MKTG578 - Course Project - Perri, Emily

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COURSE PROJECT Course Project: Verizon Wireless Emily A. Perri DeVry University MKTG578: Consumer Behavior

COURSE PROJECT 2 Course Project: Verizon Wireless Verizon Wireless is a communications company that was started through one of the largest mergers by Bell Atlantic Corp and GTE Corp in June of 2000 (About Verizon, 2023) . This merger is said to be one of the largest in US business history, but the roots of Verizon can be traced all the way back to 1984 when Bell Systems split and Bell Atlantic was developed because of it (Barrett, 2023) . Bell Systems ended up splitting into seven different companies all known as the “Baby Bells,” and all operating within the communication and tech industry. In 1997 Bell Atlantic expanded into New York and then merged with another “Baby Bell” entity, then in 2000 they merged with GTE and changed their name to Verizon Communications (Barrett, 2023) . The name Verizon is a blend of Veritas, which is Latin for truth, and then the word horizon. Fast forward to today and Verizon is driven by its belief in the value of customer connections, the power of networks, and the unified brands. Verizon has become one of the world's largest and leading communications companies (Barrett, 2023) . Verizon delivers the benefits of communications through voice, high-speed data, Internet access, and wireless to its millions of customers every day (Barrett, 2023) . There are well over 6,000 stores in 51 states and territories in 3,160 cities, employing over 117,000 people and generating $136.8 billion in revenue (Alleven, 2023) . So how does Verizon do it? Well, let's look at the marketing plan to see where everything is focused and how they are driven to become one of the leading communications companies. Marketing Mix A marketing strategy is a plan that outlines the business's value to its customers. The marketing strategy will assist in turning consumers into customers by identifying target customers, buyer persona, competitors, and the goals of the company and how to reach them (Barone, 2023) . To create the marketing plan, one must gather data concerning target customer demographics and what drives them, understand the company's values, and the message of the brand for its consumers. A complete and thorough marketing strategy will cover the four Ps of marketing which include product, price, place, and promotion (Barone, 2023) . Below we will go

COURSE PROJECT 3 into the four Ps as stated above to dive deeper into the marketing strategy that Verizon Wireless has developed to build its brand and reach the max number of consumers. Products/Services Verizon offers a wide range of products and services that control a huge portion of the telecommunication industry. Having an amazing network allows Verizon to provide products such as retail connections, 5G connectivity, 4G LTE, and Fios internet to name a few (Smithson, 2020) . Verizon’s services and products are most often broken down into three categories:  Wireless – includes devices that connect wirelessly to networks i.e., smartphones, home solutions, and wearable technology.  Residential – includes services such as internet, phone, and digital voice.  Business – includes providing technical solutions for businesses such as the internet, networking, the cloud, and security. Based on all of these product components, Verizon has an evolving mix that will always continue to grow and change within the market as technology advances. Price Verizon’s prices range based on products and services. Verizon has higher-end products and services for customers that would like to add on extras, such as hot spots, streaming services, and upgraded or new phones. This shows an emphasis on the high quality of service and products and is known as their Premium Pricing Strategy (Sharma, 2023) . They also have cheaper options for customers that are just looking for basic services or products. Verizon offers price points and price ranges that are determined by the customers’ needs and wants, these are often done in bundles, and this is known as their Value-based Pricing Strategy (Sharma, 2023) . Place Verizon chooses strategic locations for its venues, enabling the company to offer its products to the mass numbers of its target market. Verizon chooses the following locations to distribute its products:

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COURSE PROJECT 4  Stores and authorized retailers  Official Website  Authorized Distributors  Offices  Other media Verizon stores, authorized retailers, and its official website are the primary locations for the majority of purchases and transactions with its customers in the target market (Smithson, 2020) . Verizon partners with authorized distributors, such as Best Buy, to sell their products in hopes to reach more customers. Verizon also allows for its products to be purchased through other media sources, allowing that network to receive a part of the profit but reaching a wider customer base (Smithson, 2020) . As far as place is concerned the research shows that Verizon has all of its basis covered. Promotion Promotion discusses the tactics and strategies by which Verizon promotes its products. Promotion is probably one of the easier areas because it’s not having to reinvent the wheel; Verizon can stick with all the same modes of promotion as every other company, but they just have to promote better, have catchier slogans, and have nicer advertising. Verizon uses the following promotional tactics:  Advertising  Sales promotion  Personal selling  Public relations Advertising is Verizon’s primary source of promoting its products and services. This is done through television commercials, media ads, email advertising, and other modes of advertisement. Sales promotions are done through the company and are when they have special offers on products or services to entice new customers (Smithson, 2020) . Public relations are when the company sponsors events such as

COURSE PROJECT 5 charity drives, music concerts, sporting events, and other forms of entertainment events. Advertising and promoting is how you reach the masses and Verizon has a great promotional mix. Cultural Trends Over the last few years, and especially since COVID one of the cultural trends that has taken off is that of the content creator. Verizon does an amazing job of promoting its products and services, but this is a bit of an untapped market for Verizon. Content creators are those that are on platforms such as Instagram and TikTok and they have a huge number of followers (Howarth, 2023) . These content creators use the platforms to promote products and services to their followers in exchange for monetary rewards or discounts from the companies they have partnered with. In Verizon’s case having content creators promote its products during live events talking about the technology that they use, such as the 5G reliable technology would really reach a broader range of customers. Having the content creator talk about how reliable the service is and how they can broadcast or stream from anywhere would promote Verizon’s already reliable network. We are an impatient society; we want everything here and now. Over the past few years, Verizon has done a great job at promoting its same-day shipping, which allows customers who purchase online to have the peace of mind that their product will get to them within a few days. Where Verizon can really focus its efforts is when it comes to providing incentives, rewards, and discounts. Most of the time, as a customer of Verizon, you have to wait until the end of your billing cycle before you receive an incentive but if Verizon would offer incentives and rewards upfront to their current customers, they would receive that instant gratification and would be more likely to tell others, especially since the best advertisement is word of mouth. Verizon could implement a plan where they offer rewards for those who pay their bill by a certain date, for those who download a certain app, and for those who stream a certain service. Once those have been accomplished the customers can earn points or credits towards discounts or even other rewards, such as free streaming of Disney Plus for two months, the options are endless but would go a long way with its customers.

COURSE PROJECT 6 Subculture and Reference Group Subcultures and reference groups are closely related. A subculture is a group of individuals within a culture who share the same traditions, rituals, values, and beliefs (What Are Subcultures, 2022) . Subcultures tend to be associated with younger generations and the youth; often times older generations are apprehensive towards some subcultures, especially anything out of their norm. It’s been proven that if the subculture is popular enough it can become more mainstream (Drew, 2023) . Reference groups are groups that are a bit smaller within the culture, they can come from friendships, associations, and/or interests. They are groups of people within the culture or subculture that have the same interests. These groups can be formal or informal; some examples of reference groups come from schools, clubs, professional groups, and other networks (Cultures and Subcultures, 2023) . Verizon and Subcultures Being a telecommunication company Verizon doesn't have one specific subculture group that is targeted. There are subcultures that can more relate to Verizon and the services it provides. Verizon can attract a wide array of customers from all groups. A few subcultures that Verizon attracts are the cell phone and single-parent subculture groups. Cell phones are a part of everybody’s everyday life and a major part of society today. Cell phones used to just be a form of communication, making sure that any time you can get in touch with someone at home or at work. Over the last decade cell phones have evolved and become much more than devices used for communication (Canton, 2012) . The cell phone subculture is completely driven by the youth and their use of phones. Today cell phones are used for texting, gaming, blogging, making videos, and social media posts (Canton, 2012) . All of this is perfect for Verizon. Verizon has a reliable network with top-of-the-line phones so it’s easy to attract the youth and others who are in this market. Another subculture that could show interest in the communication options that Verizon offers is those of single parents. In the US single-parent homes have grown over the past decade, one in four children live in a single-parent

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COURSE PROJECT 7 household (Bapat, 2021) . Why would single parents be attracted to Verizon? The answer is clear, families are busy, single parents work, children are in extra-curricular activities, and things happen daily in school. All parents love the ability to be able to get in touch with their children at any point, but for single parents, it can be a bit more stressful if they can’t get in touch with their children because they are the only ones there. The world is a dangerous place now and you never know what is going to happen so having the peace of mind that you can always contact your child, or your child can always contact you or get help really helps relieve a bit of stress. Approximately 74% of parents say cell phones and technology have made parenting less stressful (Melore, 2022) . So having the peace of mind to be able to reach their children at any time can provide them comfort. Marketing to single parents is easy, show what your product can do, show how reliable the product is, and show the safety and security features. Verizon and Reference Groups Just like subcultures, Verizon doesn’t have a specific reference group that they focus on or just one reference group they attract. The service and network attract all groups. Reference groups help shape someone's decisions and influence people and their buying decisions. Social Media Influencers are used to advertise products and spread the word about what products and services they use. Partnering with a

COURSE PROJECT 8 social media influencer to use their platform or word of mouth to discuss Verizon’s phones and services would expand the market. Mapping When purchasing a new phone service, consumers are concerned with the network and price. Nowadays cell phone communication is the only form of communication a lot of us have, many do not have home phones, so they heavily rely on their cell phones to get in touch with their family and friends. Having a reliable network will allow consumers to be able to reach whomever they want whenever they want. These networks do cost money. If consumers want the most reliable network it will come at a cost, there is an old saying you get what you pay for, and the cell phone companies are a perfect example of this. In order of best network and price, they are ranked as the following: Verizon, T-Mobile, AT&T, and US Cellular (Jasso, 2023) . Verizon being the most expensive averaging around $90 a month plus tax for a single line, has the best 4G and 5G combined coverage (Pegoraro, 2023) . Ranking second amongst its competitors for the best 4G and 5G coverage, AT&T would average around $85 a month plus tax for single-line plans (Pegoraro, AT&T Cell Phone Plans Overview and Prices, 2023) . In third place is T-Mobile, since its merger it is the second largest carrier in the US but ranks a bit lower as far as coverage. T- Mobile’s 4G coverage is amazing but what brings them down is its 5G coverage, that’s how they have been how they come in 3 rd , also price wise for pretty decent coverage they are pretty reasonable averaging about $70 a month plus tax for single line plans (Wack, 2023) . Lastly, US Cellular comes in with single-line plans averaging around $45 plus tax a month with its coverage not being the best. Their coverage is nationwide but spotty. US Cellular borrows coverage towers and partners with other smaller or local companies in order to provide service to its customers so this is why they fall in last place. Their rates are what consumers would love to pay but their

COURSE PROJECT 9 coverage is lacking (Ilumba, 2023) . At the end of the day if you want an amazing provider with great coverage Verizon is the way to go. Positioning Families are an important part of business. We are going to market Verizon to families harder. Verizon offers many diverse data and phone plans that are so convenient for families (Weishaupt, 2023) . As part of a new marketing campaign, Verizon will focus its efforts on marketing the family plans they offer. These plans offer individuals the ability to add multiple lines for families to one account and will allow the family manager the ability to manage all their devices together. The lines will allow for specific data usage and specific sites allowed to be used, for specific times and family managers will be able to receive alerts pertaining to the activity on their children’s phones. Verizon has two types of family plans. The first type lets you choose the same plan for all lines. The second type lets you mix and match plans for each line. Marketing these family plans to Verizon’s potential customers could draw more families to the

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COURSE PROJECT 10 Verizon network. Showing the families that Verizon is really focused on them will increase their clientele. Conclusion Verizon as a whole is one of the biggest cell phone tech companies in the US. They have an amazing and loyal customer base but to attract new customers there are a few tweaks that can be made to marketing and just refocus a few things. “ Verizon has traditionally been positioned as the best network, but at a premium price. As a result, their customer base skews toward less price-sensitive, but more quality-focused, consumers. (Hardesty, 2023) ” Verizon will market this quality, they have one of the best networks there is, meaning you can get service anywhere. This is appealing to bloggers, influencers, businessmen/women, families, and single parents. These groups want to know that they will have service wherever they are and have the ability to get in touch with whoever they need whenever they need. Their network and reliability is the most important thing to focus on and will focus on all cultures and subcultures.

COURSE PROJECT 11 Bibliography About Verizon . (2023, July 15). Retrieved from Verizon Wireless: https://www.verizon.com/about/our- company/history-and-timeline Alleven, M. (2023, July 11). Number of Verizon Locations in the United States in 2023 . Retrieved from Srape Hero: https://www.scrapehero.com/location-reports/Verizon-USA/ Bapat, M. (2021, August 24). Understanding Single Parent Families: Types, Dynamics and Statistics . Retrieved from Love to Know: https://www.lovetoknow.com/parenting/parenthood/single- parent-family Baron, C. (2023, January 6). Social Media Advertising Spending Worldwide from 2021 to 2028 . Retrieved from Statista: https://www.statista.com/statistics/271406/advertising-revenue-of-social- networks-worldwide/ Barone, A. (2023, May 15). Marketing Strategy: What It Is, How It Works, How To Create One . Retrieved from Investopedia: https://www.investopedia.com/terms/m/marketing-strategy.asp Barrett, P. (2023, July 15). Verizon Communications - Company Profile, Information, Business Description, History, Background Information on Verizon Communications . Retrieved from Reference for Business: https://www.referenceforbusiness.com/history2/68/Verizon-Communications.html Canton, N. (2012, September 28). Cell Phone Subculture . Retrieved from CNN: https://www.cnn.com/2012/09/27/tech/mobile-culture-usage/index.html Cultures and Subcultures . (2023, July 30). Retrieved from LibreTexts Business: https://biz.libretexts.org/Courses/Santa_Barbara_City_College/Segmentation_and_Target_Mar keting_Remix/02%3A_Consumer_Analysis/2.05%3A_Cultures_and_Subcultures Cultures and Subcultures . (2023, July 30). Retrieved from LibreTexts Business: https://biz.libretexts.org/Courses/Santa_Barbara_City_College/Segmentation_and_Target_Mar keting_Remix/02%3A_Consumer_Analysis/2.05%3A_Cultures_and_Subcultures

COURSE PROJECT 12 Drew, C. (2023, July 14). 21 Best Subculture Examples . Retrieved from Helpful Professor: https://helpfulprofessor.com/list-of-subcultures/ Howarth, J. (2023, Apri 17). 7 Cultural Trends For 2023-2026 . Retrieved from Exploding Topics: https://explodingtopics.com/blog/cultural-trends Ilumba, A. (2023, January 25). Best US Cellular Plans 2023 . Retrieved from Whistle Out: https://www.whistleout.com/CellPhones/Guides/best-us-cellular-cell-phone-plans Jasso, A. (2023, July 24). Who Has The Best Cell Phone Coverage . Retrieved from Wilson Amplifiers: https://www.wilsonamplifiers.com/blog/which-carrier-has-the-best-coverage-in-my-area/ #:~:text=Verizon%20has%20the%20best%204G,get%20Verizon%205G%20cell%20service. Pegoraro, R. (2023, August 18). AT&T Cell Phone Plans Overview and Prices . Retrieved from US News: https://www.usnews.com/360-reviews/services/cell-phone-plans/att Pegoraro, R. (2023, August 01). Verizon Cell Phone Review and Planes . Retrieved from US News: https://www.usnews.com/360-reviews/services/cell-phone-plans/verizon Sharma, A. (2023, July 16). Verizon Communications Pricing Strategy . Retrieved from Brain Mass: https://brainmass.com/business/competitive-advantage/verizon-communications-pricing- strategy-192584 Smithson, N. (2020, August 19). Verizon's Marketing Mix . Retrieved from Panmore Institute: https://panmore.com/verizon-marketing-mix-4ps-analysis Wack, M. (2023, August 01). T-Mobile Cell Phone Plans Review and Prices . Retrieved from US News: https://www.usnews.com/360-reviews/services/cell-phone-plans/tmobile Weishaupt, J. (2023, August 17). Verizon Family Plan Details . Retrieved from History Computer: https://history-computer.com/verizon-family-plan-pricing-details-is-it-worth-it-for-you/ What Are Subcultures . (2022, December 09). Retrieved from Indeed: https://uk.indeed.com/career- advice/career-development/what-are-subcultures

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COURSE PROJECT 13 What Are Subcultures . (2022, December 09). Retrieved from Indeed: https://uk.indeed.com/career- advice/career-development/what-are-subcultures

MKTG578 - Course Project - Perri, Emily

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