Verizon Marketing Mix: Verizon communications are the companies that the US is dependent on for internet and communications. Verizon is the 6th largest brand in terms of brand Equity and has many things to offer. It holds the biggest share of the American broadband and telecommunications market and has the brand and backup system to back the gap for years.
Here is the Marketing mix for Verizon Communications.
Marketing Mix Of Verizon
Marketing Mix Of Verizon is brand-based. In Marketing Mix Of Verizon, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Verizon Marketing Mix. Below is the detailed Marketing Mix Of Verizon.
Let’s talk about Verizon Marketing Mix.
Verizon Main Competitors
- KORE Wireless
- Semtech (Sierra Wireless)
- Amazon Web Services (AWS)
Verizon official website: www.verizon.com
Product in the Verizon Marketing Mix:
There are many types of business areas in which Verizon has a presence. It has four business units that strategically divide the various business entities, all connected to telecoms. These four units (product line) of Verizon are as follows:
- Verizon Wireless Verizon Wireless is the largest telecom operator in the US, which offers text messaging and mobile and data services to mobile phones and smartphones. Verizon Wireless has been Verizon’s most prominent brand driver due to its nearly 98% share of the market as of the year 2016. It boasts more than 130 million subscribers, and the brand equity is quite large about Verizon Wireless.
- Verizon Internet and Verizon Fios US, as one of the most advanced nations in the world, need an extremely high-speed internet connection, which Verizon provides. Verizon offers two kinds of small office and residential phone and internet connectivity: Fibre and copper. Copper wires still offer high-speed internet connections; however, fiber wires are slower. Fiber wire internet connections fall under the domain of “Verizon Fios”, a small company available throughout the US but a well-loved company. In addition, the standard cable internet is an extensive presence across the US. It is part of “Verizon high-speed internet”. The firm also provides regular telephones as well as DSL internet.
- Verizon Enterprise – The two mentioned above are common business-to-consumer ventures in that Verizon is a major player. Additionally, it is present in business-to-business ventures, where Verizon offers connections and services for telecom to government agencies, companies, and big organizations.
In addition to the three products mentioned above, Verizon is covering the market with various businesses, which cover a variety of states within the USA. One of the company’s weaknesses is that it only operates in the USA rather than elsewhere.
Price in the Marketing Mix Of Verizon:
Verizon communications offer a variety of pricing options for all of its products. In contrast to Verizon wireless is cheap and competitive, Verizon fios is premium and costly. Naturally, the Value offered by Fios and wireless services is different.
Thus, it can be said that Verizon utilizes Value-based pricing. The product’s price is about the Value it gives the consumer. By using this pricing approach, it can also provide Value added services (VAS) in line with.
Place in the Verizon Marketing Mix:
Verizon owns 98% percent of its share in the US wireless market as of 2016, which speaks volumes about the extent of its penetration. In the areas it operates, Verizon Fios is not connected to the cable network but works exclusively via Verizon Fios. Fios is also a penetrative network in 7.1 million homes across the US.
But outside of the US, Verizon has yet to have a presence.
Promotions in the Verizon Marketing Mix:
Verizon is considered an effective marketer, and its many advertisements have put it at the top of the pack.
One of the longest-running and most popular Verizon promotions is “Can you hear me now”, in which a person travels nationwide to see whether he is listened to over the phone. A voice-over announces that Verizon can reach the nation, yet they check. The same advertising campaign repeated for 10 years with various new creatives to promote various services.
Another recently released commercial is the one in which Verizon explains the importance of having a reliable internet connection and a good infrastructure.
Verizon is recently acquired in recent times by AT & T as well as Sprint. But its marketing strategy has in place and has an extensive market presence. Thus, shaking Verizon to this level in time would be a long task for the other telecom companies.
This is the Marketing Mix Of Verizon. Please let us know if you have additional suggestions to add.
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