Verizon conducts business in the United States, the Caribbean, Asia Pacific, Europe, Middle East, South Asia and Africa. They are a multinational corporation because they are a publicly traded company that does business globally without any significant ties to any region. They might do more business in some of these areas, but they still have a large presence in all these areas.
Global ethical issues for Verizon would be global ethical risks, antitrust activity, internet security and privacy, issues with compensation and labor and the right to work. The global ethical risks that Verizon could encounter are the instability of working with foreign markets. The foreign market could have an unstable economy, social unrest or political instability.
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These could cause a loss of production for Verizon. Also, there are some important ethical principals that are focused on in the U.S. that other countries don’t prioritize. Some examples of this are confidentiality and proper record keeping. Verizon could take part in antitrust activity because they could make it hard for competitors to enter their market by increasing output, which would lead to lower costs. As a result, the new companies trying to join the market can’t compete with them because they will have higher costs. Internet security and privacy is a high-risk issue for Verizon because of the market they are in. One issue is keeping their customers financial information safe from hackers. Also, in 2016 Verizon was found guilty of collecting information about their customers without their authorization. They used “supercookies” to collect consumer data and did not inform the FCC of this. In 2016, Employees of Verizon on the East Coast filed complaints to request getting higher compensation and eventually went on strike to get their voice heard and show that they were serious with their request. They were looking to get increased compensation because of the publicized profit Verizon made and the amount that the CEO received. Also, to reflect the increased responsibility the employees had then. This would create an ethics issue because the public would see in more detail how Verizon compensates their employees, and this could create a negative perception of Verizon. Labor and the right to work is an ethical issue for Verizon because they outsource call centers jobs to the Philippines. This became one of the issues for Verizon’s domestic call center employees because jobs were lost that were sent to the Philippines and a strike in 2016 was a result. Verizon doesn’t have a separate code of conduct for international locations. They have one for all their global locations. Verizon has a section of their code of conduct that states how to avoid antitrust activity. The activities they say to avoid are price fixing, market allocation, bid rigging, group boycotts, sabotaging competitors, false statements, exclusive dealings, resale price setting, refusal to give deals some customers, but give them to others, forcing a customer who wants to buy one product to buy a second product also, as a condition of buying the original product, bundling and offering below-cost pricing. Also, Verizon has a section in its code of conduct that pertains to internet security and privacy and is called Protecting Company Communication and Information Systems. It advises employees on how to protect against hackers and how to avoid viruses from infiltrating their systems with confidential information. The only area in their code of conduct that mentions compensation is when they talk about benefits and how to use them ethically. They could also mention how salaries are decided upon and that gender and race wouldn’t be a factor in this decision. Labor and right to work and global ethical risks weren’t mentioned in Verizon’s Code of Conduct. I would include labor and right to work by stating that there are benefits in working in global markets, but there are times when decisions need to be made to ensure Verizon doesn’t get caught up in any foreign conflict. As a result, Verizon might have to pull their operations from certain areas for their safety. For labor and the right to work, I would include that Verizon does have a call center in the Philippines and the types of work that are outsourced. There isn’t any mention of this in their Code of Conduct. The two biggest risks for Verizon from the Form 10-K are “We face significant competition that might reduce our profits.” and “Cyber-attacks impacting our networks or systems could have an adverse effect on our business.” Verizon has many competitors and they consistently are battling each other to get an edge on each other and take each other’s customers by offering better incentives then their competition.
This could affect stakeholders because if Verizon lost business to competitors, they might need to make budget cuts to compensate for the loss of business. This could cause job loss for employees, less stores to go to buy the products, increased prices for their product and stocks losing value for shareholders. I would try to avoid this risk by making sure we are evaluating our market and making sure that our pricing and practices are competitive with our competition. Also, it is important to use data from surveys and blogs to ensure that we are keeping our customers happy and staying ahead of our competition. Cyber-attacks are a severe problem for a company like Verizon. They need to ensure that they keep all their customer’s confidential information safe and use all the technology available to keep their customer’s safe from hackers and malware. Hackers now can cause data breaches and Verizon need to stay ahead of the hackers to avoid a catastrophe. This could affect the stakeholders because if Verizon had a data breach or were found to not handle their customer’s confidential information appropriately, they would lose customers. This could cause a loss of jobs for employees, increased prices for customers to compensate for a loss of business and the stocks of stockholders could lose value because of a loss of faith in Verizon. I would ensure that Verizon employees destroy any documents with confidential information appropriately, ensure all private information is in a secure location and keep security software
up-to-date.
The first chance a company is a new product may not be what the clienteles want and see it as the necessity. This risk is severe when you base your concepts for new merchandise merely on an impulse, or without conducting sufficient market investigation. Businesses that are not in touch with their clienteles are also likely to issue with the product. One issue that is often met by product designers is determining on what features must be encompassed in the product. There problem that occurs among merchandise because it has too little features and having too much. The second risk is product growth procedure may include mechanical hurdles and functioning risks that must be overcome. The corporation may be developing completely new merchandise that will deliver new and better assistance to clients. The item may also select to adapt its existing product by adding new features that will make it more interesting to the market. The third risk is a financial risk. A new product that you have established may not be able to produce sufficient demand at a price that will transport revenue for the business. The cost of production, as well as the costs of advertising the product, may not be enclosed by the selling value. The company needs first to identify what the risk is how they really will affect everyone involved. The company must do a risk assessment. This assessment will help the company be able to understand the weight of the risk will have on the company. The company will need to prioritize the risk in order of importance. The final step is to mitigate planning, implement, process motoring of the risk that will be affected. The company need create surveys for employees and for customers to see what feature should be offered with the new product. These elements are essential and will show how customer friendly it will be for customers. The company needs to make sure the customers
Verizon Wireless cellular service is inelastic because the products and services it offers makes them the dominant leader in the wireless industry; therefore, a 10% change in calling plan prices (monthly access fees) would not affect the quantity demanded. Verizon Wireless can depend on this inelasticity in their pricing model because of the strength of its brand and the wealth of products and services it offers. Verizon Wireless' competitive advantage comes from its ultra-low churn rate (the percentage of customers who disconnect their service is less than one percent of its 60 million customer base). This indicator suggests that customers are satisfied with the service Verizon Wireless offers and a slight price increase probably would not drive its customers to the competition. This data also suggests that customers probably stay with Verizon Wireless because of its continued expansion of new technologies and services such as its all-digital nationwide CDMA network, EVDO' or its advanced data network (used to wireless send and receive email and other data almost anywhere in the US), and VoIP (Voice over Internet Protocol) that they use for their Push to Talk products. Verizon Wireless markets to a nearly all demographics nationwide and most of its services are offered in the smaller rural markets as a direct result of the one billion dollars per quarter it spends on improving its network as well as acquiring smaller wireless networks to make their nationwide network stronger and larger.
Finding of fact # 1: The ethical problem is a big problem in all large companies (MNCs). I can take the recent case of Volkswagen which has nothing to do with BestBuy
Verizon is predominantly a cellular service provider; however, they are involved in many more industries like search engines, news outlet, and emails with the acquisitions Yahoo and AOL. Thus, the supply chain Verizon utilizes involves many inputs were there are always many choices, because of the high rivalry and cost cutting demands from consumers. According to Verizon, “Verizon is a charter member of the Billion Dollar Roundtable, a coalition of corporations that spend more than $1 billion each year with diverse suppliers.” (www.verizon.com/about/our-company/supplier-diversity). The primary supplier for Verizon would be their phone providers, which include Apple, Google Android phones, Microsoft, Blackberry, etc. The
This issue is clearly internal as Telstra’s servers collapsed, causing millions of pre-paid customers across Australia not able to make phone calls. This incident is not new to Telstra as it is the second time it has occurred in a month. The stakeholder that benefits from this is competitors. Customers now question the reliability of Telstra after this and may consider changing mobile provider. Shareholders are effected the most are the share price will probably plummet due to the incident that occurred depending on the severity. In this case the shareholders saw the decline in Telstra’s share price. This issue may have put stress on the employees as they try to bring the severs back online as quick as
Verizon Communications Inc. has 13 Board of Directors, 1 CEO, 8 Executive Vice Presidents, 2 Presidents, and 5 Senior Vice Presidents. “Verizon Communications Inc., based in New York City and incorporated in Delaware, was formed on June 30, 2000, with the merger of Bell Atlantic Corp. and GTE Corp. Verizon began trading on the New York Stock Exchange (NYSE) under the VZ symbol on Monday, July 3, 2000.” Verizon Communications Inc. is a publicly held Corporation. In this paper I will discuss the corporate roles and duties of a corporation. I will also discuss the differences of a publicly held and Closed corporation. Finally, I will discuss which type of corporation I prefer.
Corporation like Sprint Wireless provider industry which provides cell phone coverage and data. Sprint is one of the largest corporations in the U.S with competitors such as Verizon and AT&T. Sprint has a lot of control in the wireless provider market. Being Independent Corporation, still has to considerate the reactions of their competitors before making business decisions such as chan...
In fact, some of the biggest threats to the company’s growth are the government’s regulation that increases the risk to the underlying business. In addition, the risk of losing the exclusive contract for the iPhone would be a major loss for AT&T. Most of the consumers choose AT&T because of their exclusive contract for the iPhone. Hence, this loss of business will significantly influence the AT&T's profitability and revenue. Moreover, the antitrust authorities play an important role on approved the merger of AT&T.
Identify the potential risks which affect the company and manage these risks within its risk appetite;
The aim of this paper is to discuss the challenges of values-based decision-making ethics in the current marketplace. This discussion will include the research findings on the four markets for potential expansion and an assessment of the current social and political climate of each. A recommendation will offer three best fits based on a comparison of company values, and will include detailed rational for these choices.
In conclusion, companies that seek to integrate into global markets usually encounter several problems because of the effect of globalization on business practices. The challenges originating from such integration is attributed to the differences in cultures in various societies across the globe. As evident in Google’s dilemma in China, there is no single set of universal ethics that are applicable to all settings and societies across the globe. Companies such as Google need to develop varying ethical standards that are relevant and appropriate to various nations and cultures in the world. This would enable the companies that are integrating into global markets to avoid ethical issues while maintaining effective business practices.
Large businesses and corporations have a huge impact on today’s society. These large businesses provide jobs, products, and services to the public and have a great influence in our community. In fact, it can even be said that some companies such as Google have a greater influence in our society over government or even church. Many of these large companies have a social responsibility, whether one realizes it or not. These responsibilities include protecting the rights of its stakeholders and making ethical business decisions. These ethical decisions can be based on ethical norms such as rights and duties, justice, as well as utilitarianism (1). Unfortunately, not all businesses follow these ethical norms. However, in 2013 Forbes magazine
Vodafone are a multinational cooperation who retail in telecommunication services. They were originally set up in the United Kingdom in 1984, and since then they have expanded globally and have been recognised as ‘the second largest telecommunications company in the world’ with revenue spanning over $46 billion (as of 2012).
These risks will have material effect on the organisation 's ability to sustain its business and operational goals and objectives.
Operational risks are risks that may occur in the day to day activities, which may involve the process, systems, or people. Strategic risks are those risks involved with strategy. Positioning ones’ company with the right alliances and competing with fare prices will help affect future operational decisions. Compliance risks involve the many legislations and regulations a company must follow. The results could lead to high penalties and a company’s reputation could take a hit. Lastly, financial risks are always being monitored because oil, fuel, and currency rates are constantly fluctuating. By monitoring the fluctuating rates determines fare cost and balancing of the budget. “Like in any other industry, the risk exposure quantifies the amount of loss that might occur from any particular activity” (Genovese,