Segmenting and Targeting Markets

Verizon market segment operates within the traditional family life cycle. With many of its advertisements often including the "traditional family" (a husband,wife,often two or three kids) which can apply to the middle age married with kids category or even the older married couple with children who are independent from their parents because Verizon family deal is better deal financially for most families in these economic times. Also while not directly advertising it, Verizon is very appealing to young single people because they are up to date technology wise as evidenced by their continuing success with their Droid models. Another reason Verizon is successful with the young single people segment is that their low monthly cost is something that fits perfectly into their general financially statuses. Although Verizon successfully advertises too these segments of the family life cycle it seems to ignore the newest and one of the largest segments of the family life cycle, the homosexual segment. Verizon has yet to include a same sex couple in any of their advertisements and would be wise to do so.

Developing and Managing Products

 

Verizon develops its new products through brain storming and using the ideas or current products of competitors, such as AT&Ts iphone. Although Verizon's Droid models are "new" products they are not peoples usual definition of a new product. Verizon's Droid models represent a new product in the sense that it is an improvement over previous models of the product. A cellphone was the initial product and the Droid is simply a new and improved version. While new products that are improvements over older ones can be only slightly different, Verizon's Droid is drastically different in its features as well as capabilities while maintaining the basic and main assets of the previous product such as be able to call anyone. All products also go through the product life cycle. The four stages of the life cycle are Introduction(when a product is widely introduced to the market), the Growth stage(where the sales for the product should increase dramatically), then  the product enters the maturity stage(where the sales still increase but at a much slower pace) and the final stage is the Decline stage(where a large drop in sales occur). Verizon's Droid model's are in the maturity stage for the most part but advances in technology can either keep the product between the growth and matuirty stages or in can even force it into immediate decline.