In its two-decade-long history, Verizon positioned itself as a global leader in telecommunications. The company owes much of its success to its innovativeness and dedication to excellence.
These values are reflected in the Version’s mission statement, which reads:
‘We transform how people, businesses, and things connect with each other through innovative communications and technology solutions.’
The statement’s tone may seem cold and generic at first. Still, it actually hints at all the work the company invested in the development of 5G networks, Internet-of-Things, and delivering internet access to remote corners of the world.
However, a careful analysis reveals much more about what the company stands for, so let’s debunk Verizon’s mission and value statements together.
|Name||Verizon Communications Inc.|
|Founded||June 20, 2000|
|Headquarters||New York City|
|Market cap||$189.82 billion (as of August 2022)|
Verizon Mission Statement – In-Depth Analysis
Like so many tech companies, Verizon focuses on the future as a part of its mission is to make the world a better place by increasing internet access and supporting societal change.
The part of the mission statement that says ‘We create the connections that shape the future’ is in line with what we grew to expect from Verizon in the last twenty years. Moreover, it suggests that the services the company provides are driving the world forward.
When combined with the rest of the statement, the sentence helps formulate a strong message that declares the following goals:
- Creating and improving communication technologies
- Reshaping the business world
- Bringing people together
Let’s break down each of these goals and find out their true meaning.
Creating and improving communication technologies
This part of the mission statement refers almost entirely to Verizon’s product portfolio. The company provides a wide array of telecommunication services divided into three categories:
- Info and entertainment
- Connection services
- Online safety and network building
Each category has several subcategories, so Verizon’s connection services include:
- 5G Network
- 4G LTE
- Multi Access Edge Computing
- Broadband and Fiber
The company’s services involve Smart Cities, the IoT, networks for first responders, and mobile entertainment, among others.
The mission statement becomes much clearer when viewed in light of the products and services the company provides, as it uncovers Verizon’s commitment to innovative telecommunication solutions.
Reshaping The Business World
In its own words, Verizon is ‘setting the stage for the next Industrial Revolution.’ Anyone vaguely familiar with the company knows Verizon has already played a key role in popularizing fiber internet, 4G networks, or wireless broadband.
Also, the company launched the first 4G LTE network with national coverage in the United States and completed the first 5G data transmission on a smart device. These innovations sent ripples through the business world as they changed the way companies think about data storage and management.
Verizon’s work on the Internet-of-Things, networks for public institutions, and network security solutions are continuing to have a significant impact on private and public business sectors.
In addition to transforming other industries, Verizon is also setting standards within the telecommunications sector. The world’s second-largest telecommunications company has 115.2 retail and 94.1 post-paid connection users.
Its annual revenue increased by 1.1% since June 30, 2021, and as of June 30, 2022, Verizon generated $134.325 billion, including $2.9 billion from the Consumer Fios service.
Bringing People Together
Improving the quality of communication available to users of its networks has been one of Verizon’s key goals from the start.
Hence, the claim that the company transforms how people interact with each other is grounded in years of hard work dedicated to the betterment of video, voice, and data services.
Moreover, the company’s involvement in the Smart Cities project based on IoT and AI technologies is consistent with its mission statement. Verizon works closely with communities to improve the quality of life of its residents by providing them with infrastructures and data management systems.
I’d also like to point out the section of the portion of the company’s mission statement that says:
‘We deliver the promise of the digital world by enhancing the ability of humans, businesses, and society to do more new and more good.’
This altruistic message evokes Verizon’s resolve to utilize technology as means of bringing communities and individuals closer and uniting them with the goal of building a better future.
It also accentuates the company’s belief in digital communications technologies as tools people can use to remodel the world. Hence, it’s hardly surprising that accessibility and commitment to its clients are so deeply embedded in Verizon’s mission statement and corporate culture.
Verizon Vision Statement
Part of the company’s mission statement also reveals its vision as its focus is on the future and the possibilities presented by digital communication technologies.
However, Verizon’s vision statement goes beyond the belief in a better world we could build in the coming years and emphasizes the steps the organization is taking today to be the facilitator of change. Digital inclusion and climate change are its key focus points.
Education is a vital element of the company’s vision as it’s actively working on providing students and teachers with online learning solutions. The Verizon Innovative Learning program launched in 2012 has already brought internet access and learning resources to nearly half a million students in the US.
The company’s goal is to make the program accessible to 10 million students and enable them to acquire the skills they need to succeed in the digital era.
The section of the company’s vision statement dedicated to climate change proclaims Verizon’s commitment to eliminating carbon emissions of its facilities and networks by 2035. What’s more, half of the company’s electricity consumption will come from renewable energy sources by 2025.
Verizon encourages its customers to participate in its fight against climate change by offering to plant up to one million trees for every purchase of one of its eco-friendly accessories.
The devotion to its customers is a part of Verizon’s credo that states, ‘We focus outward on the customer, not inward.’ This stance also alludes to the company’s efforts to bring digital communication to underdeveloped communities and countries.
Verizon is supporting startups working on improving 5G, XR, MEC, and AI technologies to better serve people with disabilities through the Disability Innovation program. Hence, promoting its vision of technology as a tool that opens the door toward a better and more inclusive future.
The company’s LTE in Rural America program facilitated the integration of 4G LTE networks in areas with low broadband speed extending learning opportunities and opening up remote work possibilities.
According to Fortune magazine, Verizon currently has 130,000 employees in 150 countries. By offering technology, sales, retail, marketing cybersecurity, or corporate positions, the company inspires individuals and communities to continue their development.
Moreover, 59.6% of employees are either people of color or women, while the company vouches for 100% pay equity for all genders. In 2021, Verizon acquired $5.5 billion worth of products and services from businesses owned by minorities, members of the LGBT community, or veterans.
This static reveals the company’s vision as equality and inclusion are vital parts of its plans for the future.
Verizon Core Values
Both mission and vision statements reflect the following core values:
- Performance excellence
- Social responsibility
Let’s take a brief look at how these values affect all areas of the company:
All products and services Verizon offers meet the highest quality standards. This also applies to the company’s efforts to improve communication technologies and make them accessible worldwide.
Protection of privacy, both internally and externally, is one of Verizon’s top priorities. Hence, all employees who breach data security protocols are held responsible for their actions.
Integrity and respect
Transparency, honesty, and ethical conduct are essential to how the company approaches its clients. Despite criticism over security issues, net neutrality, and inaccurate advertising Verizon has remained upfront about its business ventures.
Empowering impoverished communities, fighting climate change, and presenting all its employees with equal opportunities regardless of gender, race, or
ethnicity are direct consequences of Verizon’s devotion to social responsibility. Also, Version updates and publishes its governance, environmental and social goals every year.
- Education and utilizing digital technologies to help people with disabilities are a part of Verizon’s plans for the future.
- Verizon’s mission statement reveals the intent to utilize technology as a driver of societal change.
- The statement depicts technology as a bridge between people, public and private institutions.
- The company’s commitment to collaborating with businesses from a wide range of industries is evident in the mission statement.
- The vision statement reveals plans to tackle burning issues humanity is facing in the 21st century.
Frequently Asked Questions about Verizon
Question: What is Verizon’s slogan?
Answer: The most recent slogan is ‘Built Right,’ but Verizon used numerous slogans, including ‘Can You Hear Me Now’ or ‘Better Matters’ over the years.
Question: Is Verizon a good employer?
Answer: Yes, Verizon is a good employer that provides its employees with learning and career advancement opportunities.
Question: Can Verizon reveal my search history?
Answer: The company takes data protection seriously. However, it retains the right to share its users’ web browsing histories with other companies for the purpose of creating ads and marketing reports.
Question: How to disable Verizon’s tracking features?
Answer: You can disable this feature from your Verizon account and prevent it from tracking activities on your iPhone.
Question: Does Verizon have a strategy?
Answer: Yes, the company utilizes the Differentiation strategy from Porter’s generic strategies model that involves creating a completive advantage over competitors by providing unique products.
Other businesses with similar values
Empowerment, societal development, and inclusion are some of the most common themes upon which telecommunication companies build their missions. All of the largest companies in this field have core values similar to Verizon’s, including the brands below:
- AT&T: The world’s most profitable telecommunication company stands for innovation, equality, and social inclusion. AT&T’s vision statement is also similar to Verizon’s.
- T-Mobile: Even though Deutsche Telekom owns it, T-Mobile is one of the key players in the US telecommunication market. Environmentalism and support for vulnerable communities are some of the brand’s core values.
- Comcast: The information and entertainment industry giant is dedicated to the goal of using the latest telecommunication technologies to build bridges between people and organizations.
- Todd Chrisley Bio
- Asana Competitors Analysis
- Salesforce Competitors Analysis
- Bob Baffert Bio
- Stitch Fix Competitors Analysis
- Orlando Bravo Bio: All About the World’s First Puerto Rican Born Billionaire
- Autozone Competitors Analysis