Verizon is an American telecommunications company that offered FiOS (fiber optic cable) video, internet services, and landline telephone services for several years and is now focusing on providing wireless communications services including 5G. Verizon’s mobile network is the second-largest wireless carrier in the United States.
It is a leading name in the technology, information, and entertainment industry.
Here, we provide an analysis of the company’s mission statement, vision, and values:
The Mission statement states the purpose that the company exists for serving. It is generally very short and precise. It motivates different stakeholders to become a part of the company. It gives an idea about the scope and strategy of the company.
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.”
Through this statement, we can infer the following components of Verizon’s mission:
- Delivery of digital world to customers: Verizon offers digital services, but its main focus remains on the customers. They give paramount importance to customer experience and superior delivery. They study the market and anticipate the customer needs. Verizon has also contributed to providing internet access to rural areas, thus acting on its mission.
- Making innovative lifestyle possible: with the advent of technologies like the internet of things, innovation has become a part of the lifestyle of the customer.
- Most reliable network: Verizon has a good track record and has been awarded multiple times for the quality and speed of its network. According to Nielson video network scores, it is number 1 in video quality and rebuffering.
- Latest technology: Verizon believes in innovation and through its 5G LAB, is working with industry leaders to build a 5G powered world. Verizon also offers IoT solutions example its Intelligent Traffic Management system that has made roads safer.
Verizon’s mission statement is a good one. It states its target group– the consumers of digital products. It also tells what kind of strategies it wants to use to serve them: reliable network and latest technology. It is also wide in scope and does not give too specific targets, giving the company flexibility. It is also inspirational as it offers a promise and gives an aim to the company which is larger than just profits- it is about making innovative lifestyle possible.
However, the company can improve it further to include a brief about its overall business philosophy in the statement along with its approach to competitors and its employees.
Vision is about the future. A vision statement states what the company seeks to achieve in the long run. It is based on a company’s beliefs about what the industry landscape will look like in the future and the role it would like to play in it. For example, does it want to be a pioneer of change or a follower?
But why is a vision statement important?
It provides a sense of direction and something to look forward to. It reduces uncertainty about the future. It provides a standard to judge present actions against- if they are leading towards the vision, then they are effective otherwise not.
Verizon’s corporate vision is “to inspire tomorrow’s creators to use technology to build brighter futures for themselves, their families, and the world.”
Through this statement, we can infer the following components of Verizon’s mission:
- Inspiring tomorrow’s creators: Verizon seeks to inspire its stakeholders. Thus, it envisions itself as a leader. By using the word creators, it is encompassing all stakeholders: customers, employees, government as well as industry leaders. It is willing to work with all (public sector, private sector, or small businesses.) and has thus not limited its scope of future collaboration. For example, it works with cities to design cost-effective infrastructure that better meets the residents’ demands.
- To use technology: Verizon has made it clear that its focus will remain on technology and that’s what it will inspire others to use more.
- To build brighter futures for themselves, their families, and the world: Verizon strives to make a real impact on its stakeholders- an impact that can help them change their as well as their families’ lives for the better. For example, its IoT solutions have helped seafood producers to maintain the freshness of their products and earn higher profits. It believes in the power of technology to help the people even at the grassroots level, ultimately improving the world, eg, through offering smart energy and water solutions.
Verizon’s vision statement is forward-looking, ambitious, and tells satisfactorily what it seeks to DO in the future.
However, it does not provide enough details about what it plans to BE in the future- How big and diversified it wants to be. Providing these details can prove more motivational for the stakeholders.
Corporate values are the guiding principles of the company’s actions. They are the beliefs that the company is anchored to. They influence the image of the company and its culture. They communicate to people what is expected of them. They act as a shared code of behavior that helps to achieve the organizational purpose.
Verizon has listed its core values and principles through its Code of Conduct, its Credo, and its policies. They are listed below:
- Integrity: Verizon claims that integrity is its main principle and it aims to be a good corporate citizen engaging in good business practices and sharing the benefits with the community. It places high value on ethics and considers that high ethical standards can help it beat its competitors.
- Respect: Verizon respects its customers and their needs. It provides a respectable place of work for its employees and also provides equal opportunity to all.
- Performance excellence: Its products and services are of high quality and are reliable. Verizon doesn’t compromise with that.
- Accountability: It takes accountability for its actions and keeps the commitments it makes. It follows through with its promises. It has minimized bureaucracy in its organizational structure and takes personal accountability for getting things done. It wants its actions to produce measurable results.
- Social responsibility: Verizon considers itself socially responsible. It supports the Open Internet and believes that the Internet should be made accessible to all. Because of this belief, it is collaborating with the government to provide more affordable internet to underserved areas and also to keep rural communities connected. By partnering with the government and industry, it is helping to improve internet access across the globe.
To close the digital divide, it offers training to disadvantaged students in skills required to thrive in a digital world. It is also providing tools to teachers. Additionally, it is providing resources to small businesses to thrive.
It believes in the employee as well as supplier diversity. It also allows its employees to volunteer for various causes. It conducts reskilling and upskilling programs to equip the employees with skills for the future. It also gives out grants.
It is sensitive to the environmental and social impact that arises from its actions. It brings out reports regularly to study them. It also issues green bonds and invests the proceeds in sustainability projects and invests in climate protection programs.
The Code of Conduct gives detailed guidance about how to apply Verizon’s values to specific issues and challenges that arise on the job. It includes provisions like A respectful, safe, and professional workplace; Integrity and fairness in the workplace; Protecting Verizon’s assets and reputation; and Integrity and fairness in the marketplace.
Verizon has effectively defined its corporate values in an easy-to-understand manner. It tells all its stakeholders what is expected of them and what it promises to offer. It gives an overall picture of the company’s culture. It promises good behavior towards its customers, employees, and the environment. The company has also set programs to meet these values, thus they are not included in the list just for the sake of it. They help to meet the company’s mission. The company however has given less importance to innovation in its values. It should look into it.
Verizon has been in operation since 2000 and has served millions of customers. Its mission statement, vision statement, and core values can act as an inspiration for many businesses. However, it should be kept in mind that nobody should duplicate other company’s mission, vision, or values. Every company is unique and should establish an original voice in the industry.
It is also not enough just to have some high-sounding ideals in these statements. What matters is if these ideas are converted into action. If a company lists honesty as its core value, it should establish systems of checks and balances to avoid fraud. If it wants to focus only on a particular segment of the customer base, then it should include only that in its mission statement.
No company should include anything that it is not serious about. The key point is to deliver on the promises made. That builds a reputation in the market and helps the company in the long run.