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MKT291Verizon - Verizon Company Report Mike Mesrobian...

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Verizon Company Report Mike Mesrobian, Kallie Francke, Lauren Sullivan, Joey Trykida I will make a cover page later Executive Summary: As Verizon representatives, we have decided to come out with a new smartphone that includes an innovative feature. This feature enables any individual who has purchased the phone to have digital access to their credit card. Essentially, the feature will serve as a credit card application. The application will allow users to have credit card access straight from their wireless device. When commanded, the phone's screen will become a bar code that, when scanned, will automatically charge the users credit card. Users will be asked for a simple four-digit pin number, similar to an ATM, when finalizing their purchase for security purposes. This product will serve as an extension of other smartphones and applications that Verizon already offers. The ability to have access to one’s credit card via cell phone is the logical next step in further smartphone capabilities. Upon introducing this new feature to Verizon smartphones, our hopes are to increase market share in the smartphone industry. Our specific demographic that we are hoping to target are both male and female phone users. Specifically, those who fall within the age range of 20-50 years (those who are financially responsible for their own well-being). If we can initially target this older demographic, we hope these users will influence younger generations they are responsible for (i.e., the children of parents). Currently, almost thirty percent of the population owns smartphones. As technology continues to play an all-encompassing role
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in society, the age at which children receive wireless devices is becoming sufficiently lower than what it has been in past years. This meaning, the demand for smartphone products (applications included) is likely to increase. Our direct competitors are those who offer similar or identical smartphone products in comparison what Verizon offers. However, upon releasing the next product within the smartphone product line, in conjunction with the credit card application, Verizon will be able to maximize its profits due to its competitive advantage before its competitors follow shortly after with their own credit card application. The smartphone market is monopolistically competitive. There are multiple companies with significant market share, who offer similar products. This prevents Verizon from manipulating their customer base. In creating this new product, massive amounts of technological innovations are required. Incorporating a new technological advancement, specifically the inclusion of a credit card application on smartphones, is the next logical step in Verizon’s product extension. Verizon’s strengths lie within their strong brand, and also, good market share in a competitive industry.
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