Verizon Communications Inc., commonly referred to as Verizon, is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average. Headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City, Verizon services over 150 million customers across the United States, Canada, and Latin America.
What is the history of Verizon?
The company traces its origins to 1984, when the US Department of Justice mandated AT&T Corporation to break up the Bell System into seven companies, each a Regional Bell Operating Company (RBOC), commonly referred to as “Baby Bells.” One of these Baby Bells was Bell Atlantic, which came into existence the same year. Headquartered in Philadelphia, it became the parent of New Jersey Bell, Bell of Pennsylvania, Diamond State Telephone, & the C&P Telephone companies.
2000 Bell Atlantic changes its name.
In 2000, Bell Atlantic changed its name to Verizon Communications Inc. to reflect its growing national presence because of a court ruling that split up the company in 1984 into seven baby bells. It stated that they were not to use their name outside the regions they were assigned to stay within. Then in 2000, when Bell Atlantic was in acquisition mode, striking deals like the acquisition of GTE Corporation (the former General Telephone & Electronics) for $64 billion brought on the need for a new name Verizon
What’s in a name?
Verizon’s name comes from the Latin word “veritas,” which means truth and also connotes certainty and reliability, and “horizon,” which signifies the possibilities ahead.
Right out of the gate, Verizon becomes the largest mobile carrier
Under the Verizon name, the company has made significant acquisitions including in 2000 Joint venture with Vodafone to put their wireless divisions in the US under the business name Cellco, followed by the buyout of MCI in 2006 for $6.7 billion.
Cellco Venture makes Verizon the largest
The joint venture of the wireless division now called Cellco with Vodafone gave Verizon 55% and Vodafone 45% Stake in Cellco, which would do business as (DBA) Verizon Wireless. This new venture proved to be a significant win for both Verizon and Vodafone. But with the profits Cellco was making, Greed started setting in for the two owners, and both had their eyes on the entire pie.
Over the next 14 years, rumors were flying around none stop that one was going to make the move to buy the other, and both were very public on the idea of owning this US-based wireless company all to themselves. But neither really wanted anything else from the other’s business they just wanted full control of this truly shining star that they built. Verizon, year after year, was known for its premium product line. Their network was hands-down the best nationally, they had the best customer service in the industry, the most loyal base as customers with the lowest churn, and to top that off, they were the most profitable compared to both Verizon and Vodafone but owned around half was not good enough for either company. Over the next 14 years, roamers were constantly popping up that the one was going to buy out there other because they each wanted an entire stake in the very profitable wireless venture Cellco. But, in 2014, Verizon moved to purchase the 45% stake from Vodafone when Vodafone needed some extra cash.
This buyout at the time was the 3rd most significant purchase in world history at $130 Billion. This is even more noteworthy because $130 billion only got Verizon 45% of the wireless division. Meaning that the entire wireless division was worth at the time $288 billion and gave Verizon Communications full ownership and total control of the wireless division.
2006-2009 Verizon falls to 2nd place as a new leader rises for short 3 yrs
2006 Cingular and Bellsouth merged, making them the largest carrier in the US. But after the merge, they needed to come up with a new name or Cingular since Bellsouth, like Verizon, was told they can’t operate under the bell name outside their assigned region. Govt felt the bell’s name was so powerful that if it would become a national brand, it could take over the telecom industry once again. But, we all know now that didn’t matter because Verizon & ATT are bigger than if given the change, they could once again be as large as they were under the name Bell System name. Let us just say the court was about half correct because both Verizon and ATT are now bigger than they ever were when they were Bell System, and neither one suffered from having to drop the bell name. If anything, they are bigger without the bell’s name.
Bellsouth disliked the name Cingular, so they had a bright idea of using the name at&t since they had rights to the name since that was part of their name during the liquidation sale of AT&T just a few years earlier. Bellsouth wasted no time moving forward with requesting the name change to at&t, and on Dec 29, 2006 and got FCC approval. For the next 2-3 years, then the new at&t was back as the mobile leader until 2009, when Verizon makes their next big move to purchase Alltel for $22 Billion, putting Verizon back on top as the largest carrier, which still holds to this day.
Verizon’s horizon dream. Looking into the future.
2015 Verizon made its 1st move that surprised the world with the purchase of AOL for $4.4 billion, followed by the acquisition of Yahoo in 2017 for $4.5 billion, which put its horizon dream into place. (Many thought in the early 2000s that the merger of those two would be one of the most significant companies ever, but that never played out, and the two companies fell just like blockbuster and Kodka, just not quite as bad. Verizon felt with their management capital, they could bring life back into this sleeping giant).
Bit off more than they could chew
2021 Verizon unloaded both AOL And Yahoo for only $4.25 billion in a cash deal and made sure they kept one toe in the door and would still hold on to a 10% stake in the company, which now falls under the parent company name of Yahoo. Verizon knew it would work, but I don’t think they fully understood how much of a focus they needed to put on Yahoo and AOL to make them great again, especially in that space that Google and Facebook almost entirely own. But Verizon was smart and took their losses to focus back on the bread and butter, Verizon Wireless. with 5G just rolling out, they need to have their eye on the ball, especially with the rise of Tmobile. This could be a super big win for Verizon as now they have an entirely new business to take over. ATT and Tmobile are no longer the main focus as 5G could replace landline internet, and the cable companies are dead center of their scopes.
Starting 2016 off with Verizon acquiring XO’s fiber-optic network, then later that year, Verizon acquires Fleetmatics for 2.4 billion, and soon after, they purchase Telogis making them the largest fleet management company.
2017 Verizon acquired Skyward, which brought drone operations management to the Verizon IoT portfolio for $8.15 Million. 2020 Verizon acquires the leading pre-paid Value mobile provider and the largest reseller of wireless services in the US, TracFone. Tracfone having nine top brands under its belt with 13 million customers, was all acquired by Verizon for $6.9 billion.
We could go on and on, talking about many more acquisitions. Still, these are just some of the most important purchases made, giving this an impressive portfolio that lives up to its name, veritas & horizon. A truthful company that is always looking into the future.
We all should have learned from those that are dishonest and or not looking into the future and found out how quickly you can move from the top to the bottom of the list. Blockbuster, at the top of their game, can’t see the writing on the wall that people are not going to want to get their movies from a retail store that adds crazy fees to each rental not being returned in time and Kodak that invents the device that kills their primary source of income. 1975 Stegen Sasson Kodak engineer created the first ever digital camera.
Kodak kills the digital camera idea and holds to its core business of filmmaking. They couldn’t see the potential of what this could become because, just like Blockbuster, they had blinders on and only carried about their core business because it was working at the time. Sasson told the New York Times, “They were convinced that no one would ever want to look at their pictures on a television set. Print had been with us for over 100 years, no one was complaining about prints, they were very inexpensive, and so why would anyone want to look at their picture on a television set?“
Verizon knows that if you don’t take risks and have a plan for the future, it could be a blockbuster or Kodak. Verizon Wireless was due to the great decision that was made by Verizon to invest heavily in the wireless division and because Verizon had the vision to see what opportunity this could the landline in that allowed them to become the powerhouse they are today. Verizon took a risk big risk but those at Verizon knew wireless was going to be big. Just imagine if those at Verizon didn’t have their eye on the future and didn’t invest majorly into the wireless division. Well let us just say they most likely would have not been the one buying MCI or GTE and more like we would be reading about who purchased the broken parts of Verizon
Wireless is not dead it just took a short nap.
Verizon now sees that the wireless end of the business still has lots of new customer growth brought to their shareholders. At first, they felt the US mobile phone market was going to slow because we have come almost fully saturated but then 5G roles out, and it was bigger and better than they ever thought it would be. Typically from 1 generation to the next G, There is only one significant change that moves us from 1G to 2G to 3G, and so on. But this time, some believe we may have skipped a few G’s and, by mistake, leaped into the future because of a few new last-minute inventions that a few companies had. Leading that leap forward, Qualcomm out of San Diego, CA. Qualcomm to this new technology multiple leaps forward. 5G not only offers better speed and latency but an additional six major changes(8 in total) that make this technology change from 4G to 5G massive. The first time that wireless passes is landline service capability when fully rolled out, it could be a real big game changer for carriers like Verizon.
The worry of the US mobile market is saturated has been placed on the back burner for now because we could see major growth over these next few years with the addition of home and business 5G. Stockholders are at ease knowing the future looks good for proactive and network-focused carriers like Verizon. With 5G, we can’t even fathom what this technology will allow us to do because this technology is going to spark new ideas and products that we couldn’t even dream of just a few years ago.
Now those who one worried about a saturated market now are focused on how they can grab the extreme amount of low-hanging fruit that this industry gets their networks built out and take control of the home internet and cable tv plans. With the very little cost to push this network out compared to what it cost cable companies to roll out their fibers services
Now, this believed to be saturated market seems more like a low-hanging fruit market, and Verizon, along with its competitors, is putting all they got into their wireless divisions so they can grab as much low-hanging fruit as they can before things once again become more difficult.
5G unlocks an entirely new set of customers that could be easy pickings for the mobile carriers to win over with what they can offer at some impressive rates that cable can’t really touch.
Verizon made some good moves a few years ago when they started planning out Verizon One, which aimed to cover the entire US in fiber. They spent billions on buying up future supplies of it, and so it kind of left everyone else scrambling to find suppliers to purchase any fiber still left on the market.
The future looks good for Verizon
This idea to purchase fiber and become the leader in this space is going to pay off greatly for Verizon as they will be able to offer very competitive rates to their clients, and their competition that doesn’t have anything close to there is going to have to look connecting their towers to Verizon’s fiber network. In the end, it is a win, win for Verizon, Verizon wins because will be able to offer its customers a massive amount of bandwidth and for those without fiber well Verizon will have enough to sell to them as well. Giving them part of the pie no matter if they sell it or if one of their competitors sells it. In either case, it is a win, win no matter what, and will keep this company as the leader for a long time to come.
Introducing Verizon’s marketing campaigns
Verizon has had eight major marketing campaigns since it was founded in 2000. Each campaign has unique goals and strategies, but they have all successfully promoted Verizon’s products and services.
1. Can you hear me now? 2001-2010
This campaign was launched in 2001 and was Verizon’s first major marketing campaign. It featured the character “Test Man,” whose goal was to highlight the company’s strong voice network coverage. The slogan “Can you hear me now?” became very famous. The campaign was successful in increasing Verizon’s market share.
2. There’s a map for that – 2009
Launched in 2009, Verizon Wireless successfully marketed its 3G network with an advertising campaign that made AT&T and other significant competitors look silly in comparison. The embarrassing affair reached a lawsuit between the two companies, where AT&T claimed it due to false advertising on Verizon’s part because they had 2G coverage instead of just sparsely-covered areas as represented through its maps slogan “There’s A Map For That.” In addition, this plays off the phrase “There’s an App for That,” which was a slogan of Apple’s at the time AT&T was the primary service provider for their iPhone. This brilliantly crafted marketing tactic helped establish Verizon wireless’ superior 3g
3. That’s not cool – 2009
“That’s not cool” public service advertising campaign. Designed to help teens recognize and prevent digital dating abuse, the ads were run on its Wireless’ Mobile Web service, Verizon FiOS internet, and TV
4 powerful Answers – 2013
This campaign was launched in 2013; The Powerful Answers campaign showcases how Verizon uses innovative technology to find solutions to help the average business overcome some of the most significant problems. The goal was to differentiate Verizon from other internet providers and highlight its benefits. The campaign was successful in achieving its goal.
5 Inspire Her Mind – 2014
This campaign was launched in 2014 and aimed to promote Verizon Wireless’ initiatives to get more women involved in the tech industry. The goal was to encourage girls and young women to pursue careers in technology. The campaign was successful in achieving its goal.
6 Flipside Stories (#NeverSettle) – 2015
This campaign was launched in 2015 Verizon Flipside Stories ad featured the #NeverSettle hashtag and told stories of people who were rating their experience with different carriers. The point is to argue that if you’re not on board, then what is missing out on? One thing’s for sure-the largest 4G LTE network!
7 Better Matters – 2016
2016 Verizon started using the slogan “Better Matters” Its goal is to promote FiOS internet, TV, and phone service and highlight its superior quality compared to other providers. The campaign was very successful in achieving its goals.
8 Human ability campaign – 2017
Verizon supports its communities.
Verizon has a lot of internal programs to support the communities they serve, but one of its longest and strongest commitment is to run towards a crisis, not away. It is one of their core values, and they are committed to helping the communities during a disaster. They have a program called Verizon Cares, dedicated to running to a crisis and helping out the neighborhood. The program provides support to local organizations that are doing work in the community. Some of the ways that Verizon helps out include providing financial assistance, marketing support, and technical support.
The communities that benefit from this program are those affected by a disaster. Verizon helps these communities by providing cell phone service and setting up charging stations. Verizon also donates money to local organizations.
Where is Verizon today?
Today Verizon is one of the top telecommunications companies in the United States. They offer a wide range of services, including cell phones, the internet, and television. If you are looking for a reliable provider that has a wide range of options, Verizon is a great choice.
So, what makes Verizon a good choice for your home or business? Here are five reasons why you should make a move to Verizon.
Top 5 reasons or benefits on why you should join Verizon
Excellent Network Coverage
Verizon has one of the best networks in the country. This means you will be able to get service almost anywhere you go.
Wide Range of Services
In addition to cell phone service, Verizon also offers internet and television services. This gives you flexibility when choosing what service plan works best for you.
Great Customer Service
Verizon has received high marks for its customer service department. If you have any questions or issues with your service, they will be able to help you out quickly and efficiently.
Verizon offers competitive rates on their plans, making them an affordable option for most people.
Verizon is always up-to-date on the latest technology trends, meaning you will have access to the newest features and devices when signing up with them.”
How do I find the nearest Verizon Store?
Click here and then enter the City, State, and Zip code. From this point, you will get a list of your closest locations and a map that will pin those locations. The closest 3 locations that display will give you their addresses, phone #, hours, & the option to schedule an appointment
So, there you have it! Verizon is a great choice for your telecommunications needs. They offer excellent coverage, a wide range of services, great customer service, and competitive rates.
Frequently Asked Questions
Is it worth the cost of Verizon?
Verizon has everything you’d like. Verizon’s price is somewhat lower than the biggest rival, AT&T or Verizon’s. But Verizon says its coverage, speeds, and performance make this offer worth the price.
What is the purpose of Verizon?
The company provides voice, video, data, and data solutions through award-winning networks and systems and delivers customer requirements for mobility, reliability, security, and controls.
Who is Verizon?
Verizon is one of the leading telecommunications companies in the United States. They offer various services, including cellphone services, internet, and television.
What are the benefits of Verizon?
Verizon offers excellent network coverage, a wide range of services, great customer service, and affordable plans.
What is Verizon’s coverage like?
Verizon has one of the best networks in the country. You will be able to get service almost anywhere you go.
How much does Verizon cost?
Verizon offers competitive rates on their plans, making them an affordable option for most people.
Is Verizon a good choice for me?
If you are looking for a reliable and up-to-date provider, Verizon is a great choice.
What is Verizon?
Verizon is a telecommunications company that offers cell phone service, internet, and television.
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