Verizon’s success stems from the core competencies in which it possesses that provides for its basis of competitive advantage. The company has really made it a primary focus to strengthen these competencies to their full potential and utilizing them in an effort sustain its competitive advantage and strive toward long-term business growth. Below you will find a list of the key core competencies that Verizon depends on for its continued success and the details entailed to each one:
Corporate Citizenship: In 2005, due to an industry that was going through many changes, as well as technologies experiencing an extremely rapid evolving rate, Verizon decided that it needed to focus on the internal processes of the business. Verizon did this by creating what it calls “CR360”, which stands for “Corporate Responsibility 360 Degrees”. According to the Business Civic Leadership Center, Verizon’s CR360 model “provides a framework that enables employees to look at an issue from an internal and external perspective. The model integrates Verizon’s core values with an understanding of stakeholder expectations into a responsible decision-making process. Verizon has been able to generate employee understanding and cooperation in the CR360 program by incorporating its framework into its employee orientation and leadership training, as well as creating an online training course. According to Kathryn C. Brown, Senior Vice President – Public Policy Department, “as a company we are becoming more accountable and more cognizant of stewardship and responsibility, and we think that’s important to the success of our business.
Infrastructure & Strength and Reliability of the Verizon Network: With the strongest, most reliable network in the market, Verizon has distinguished itself among many other carriers in being a leader in the industry. According to Tony Melone, Verizon Wireless senior vice president and chief technology officer, “I can promise you that reliability will continue to differentiate Verizon Wireless in the marketplace. There will be no substitute for good old-fashioned engineering.” Verizon is implementing this strategic approach by building the most reliable next-generation 4G LTE wireless network in the country, and one of the first on the globe. The development of this mobile ecosystem will be due in part to the collaborative initiatives that are taking/took place: • Verizon LTE Innovation Center: Serves as an incubator for early development of both traditional and non-traditional products for use on Verizon Wireless’ 4G LTE network. The company actively works with several strategic partners to help the consumer electronics industry quickly bring products to the market. • The Verizon Developer Community and V CAST Apps: A strong group of application developers are helping the company bring innovative applications to its customers. V CAST Apps will allow developers to take advantage of the company’s scale and distribution to market their applications to Verizon Wireless customers. • Join Innovation Lab: Collaborating with China Mobile, Softbank and Vodafone, Verizon Wireless is developing a software platform that will allow developers to create their mobile applications to run seamlessly across multiple operating systems.
Experience in the Industry: Verizon has over 125 years of experience in the telecommunications industry. Over those years, Verizon has acquired and merged with other companies, causing a large body of knowledge and skills being integrated into the Verizon businesses.
Training Employees and Customer Satisfaction: Verizon holds the facet of learning as a large aspect of their business. Verizon’s trainers are expected to tie instruction directly to the company’s objectives. According to Lou Tedrick, Staff Vice President of Workforce Development, this approach ensures executive buy-in, provides concrete benchmarks by which to...