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Verizon Wireless

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Verizon Wireless is a retail company ranked number 47 in the top hundred retail list. The company is a private entity in telecommunication industry. It provides a range of cell phone services to clients across the world. Verizon Wireless has a wide market and serves customers in many regions in America and other countries. The company merges with small companies in the industry and, when they acquire enough capital, obtains ownership of those companies. In 2010, the company had 108 million subscribers and users of their products and services. The headquarters of the company is in Basking Ridge, New Jersey. It is a joint venture of two companies, which include Verizon Communications in America and Vodafone, which is a mobile network carrier in the United Kingdom. The ownership is 55 % Verizon Communicating and 45 % Vodafone.

Stores

The company has many stores across the world offering services in different parts of America and United Kingdom. The company has 2330 across the world. It has big stores in America and makes more profit from those stores because they are easier to manage. Currently, the company has 85,000 employees who provide services to all stores across the world. This is an international company, and it has committed and professional employees who constitute management. Most stores operate on the 24/7 basis with e-business being on the rise. Costumers do not have to visit the store physically but simply log in to their accounts at the company’s website and demand the product. Internet has made the business to expand since many customers have developed interest in the company because of the simplicity in acquiring the products (Mark, 1995).

The company has a strong marketing department which penetrates to all regions of the world. The group has assisted in the growth of the company and has made the company grow and make huge capital. The key people of the company include Dan Mead, the Chief Executive Officer, Andrew Davies, who is the group’s Chief Finance Officer, and Marni Walden, the Chief Operation Officer. Those key people assist in management and direct the operation of the company. They have made the company grow due to their outstanding management skills. The headquarters are based at Basking Ridge, NJ, United States and this provides a favorable environment for business. The place has enough security, and this makes the business run for 24 hours a day (John, 2009).

Review of 2010

The table below shows sales volume for the year 2009 and 2010.

2010

Sales/ Revenue

2009 Sales/Revenue

%Sales Change

2010 Net Income (Profit after Taxes)

2009 Net Income

(Profit after Taxes)

% Change Net to

Income

% Net Income to Net Sales

61,510,000

60,100,000

9.8%

3,260,000

2,900,000

4.8%

5.3%

Interpretation of the results

The evaluation of results shows that the company has improved significantly from 2009 to 2010. It has made a change in sales of 9.8 %. This percentage growth has come up in one year and only few businesses have been capable of such a change. The sales and revenue for year 2009 was $ 61,510,000 and for 2010 was $60,100,000, making up a difference of $1,410,000, or 9.8 %. This sales difference means that the company has grown and improved for one year. The improvement shows that the company has been using favorable strategies. The net income in 2009 was $2,900,000 and this increased to $3,260,000 in 2010, which makes a difference of $320,000. There is an increase of $360,000 in income from 2009 to 2010. This shows that the company has been growing, because it has an increase in income (John, 2009).

Causes of increase

The performance of the company has increased from 2009 to date and this has been brought about by the application of a new plan. In 2008, the American economy had deteriorated, and the income was not favorable, because many people across the word could not buy the products.  They opted to stay without a phone because they regarded them as expensive. The management had a meeting and laid down the new strategies to cope with the market, and this included manufacturing of all kinds of phones to suit different classes of people. The management team changed and professionals were given the top management positions. The new management laid down new policies and procedure to run the company. The company improved in 2009 and the results followed in 2010 (Mark, 1995).

The company started the internet business by encouraging their customers to order products online and pay using plastic cards. This promoted the business world wide because people could get the information they wanted from the Internet. The company improved the marketing positions and advertised its products in social media, like Facebook, Tweeter, and Net Log, among others. This made people across the world familiar with the product and boosted demand.

CEO comments about the performance

The Company’s CEO, Mr. Dan Mead, was encouraged by the results since the company had made a huge profit. He encouraged all the staff to keep up on the work and maintain the same spirit. He thanked the entire community using the products and regarded them as a family. He promoted the employees who had worked hard and brought change in their department. He encouraged all employees and laid down corresponding policy introducing employee discounts for buying the products.

Challenges and strategies for 2010

The business has been facing a number of challenges and it has outlined strategies to counter each challenge. The company faces great competition from other companies producing the same products. They lower their prices to make the customers go for their products and disregard Verizon’s wireless products. The competition is encountered through marketing. The marketing team has new strategies like the use of internet and other media for advertisement. Other people have made products which resemble the company’s brand. This makes many customers buy the fake brands without noting, because they resemble each other and they are sold at low prices. The company has provided trademarks which cannot be copied. This was established when the company faced a great challenge by people producing copyright products with their brand (John, 2009).

The company has a management team which respects the decisions made and works on improvement of the company. The management ensures that the proposed strategies get in effect immediately. The employees are motivated and this makes them perform better and uphold their honesty. The employees in the company headquarters hold meetings every three months in which they make decisions on what needs to be improved and changed. The company provides after sales services to the customers. Those services include things like discounts, transport, and education on how to use the facilities. The business has been growing faster because the management has done marketing research and come out with new strategies. The business changes accompanied the change in technology, and this has enabled it to have a larger market than the competitors’ (Mark, 1995).

Current information

Trend for 2011

The company has managed to get great income for the year 2011. It has grown wide and expanded in market. It provides the services to many countries and it has made outstanding profits, larger than any other year. The net income for 2011 has not been calculated, but is accessed to amount to three billion and twenty six million American dollars. This is the greatest income made in history by the company. The company has employed new strategies for marketing and employed new staffs who have professional background of the positions they are assigned to (Mark, 1995).

The company has expanded significantly in 2011, and this made it create more jobs to people. The employees involved in the management have created new strategies to improve the sales and marketing of the company. Currently, it provides a wide range of products which include cell phones, smartphones, Tablets, Mobile Hotspots, USB Modems, Home phone connect, Accessories and Innovation stores. In 2011, it produced new brands which include Apple, Blackberry, Droid, Droid Does, HTC, iPad, iPhone, LG, Motorola, and Samsung. The company made only the brands which have been liked by its customers and this makes it to have large volume of sales. The brands have penetrated to the market and brought about large sales. Those brands are used worldwide. 98% of the countries in the world use the brands listed, and this shows that the company has a worldwide market. In most countries, there are outlets which provide the sales of this company. The headquarters of the company are located in the US, but the market has reached 98% of the world countries. Their many retailers who buy and sell the products to their local places, and they have assisted in the growth of the entire business (John, 2009).

The company has been opening new branches in each country where they sell the products. The branch acts as the retail and sells the products to other people in the location at a wholesale price. The creation of branches and representatives has promoted the company’s business sales, because they have access to sales of their products in each region. The management has provided a label for each brand, and this prevents copyright, because many people and other companies likes to make the duplication of product in order to capture the market of existing company. The stores which do not have great income are assigned new management. The new management brings about new strategies for the running of the business. In the year 2011, the company closed down many stores in Africa due to the insecurity which caused less sales and great losses. Many stores were burned down and products stolen like in Zimbabwe. The business in those places did not stop but was provided through an agent or the internet. New stores are created in regions where they do not have the services but first marketing is done through the internet and the use of agents.

Summary

The company has grown in many years, and it has the potential of growing further. This company has invested in many countries and it cannot collapse since it makes a huge capital. In three years’ time, the company will have market in all countries in the world. It provides new strategies for growth each year and this has enabled it to grow significantly. The company changes strategies and products in respect of the change in technology.

Retail business should have strategies and work out a plan which should be set as goals and objectives to attain. The success of retail business is determined by the management. In order to succeed in business, the retail should have qualified and professional people to handle the management of the business.

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