Verizon Communications Incorporated (Verizon) is an international leader in providing broadband and other wire line and wireless communications services to wholesale, mass market, business, and government customers (Verizon, 2011). The corporation primarily operates in the United States. To respond to the economic crisis, marketing challenges and opportunities of globalization, Verizon is transforming the way its business conducts marketing. The company is developing marketing strategies and plans to offer broadband products and services in the Canadian markets. The initial product offering will be a prepaid MiFi with 3G capabilities in Canada. In this paper the subjects to discuss are market needs, market share, market growth, SWOT (strengths, weaknesses, opportunities, threats) analysis, competition, product offering and product definition, product identification, and justification for the selecting the product.
The 3G Wi-Fi network will provide the marketing advantage over the competitors by increasing the need to supply more connection opportunities for businesses, homes, recreational facilities, and airports. The objective is to provide connections to every organization and households, including netbooks and gaming systems within Canada and surrounding regions. “Connections to more than 200 countries will increase market needs with an added bonus of a built-in SIM card within the Wi-Fi network system” according to Lawson (2010).
Product’s Expected Market Share
The market share with Verizon Wi-Fi 3G prepaid network expects to gain maximum sales percentage using a six-device connection with unlimited access to gain a marginal market advantage. “Market share is the percentage of total category sales accounted for by a firm” as suggested by Marshall and Johnston (2010). Using a pricing strategy in Canada to launch the product will provide a new product introduction offer. The introduction growth phase objectives will concentrate on internal cost, budget, and life cycle of product availability, accessibility, reliability, and affordability, therefore protecting market share. Creating a customer base with a quality product will increase the demand for maximum profitability and gain an expected market share of seven percent.
Technology has seen tremendous growth because cell phones hit the mainstream. The demand for mobile service has forced organizations to create innovative products and unique features to market to consumers. The increase of next generation software and hardware development gives Verizon a leading edge because the company continues to advance the development of software and hardware demands of consumers. Globalization warrants the increasing demand for products that consumers can use at any point. Verizon can target a generation of younger consumers who are more technologically advanced because the demands of social media and 24-hour business operations dictate various work and lifestyles.
The SWOT analysis provides the chief strengths and weaknesses within Verizon, and describes the opportunity and threats facing the corporation (Kotler & Keller, 2006). Verizon has the strength of possessing comprehensive experience and knowledge of the telecommunication and broadband industry. Market concentration in Canada is a weakness for Verizon. The company generates a majority of its business and revenues in the United States, which demonstrates geographic concentration. Therefore, the business risk is high because of political and economic uncertainties in the United States. A second weakness is the need to develop a stronger network infrastructure to reach a wider customer base in Canadian region....