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INTRODUCTION

Verizon communications is a US based telecommunication company that is a part of DOW stock market index. Originally known as Bell Atlantic, the company was formed in 1984 when the US government ordered AT&T to split all the seven companies that were operating under AT&T at the time. When initially formed, there were multiple companies that were operating under Bell Atlantic such as NJ bell, C&P telephone and such. Verizon communications was formed in the year 2000 as a result of a one of the biggest mergers of the time between two huge companies named Atlantic corp. and GTE for $64.8 billion. The merger resulted in Verizon becoming the largest local telephone service providing company in 40 different states and also began providing services such as internet and long distance calling for its 25MM customers all across US. Verizon wireless, a subsidiary of Verizon communications was formed in a joint venture with a British telecommunication giant named Vodafone.

BODY OF PAPER

Early years

During the first few years, the company offered competitive rates and released Mobile web and Verizon content service. One big news for the company was when the company was added to Dow Jones in the year 2004. Another merger happened in 2005 when a huge company named MCI and Verizon merged for a valuation of $7.5 billion and gave Verizon entry into global markets as a result of that. The entry into global markets resulted in Verizon communications forming Verizon business to handle that foreign markets. June 2008 was a big time for the company since the company acquired a firm named as Alltel for $28.1 billion providing them with access to 11 million customers in rural areas resulting in them leapfrogging AT&T as the company with the highest number of telecommunication consumers all across US. 4G was still a new thing yet was introduced by the company in the year 2010 in 10 cities along with 3 airports that gave them an edge over the other companies. Another development came when Verizon acquired a company named Hughes Telematics, a company responsible for producing telecommunication/wireless features for Automobiles. In the year 2012, the company acquired AWS from few different companies such as Comcast and such for an amount of $3.9 billion. 2013 showed the dominance of the company when they bought out Vodafone’s share of 45% in Verizon wireless for around $130 billion. In the initial years of the company, the company started and stopped many pilot programs such as sugarstring that made huge news as they were part of the controversies around the US. 2015 and 2016 were huge years for Verizon as they announced that they will be taking over AOL and yahoo for a combined $9.2 billion making it one of the biggest acquisitions so far done by the company which kickstarted their internet services industry (2020).

Competitors

Verizon is the largest telecommunication service provider in the US with over 150 million customers all across US and their revenue adds upto $130 billion every year. Their biggest competitors are AT&T headed by CEO John Stankey with more than 140 million customers, T- mobile headed by CEO Mike Sievert with around 70 million customers, sprint just over 50 million customers, Cox Communications with about 6 million subscribers and other competitors would include RCN, Comcast, Spectrum, Century link (Bhasin, 2018).

The company’s position within the industry:

We have seen in the introduction it is one of the largest and established communication companies around the world. Which is based in the USA. We have seen a lot of competitors for them in market lit T mobile, cricket, at & t is coming up with new products and packages into the market to attract the customers. It was called bell Atlantic till 2000 and changed its name as Verizon by 2000 (Sidel, R., Latour, A., & Brown, K.,2004). Year by year the Verizon communication has produced a lot of communication systems into the market. As we have known that Verizon communication has stepped into the information technology in the year 2011 by acquiring the company called Terre mark. By 2012 June the company has started expanding its operation in the wireless communication business. As it was the time were wireless communication has boomed in the market. To produce wireless features for vehicles the company has purchased a company called telematics.

By 2013 the company has started its expansion in the international market by acquiring its maximum share in the company Vodafone. It got 45% of the stake for 130$ billion. And this is one of the third biggest deals ever done in the history of corporate business, after this, Verizon has become a single owner for his subsidiary Verizon wireless (Greenwald G, 2013). After 2013 company has faced two bad incidents like the national security ground requested information about 1000 of Verizon customers through national security letters after this Verizon has promised to give $90 million to its customers. The allegations like they were improperly charged for the text messages. After that in 2014, the company has started its website which gives information about the latest technology updates, it’s called Sugar Sting. It is reported that its writers were not allowed to write the content about internal surveillance and net neutrality. Verizon has stopped this project in December claiming that project was underbuilt.

Later 2015 Verizon introduced service to the vehicle diagnostic and maintenance service called hum. 2106 is one of their most successful years they have acquired a company called Fleetmatics, which is a fleet telematics system, based in Ireland. And they have invested in a startup in LED sensors. By the end of 2016, Verizon captured a mapping startup called social radar where Verizon used its technology in its specific product called MapQuest. In 2017 they have merged with the alley to develop and increase their coworking spaces by the name called “Alley powered by Verizon”. As the days were progressing the Verizon has started investing more in the automobile industry. they have invested about $10 million in Renovo Auto, which is based in California. To satisfy their customers Verizon has launched robot enabled calling in their mobile devices and ani malware devices in their customer devices for protection without any charges applied. By the end of April 2019, Verizon has started a 5G network and at the end of the year it reached up to 30 cities.

As we have seen the coronavirus has changed the work and lifestyles of every individual, they have launched a video conferencing application called blue jeans. To support their business needs.

Recent developments within the company/industry:

June 30 the Verizon celebrates its 20 anniversaries. The recent update in their business I have seen is like they have introduced a Verizon visa card. Where customers used to pay the bills through this card. And also, they can purchase groceries, and they can order food using the food delivery apps and they can buy gas also. It’s a new way for the customers to pay their bills and save some money on their bills. This visa card available for only Verizon wireless customers. if a customer setup auto-pay so that he can best prices for unlimited plans.

Recent riots across the country against racism have bought a huge loss to the country. For this Verizon has promised a 10 million dollar for the social justice organizations and they have shared it equally among them.

Verizon has teamed up with the Microsoft azure to fasten up there IoT solution. They have started to 5G/LTE network to integrate with Microsoft Azure IoT. “This is about simplifying IoT solution development,” said Aamir Hussain, Verizon Business’ senior vice president of Business Products.

Verizon has successfully transferred 800 Gbps through long-distance fiber for the amount of data that should be increased in preparation which id from the company to the customer. Verizon is the first in the communication industry to transfer the 800gbps to the different customers in a small distance that is on a single wavelength. “With the evolution into more robust 5G applications and solutions, the ability to move massive amounts of data across long distances becomes even more crucial,” said Kevin Smith, Vice President of Technology Planning and Development for Verizon. They have tested this communication trail between the Nashville and Atlanta which of 400 miles distance on a single wavelength.

Future direction & other significant items

Verizon communication has been a prominent player what is does in communication, information and entertaining products and services to consumer, business and government agency. It has maintained its place in No.1 position for many years now. Verizon is approaching in many market segments. Verizon chairman and CEO said in interview with CNBC that they are building 5G network and service will be available in second half of 2020 with having best 4G service name in country it shows that they always stay ahead of competition. So, when apple and other companies will launch cell phones with 5G feature in it they will already having the service. Verizon Fios which gives service in WIFI internet, TV, Digital voice, set-top-box and receiver set. Verizon Fios TV and Fios Internet are two major services of Verizon communications. Fios digital voice is comparatively new in USA market. Verizon Fios optic fiber network is one of the best in country available right now. Due to highest quality fiber optic consumer enjoys clear high definition picture on their TV with 0% data loss. Verizon is expanding their fiber optic network throughout the country with 5G services in new and existing market

Conclusion

Verizon has maintained as best the network in the country since many years. Not only in communication sector but with Fios optic network they have their best in WIFI services. Verizon has plan to expand Fios optic cable throughout the country and doubling down it with 5G services in new and existing market. Customers that Verizon has built since many years are loyal to network as compare to other other networks because it is best in what it does. With the best service, products and research and developments Verizon is ranked No.1 in overall network performance in the US. Root Metrics names Verizon best nationally for the 13th consecutive time.

REFERENCES:

1. Verizon Communications. (2020, July 25). Retrieved July 26, 2020, from https://en.wikipedia.org/wiki/Verizon_Communications,

2. History and Timeline. (2020, June 30). Retrieved July 26, 2020, from https://www.verizon.com/about/our-company/history-and-timeline.

3. Bhasin, H. (2018, December 04). Top 9 Verizon Competitors in Telecom – Verizon Competition Analysis. Retrieved July 26, 2020, from https://www.marketing91.com/top-9-verizon-competitors/.

4. Sidel, R., Latour, A., & Brown, K. (2004). Leading the News: Down to Wire: Vodafone vs. Verizon; Talks on Unwinding Venture Intensify as Deadline Looms For AT&T Wireless Bids. The Wall Street Journal, 3-3.

5. Greenwald, G. (2013). NSA collecting phone records of millions of Verizon customers daily. The Guardian, 6(06), 2013.

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