing a digital transformation strategy focused on innovation, customer experience, and network optimization, Verizon can position itself for continued success. This strategy should be guided by a strong corporate social responsibility framework, ensuring the company remains a responsible and sustainable leader in the industry.
7. Discussion
Alternatives not selected:
- Cost-cutting measures: While cost reduction can be beneficial, it can also hinder investment in innovation and customer experience.
- Mergers and acquisitions: While acquisitions can provide access to new markets or technologies, they can also be complex and risky.
- Divesting non-core businesses: This could free up resources for investment in core areas, but it could also impact revenue streams.
Risks and key assumptions:
- Technological disruption: New technologies could emerge that disrupt the telecommunications industry, requiring Verizon to adapt quickly.
- Economic uncertainty: Economic downturns could impact consumer spending and reduce demand for telecommunications services.
- Regulatory changes: Changes in regulations could impact Verizon's operations and profitability.
Options Grid:
| Option | Pros | Cons | Risk |
|---|---|---|---|
| Digital Transformation | Increased revenue, improved efficiency, enhanced customer experience | High investment costs, potential for technological disruption | Moderate |
| Cost-cutting measures | Reduced expenses, improved profitability | Potential for reduced innovation, negative impact on customer experience | Low |
| Mergers and acquisitions | Access to new markets or technologies | Complexity, risk of integration challenges | High |
| Divesting non-core businesses | Freed up resources for investment | Potential loss of revenue streams, impact on brand image | Moderate |
8. Next Steps
- Develop a detailed digital transformation roadmap: This should outline specific goals, timelines, and key milestones.
- Allocate resources and budget for implementation: This includes funding for infrastructure upgrades, technology development, and employee training.
- Establish a dedicated team to oversee the transformation: This team should have expertise in technology, customer experience, and change management.
- Communicate the strategy to stakeholders: This includes employees, customers, investors, and the public.
- Monitor progress and make adjustments as needed: This will ensure the strategy remains relevant and effective in the evolving market landscape.
By taking these steps, Verizon can successfully navigate the challenges and opportunities of the digital age and maintain its position as a leader in the telecommunications industry.
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Case Description
In 2018, CEO Lowell McAdam led efforts to transform Verizon through digital innovation, media acquisitions and integration, and changes to the company culture. He sought to manage change at the company as growth in traditional areas slowed, and position it as a leader in a 5G world.
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