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Business Proposal Paper

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Business Proposal Paper Lucionda Garnett ECON/561 October 22, 2014 Mr. David Grier

Introduction
In today’s society, it is imperative that businesses adopt an efficient and effective strategy, in order to stay ahead in this persistently fluctuating professional world. Every business should have an approach that will align with the shifting economy to sustain or even gain more business. The result of an ineffective approach may result in the loss of customers, profits, and consequently the demise of the business as well. In this paper the author will attempt to write a business proposal, with specifics about Verizon Wireless network, which is vital in this technological savvy industry. In this business proposal, the author will identify the market structure for Verizon Wireless network, identify elasticity of the product, and discuss how pricing will relate to the Network as a whole.
The author will also discuss how changes in the quantity supplied as a result of pricing decisions affect marginal cost and marginal revenue, suggest some nonpricing strategies that Verizon will use to increase barriers to entry, and how the changes in operations may alter the mix of fixed and variable costs. And finally, the author will go in depth about the current global economic conditions and their effect on local macroeconomic indicators for Verizon, the local economy's stage in the business cycle, and describe how current credit market conditions affect the planning or operating decision for Verizon Wireless. Optimistically after reading this business proposal, the audience will have a better understanding on how important it is, to apply economic principles, when implementing a new product for an existing industry. The Market Structure
The Market structures play a significant part in determining the economic influence for an industry at all stages. The market structure is basically the gathering of elements that regulate how consumers and suppliers cooperate in a market, how costs fluctuate, and how diverse altitudes of the assembly and marketing methods work together. The specific types of market structure include perfect competition, monopolies, oligopolies, and monopsony (McConnell, Brue, & Flynn, 2009).
Verizon Wireless is a highly established, and widely recognized business that offers dynamic communication services that are utilized in most homes all over the world. The market structure that Verizon Wireless currently maneuvers in, in my opinion would have to be the oligopoly. This is simply because of the scarce competition in this particular sector of the communications industry. Although every establishment in this market all produce wireless telecommunication products, all enterprises has its own individual system. Majority of the customers who have these amenities could distinguish each business from its trademark and service. In this oligopoly market, this is a strong indication that each service provider produce a slightly different product. According to the data from Yankee Group Research, Inc., the following figure shows the wireless service provider market share of June 2011 in the Top U.S. cellular market areas (Wang, G, 2011).

The oligopoly market in my opinion, is very beneficial to Verizon Wireless because it allows the company to work closely, resourcefully and effectively with their competitors, when comparing their prices and goods against their rivals. Verizon wireless rivals in this viable market would expectantly include AT&T, Sprint, and T-Mobile. Verizon has remained dominate in the last 8-10 years with partial intimidations to its control of the market, because the obstacles to entry into the telecommunications market remain high. This will cease any fresh and forthcoming businesses from penetrating the industry and disturbing the conventional opposition (Verizon communications, 2012).
According to Jones and George in Contemporary Management, barriers to entry could be built through three sources: economies of scale, brand loyalty, and government regulations. In this case, the four big companies may have large economies of scale. This means the companies would have a lower cost when they produce more products. This is because communications organizations’ main expenses comprise of the costs related with its systems, management expenditures, and transactions and advertising expenses. Most of these costs would not rise considerably with the snowballing of its consumers (Jones, George, 2008).
Subsequently, for the communication establishments, the stable budget is very hefty, they will essentially spend a great deal of currency on constructing a respectable system and hiring and preparing qualified personnel. The minimal budget for each surplus consumer is rather insignificant, and the more customers they consume, the smaller average fixed costs they could acquire. The immense corporations have a considerable lower average total cost than the new, and approaching companies. This competitive benefit may possibly avoid most of the new businesses from piercing this market (Jones, George, 2008). Competitive Strategy and Recommendations
In order for Verizon Wireless to remain at the top of their game in this ever changing market, they should seek different strategies to remain prevalent (Barrett, 2009). One strategy that would aid in this process would be if Verizon ensured that their employees provided exceptional customer service to new and existing customers. Outstanding customer service can make or break a company in regards to retaining and gaining new business. This is why it is very important that upon hiring new employees it is stressed that customer service and customer satisfaction is the company’s highest priority. Another strategy that I would recommend to Verizon Wireless would be to provide promotional specials for new customers who take part in a new contract agreement with the company. Although the promotional specials may not benefit the company in the beginning, it could definitely benefit them in the long run, especially if they can gain and retain that customer for years to come.
The next strategy I would recommend to Verizon wireless would be to give discounts and incentives annually to their loyal customers. These discounts would vary depending on how long the customer has been with the company. These Discounts and incentives would start after their initial two year contract agreement is up. Once their two year contract agreement is up, each year after that a percentage of their bill will be reduced. The main goal here is to increase and retain new and existing customers. Finally, the last strategy I would recommend to Verizon Wireless would be to remain focus and innovative in this market and to always seek new and improved ways to revolutionize their brand to set themselves apart from all competitors in this market.
Describe the current global economic conditions and their effect on local macroeconomic indicators for Verizon Wireless.
As of today, the current global economic conditions are stable and this affords Verizon Wireless additional opportunities to capitalize on the markets current circumstances. The ground-breaking possibilities in the telecommunications business has been increasingly beneficial to Verizon Wireless and their affiliates. Since the global market has been steady, this has allowed Verizon Wireless the opportunity to expand within more than 50 cities in 2013 single-handedly. With this expansion, this has also permitted Verizon Wireless to generate over $1 million dollars in revenue and business alone (Verizon, 2014).
Whenever there is an expansion of business, this is always beneficial to the economy because new jobs are generated. According to Verizon Wireless, 2014, the expansion in 2013 created more than over 200,000 jobs which was a big boost to the economy. The expansion called for more individuals to deal with the new business and revenue that was arising. Verizon’s wireless wireline division recounted continued solid outcomes for customer services, where year-over-year quarterly revenues now have grown by more than 4 percent for nine consecutive quarters (Verizon, 2014).
As of today, Verizon Wireless has reported double-digit year-over-year percentage growth in reported and adjusted earnings per share for the 10th time in the past 11 quarters. The establishment also exhibited another resilient quarter of Verizon Wireless connections progress and lucrativeness, and consumer growth for (FiOS) fiber-optic services. Verizon Wireless continues to provide reliably strong operating and monetary results. The company’s main objective is to continue to provide excellent customer service, affordable pricing on goods, and continuous innovation in this ever-changing market. Verizon wireless is committed to providing the best service possible to their consumers because this is the foundation that the company is built on (Verizon, 2014).
Describe the local economy's stage in the business cycle. Verizon Wireless business cycle has been basically stable due to the stable economic market. The business cycle of any business can be well-defined by a specific period of an expansion or recession. During expansions, as stated previously, this indicates that the economy is growing in authentic terms. Verizon Wireless has continued to capitalize off of this stable market, and it is proven by the increase in indicators like employment, industrial production, sales and personal incomes. The existing credit market circumstances are also pretentious by macroeconomic indicators. The credit market incorporates some investment-grade links, as well as short-range commercial paper. By analyzing the economy’s current state, the economy is flourishing, as measured by the increases in the above indicators. As of today, our current economic state is in a fairly stable position, so Verizon Wireless will continue with its current pricing strategy (Verizon, 2014).
Verizon wireless business progression is focused on their innovative marketing strategy that is grounded on offering solutions that are targeted to satisfy the needs of their numerous customers. Verizon wireless is committed to providing excellent customer service, innovative sales and marketing organizations that incorporates all of Verizon’s clarifications for the industry and consumers worldwide. Verizon’s advertising strategy includes a synchronized database of print, outdoor signage, television, and radio. The current internet and innovative broadcasting advancements are intended to present Verizon’s marketing memorandum steadily across all of the telecommunication markets. Verizon wireless sales approach is to practice an arrangement of efficient and effective alternatives, in order to intensify consumer progression while decreasing customer procurement expenses. So in turn, Verizon wireless will continue to depend on third party suppliers for device warehousing and delivery (Verizon, 2014).
Describe how current credit market conditions affect your planning or operating decision for your good or service.
The current market conditions can play a very important role in determining how Verizon Wireless will plan and operate in regards to the goods and services that the company provides. The present state of the credit market discloses the economic forte of the business. The more customers pursuing to endow into the industry, the more Verizon Wireless will continue to produce and grow. These strong signs alert the establishment to create modifications to their current planning and operating strategies. Verizon wireless service providers has continued to advance their systems to increase data-carrying proficiencies and to authorize greater swiftness in regards to information communication.
The mandate for complete Internet surfing abilities for phones and the increase of wireless data applications for wireless-enabled laptops, phones and other wireless devices is growing and motivating wireless data usage. This increasing demand for wireless data services has encouraged the request for advanced speed complex expertise and the expansion of a display of more progressive wireless devices that include additional information capabilities (Verizon, 2014).
Conclusion
In conclusion, the author wrote a business proposal, with specifics about Verizon Wireless network. In this business proposal, the author identified the market structure for Verizon Wireless, identified elasticity of the product, and discussed how pricing will relate to the network as a whole. The author also discussed how changes in the quantity supplied as a result of pricing decisions affect marginal cost and marginal revenue, recommended some nonpricing strategies that Verizon will use to increase barriers to entry, and how the changes in operations may alter the mix of fixed and variable costs. And finally, the author explained the current global economic conditions and their effect on local macroeconomic indicators for Verizon, the local economy's stage in the business cycle, and described how current credit market conditions affect the planning or operating decision for Verizon Wireless. Enthusiastically after reading this business proposal, the audience will now have a better understanding on how important it is, to apply economic principles, when implementing a new product for an existing industry.

References
Barrett, J. D. (2009). Anchoring: Introducing a behavioral economic topic in principles of economics courses. Journal of Business Cases and Applications, 2, 6-11.
Jones, G. R., & George, J. M. (2008). Contemporary Management (6th edition). New York, NY: McGraw-Hill.
McConnell, C., Brue, S., & Flynn, S. (2009). Economics. Principles, Problems, and Policies (18th ed.). : McGraw-Hill Company.
Verizon Communications Inc., (2012). A Company History.
Verizon Wireless Communications Inc., (2014). Global Economic conditions in telecommunications.
Wang, G. (2011). AT&T/T-Mobile Merger: More Market Concentration, Less Choice, Higher Prices. Retrieve: Nov 23rd, 2011. Available: http://web.yankeegroup.com/rs/yankeegroup/images/2011AT%26T-T-Mobile-Merger-Report.pdf

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