Blog & Team Research Paper Assignment
MIE 480-05Blog & Team Research Paper AssignmentWireless Telecommunications IndustryAlex Fraser Jeff HoranChase Pumerantz4/29/2011Table of Contents TOC \o "1-3" \h \z \u PART I: DESCRIBE TWO PUBLICLY TRADED BUSINESS RIVALS PAGEREF _Toc291853313 \h 2PART II: OPPORTUNITY PAGEREF _Toc291853314 \h 8PART III: INDUSTRY ANALYSIS PAGEREF _Toc291853315 \h 11PART IV: STRENGTH ASSESSMENT PAGEREF _Toc291853316 \h 16Works Cited PAGEREF _Toc291853317 \h 19Table of Figures TOC \h \z \c "Figure" Figure 1: Return on Equity PAGEREF _Toc291853185 \h 3Figure 2: Stock Price PAGEREF _Toc291853186 \h 4Figure 3: Total Assets PAGEREF _Toc291853187 \h 5Figure 4: Operational Efficiency PAGEREF _Toc291853188 \h 6Figure 5: Share of Industry Value PAGEREF _Toc291853189 \h 7Figure 6: Percentage Growth 2008-2009 PAGEREF _Toc291853190 \h 10Figure 7: KSF Details & Firm's Corresponding Scores PAGEREF _Toc291853191 \h 16Figure 8: KSF & Average Strength Scores PAGEREF _Toc291853192 \h 17`PART I: DESCRIBE TWO PUBLICLY TRADED BUSINESS RIVALSFor two publicly traded business rivals in the same industry, give the following information: According to the AT&T’s 10-K the company’s corporate address is 208 S. Akard St., Dallas, TX 75202 CITATION ATT10 \l 1033 (AT&T INC.). According to Verizon’s 10-K the company’s corporate address is 140 West Street, New York, NY, 10007 CITATION Ver10 \l 1033 (Verizon Communications Inc.). According to IbisWorld, AT&T and Verizon compete against each other in the following businesses: provision of Advanced PCS, Cellular Voice Services, Data Services, Wireless Services, Paging and Text Messaging. These businesses are supported by primary activities including: Provision of messaging services such as SMS and MMS, provision of wireless internet services and other non-messaging data, the operation wholesale of wireless infrastructure capacity to telecommunications resellers CITATION Tho10 \l 1033 (Thormahlen). According to IBISWorld the name of this industry is Wireless Telecommunications CITATION Tho10 \l 1033 (Thormahlen). What are the employment prospects in the industry in which these businesses compete?According to the Bureau of Labor Statistics the Wireless Telecommunications Industry, “provided 202,700 wage and salary jobs last year”. Employment in the Wireless Telecommunications Industry is expected to, “decline by 1 percent over the projection period” from 2008-20015 CITATION USD09 \l 1033 (Bureau of Labor Statistics). This decrease is expected to arise from a decrease in demand for, “installation, maintenance, and repair occupations as the rate of expansion of the wireless infrastructure slows, because upgrading existing equipment is less labor intensive than installing new equipment” CITATION USD09 \l 1033 (Bureau of Labor Statistics). In regards to the change in the positional employment prospects, the Bureau of Labor Statistics states that, “demand for Customer service representatives will grow because these workers will be needed to accommodate an increase in customers” and, “computer specialists will not see declines because these workers will be needed to develop new technologies” CITATION USD09 \l 1033 (Bureau of Labor Statistics).Over the period 2006-2011, what has been the trend in strategic and financial ratios for each of these two businesses? For each business, plot the following metrics on separate line charts, each with the years 2006-2010 on the x-axis:Figure SEQ Figure \* ARABIC 1: Return on EquityReturn on equity was determined by diving net income by the total stockholder equity for each firm. The figures for return on equity for AT&T and Verizon fluctuate depending on many variables, including the amount of investments made by the company as well as the current state of the overall economy. AT&T benefitted tremendously from its focus on more profitable devices such as the iPhone and taking advantage of its increasing market share of certain product types. Verizon has been suffering from an overall decrease in return on equity for the past five years, with the most notable drop coming from vast investments in 4G networks, according to company reports. The company invests heavily in its infrastructure each year, injecting over $17 billion in 2009 to current and future networks to keep reliability consistently high CITATION Shi10 \l 1033 (Shields). This however is showing signs of damaging its bottom line as AT&T almost tripled its return on equity for investors in 2010. Both companies took big hits in 2008 with the economic downturn, but AT&T is showing signs of being better at cutting costs and boosting profits.Figure SEQ Figure \* ARABIC 2: Stock PriceVerizon’s stock price has consistently outperformed AT&T in the financial markets, but both generally follow economic trends as evidenced by the drops in 2008. AT&T’s stock price did not recover as quickly from the economic slump as Verizon, possibly due to negative outlook over its loss of the exclusive iPhone contracts and Verizon’s deployment of powerful Android devices. Outlook remains promising for both firms as consumers begin to switch over to new contracts on faster 4G data networks that offer higher profit margins despite requiring huge investments in new technology and infrastructure CITATION Sve11 \l 1033 (Svensson).Figure SEQ Figure \* ARABIC 3: Total AssetsTotal assets were determined for each company by examining the annual 10-K for 2010 for each firm. AT&T consistently maintains a competitive advantage of holding significantly more assets than Verizon, despite the narrowing of the gap between the two in recent years. Verizon spent huge sums of money on its 4G infrastructure gamble in 2010, part of its $16 billion capital expenditure costs which is evidenced by its drop in total assets that it hopes to get a return on in coming years CITATION Shi10 \l 1033 (Shields).Figure SEQ Figure \* ARABIC 4: Operational EfficiencyOperational efficiency was determined by obtaining the figures for operational costs and dividing them by overall sales revenues. The manufacturing efficiency of AT&T is notably more varied as compared to Verizon, which may be due to amortization strategies as recorded in its financial statements or large changes in corporate operations. Verizon has increased its efficiency in the past three years as it expands its network to include more customers in order to create economies of scale. The acquisition of T-Mobile by AT&T in the first quarter of 2011 should allow the firm to operate at higher economies of scale than Verizon due to being the now largest firm in the industry in terms of customers and overall assets CITATION Sve11 \l 1033 (Svensson).Figure SEQ Figure \* ARABIC 5: Share of Industry ValueThese figures were taken by dividing each firm’s revenue by the total industry revenue to determine the overall share of the industry. Verizon has gained a small advantage in its share of overall industry value in the past two years as it and AT&T continue to consolidate the industry and push out regional competitors CITATION Shi10 \l 1033 (Shields). However with the consolidation of T-Mobile and AT&T expect this market share advantage to switch places in 2011 as AT&T takes control of the T-Mobile operations and revenues. With fewer and fewer firms being able to compete due to these two giants’ economies of scale, look forward to further industry share growth from both as they continue to dominate the wireless market.PART II: OPPORTUNITYDefine or describe the industry that these businesses compete in.The wireless telecommunications industry “operates and maintains switching and transmission facilities to provide direct communications via airwaves. The services offered by this industry include cellular mobile phone services, paging services, broadband personal communication services and wireless public safety services” CITATION Tho10 \l 1033 (Thormahlen). For our paper, we have chosen to focus on the wireless telecommunications provider’s main service of offering cellular and data service plans. This industry we have chosen is an extremely large and complex industry with the total market revenue equaling $152.5 billion dollars in 2009, employment of 268,420 people, and payment of $16 billion in wages CITATION Tho10 \l 1033 (Thormahlen). The wireless telecommunications industry is still in its growth phase, and has a projected revenue growth of 3.0 percent annually through 2014 to $180 billion CITATION Fre10 \l 1033 (Freedonia). It has also become an extremely competitive industry due to the high level of competition amongst rivals and the fact that the marketplace is becoming saturated with a penetration rate in the United States of 93% CITATION Jam11 \l 1033 (Moorman). This high penetration rate is due to the reliance the population has on mobile devices in their everyday work and personal lives. The wireless telecommunications industry is complex due to the ranging services and plans that each competitor offers. Competitors offer a wide range of amenities offered in their plans that customers must choose between including exclusive smartphones and media tablets, 3G or 4G networks, innovative applications and operating systems. Presently, the top three players in the wireless telecommunications industry are Verizon Wireless, AT&T Mobility and Sprint Nextel Corporation whom account for a dominating 85% of the industry revenue and 90.5% market share CITATION Tho10 \l 1033 (Thormahlen). Verizon itself has accumulated 33.2% of the market share while AT&T is close behind with ownership of 28.6% of the market share CITATION Tho10 \l 1033 (Thormahlen). This industry is proven itself to be extremely competitive to enter into because of the domination of the larger companies who are able to offer lower prices. Due to economies of scale that occur with a large subscriber base, it is much easier for the large carriers to defend market share with the high saturation rate in the industry CITATION Tho10 \l 1033 (Thormahlen). The economies of scale that occurs has also given the large players in the industry stronger cash flows allowing them to invest more heavily in newer technology along with acquiring smaller companies for their subscribers and infrastructure. This has become an emerging trend in the industry and can be seen in such situations as AT&T’s acquisition of Dobson plus T-Mobile and Verizon’s purchase of Alltel Wireless CITATION Tho10 \l 1033 (Thormahlen).Given the attractive aspects of the smartphone market, the number of devices and sector competition has increased significantly over the past year CITATION Jam11 \l 1033 (Moorman). Smart phones are becoming cheaper and more present in most wireless telecommunication’s arsenal of products, narrowing the gap between companies since the actual phones are a main selling factor. While carriers used to fight for the exclusive control of the hottest smartphones (AT&T and Iphone), it is believed that service providers are now opting for a portfolio approach, rather than betting their success on one device CITATION Jam11 \l 1033 (Moorman). According to Peter Svensson, in the article titled “AT&T to Push Android Phones More Vigorously”, AT&T is looking to take back some of the market by focusing on selling its own Android devices to compete with Verizon, who currently holds the U.S. market lead with 102.2 million overall subscribers CITATION Sve11 \l 1033 (Svensson). This intensified competition is likely to stress more about network speed and price of the wireless communication providers in the near future CITATION Jam11 \l 1033 (Moorman). In addition, the media tablets such as the Apple’s IPhone and the Samsung Galaxy Tab are predicted to become the new substantial force in the market, with other smaller companies fighting to establish position in the industry CITATION Jam11 \l 1033 (Moorman).In the industry as you defined it, which geographic area is there currently the largest amount of demand? How large is the amount of demand in this geographic area? How fast is demand growing in this geographic area?In the wireless telecommunications industry, the United States currently has the largest demand. As Ibis World states, “the top three wireless carriers, which account for 74% of revenue and 80% of subscribers-Verizon Wireless, AT&T Mobility and Sprint Nextel-are all majority owned US companies,” CITATION Tho10 \l 1033 (Thormahlen). Within the United States, demand follows the nation’s demographic profile, in particular its population density, for the exception of a few regions (Ibis World, 22). The popular thought would be that demand would match the population of the region, given that these geographic areas supply bigger potential markets, however this is not exactly the case. The Southeast region accounts for 29.2 % of the industry establishments CITATION Tho10 \l 1033 (Thormahlen). Next the West region accounts for 16.3 % of industry establishments CITATION Tho10 \l 1033 (Thormahlen). Moreover, the Great Lakes regions accounts for 13.5% and the Mid-Atlantic region accounts for 13.4% of industry establishments CITATION Tho10 \l 1033 (Thormahlen). In the wireless telecommunications industry as a whole, the annual growth rate from 2005-2010 is 4.6% CITATION Tho10 \l 1033 (Thormahlen). In addition, demand for the wireless communication industry for 2009 was $193.6 billion CITATION Tho10 \l 1033 (Thormahlen).The chart below, based on financial data found in the company’s 10-K’s shows the percentage growth of in revenues from 2008-2009 CITATION ATT10 \l 1033 \m Ver10 (AT&T INC.; Verizon Communications Inc.). CompanyFormula= (Rev2009-Rev2008)/Rev2008GrowthAT&T($53,597-$49,335)/$49,3358.6%Verizon Wireless($62,131-$49,332)/$49,33225.9%Figure 6: Percentage Growth 2008-2009Amount is in MillionsPART III: INDUSTRY ANALYSIS“5-forces” Analysis for the Wireless Telecommunications Industry. Suppliers: The focus of this industry analysis is on the providers of service and data plans. Therefore, the threat of Suppliers in the Wireless Telecommunications Industry is a Moderate power threat. This moderate threat rating is based off of IBISWorld’s claim that, “supply-side relationships are critical to providing competitive service offerings and the best devices” and, “it is important for wireless carriers to develop strategic alliances with leading businesses in supplier and buyer industries CITATION Tho10 \l 1033 (Thormahlen). This statement proves that supplier relationships are critical to the success of a company in an industry where there are only a few major suppliers. This would normally permit a High power threat but it is important to understand that many suppliers farther up the supply chain, such as cell phone tower manufacturers, are not capable of forward integration and heavily rely on the demand from industry businesses like AT&T and Verizon. Supplier’s inability to forward integrate would normally merit a Low power threat but because of these opposing threats the Supplier power threat has a moderate threat rating. Buyers: The threat of Buyers in the Wireless Telecommunications Industry is a Low Power Threat. This Low power threat rating is based on the high frequency of consumer purchases and high customer loyalty. This high frequency of purchases is driven by the frequent introduction of new technology. IBISWorld claims that, “there is a rapid rate of technological innovation….which makes it essential for carriers to quickly embrace technology developments” so that they can be the most competitive and dominant business in their industry CITATION Tho10 \l 1033 (Thormahlen). This short technology lifecycle drives consumers to make small purchases constantly in small order sizes which requires a consistently high level of advertising as discussed by Mike Shields in his article titled “Verizon’s Strategy: Simple, Boring, Effective”. Shields points out that Veruzon spends over a billion dollars per year on their marketing campaign with focus on their strengths of a large reliable networks, alluding to the fact that buyers make purchases frequently and require a constant education on the new features of the newest products. Consumers are typically very loyal because of the high switching costs that exist in the industry. There are severe fines for ending a contract early and attractive incentive packages to retain current customers nearing the end of their contracts. It is because of frequent small order sizes and high customer loyalty and high switching costs that Buyer power threat is low. Substitutes: The threat of Substitutes is a Low Power Threat. This is a low power threat because there are no products in a different industry that offer this industry’s buyers a better value proposition to satisfy the same needs. There are some products, such as web-chatting, that provide similar benefits but lack the accessibility and reliability that current wireless telecommunication technology utilizes. These substitute products from other industries do not offer superior value propositions to satisfy buyer’s needs therefore the threat of Substitutes is a Low Power Threat. Rivalry: The threat of Rivalry is a High Power Threat. This is a High Power Threat because there are few competitors roughly equal in size. According to Standard & Poor’s, AT&T holds a 32.3% Market Share, Verizon Wireless holds a 32.4% Market Share, and Sprint Nextel holds a 17% Market Share CITATION Jam11 \l 1033 (Moorman). When a competitor makes a move, such as Verizon’s introduction of “Unlimited Plans”, industry rivals typically imitate the move, as seen in AT&T’s provision of similar “Unlimited Plans”. It is because of these roughly equal market share percentages and the fact that rivals are quick to imitate a competitor’s move that the threat of Rivalry merits a High Power rating. Threat of Entrants: The Threat of Entrants in this industry is a Low Power Threat because of the high switching costs that keep buyers loyal to their companies. These high switching costs typically include large fees for early termination and help to foster strong Customer Loyalty which merits the Low Power status for Threat of Entry. Conclusion about whether the expected profitability for the average rival is High, Moderate, or Low. There are a total of three Low powered threats, one Moderate powered threat, and one high powered threat according to the completed Porter’s Five Forces Analysis of the Wireless Telecommunications industry. Due to the Low collective power of the five competitive forces the expected profitability of the average rival with no particular strengths or weaknesses is higher than the average cost of capital. This is very good news for the average rival with no particular strengths or weaknesses because they are able to remain profitable in this industry because the expected profitability is higher than the average cost of capital. Explain the meaning of the term “Key Success Factor?” List and at least four Key Success Factors that any competitor in this industry must be good at to be profitable. According to the lecture, Key Success Factors (KSF) means, “the specific resources & activities any competing company must be good at if they are to be profitable satisfying demand and defending against hi-power competitive threats”. KSFs are, “those competitive factors that most affect industry members’ ability to prosper in the marketplace – the particular strategy elements, product attributes, resources, competencies, capabilities, and market achievements that spell the difference between being a strong or weak competitor; the label for the resources and capabilities that respond to buyer needs and defend against the high-powered threats to profit. KSF ‘by their very nature are so important …that all firms in the industry must be competent at performing, or achieving, them or risk becoming an industry also-ran” (LECTURE). For the Wireless Telecommunications Industry there are several Key Success Factors that we have identified include Economies of Scale, Network Service Reliability, G*, (G-star the Index of Sustainable Growth), and Customer Loyalty.Economies of Scale simply means that the cost per unit produced decreases as the size of the production increases. This is a way to cut costs without hurting the product features and services. Every competitor must be good at this KSF because Economies of Scale can protect against the present high power threat of Rivalry and makes it much easier for large carriers to defend market share rather than acquire it in a saturated market. Network Service Reliability can be defined as a measurement of how reliable the service provided by the company is perceived to be and was measured by a partner of PC magazine which used a set of Industry Standards software across 9 different cities and random locations in the cities and averaged together all of its findings to create an overall provider score.G*, G-star the Index of Sustainable growth can be defined as a measure of a company’s availability of financial resources for growth. The higher the G* value, the more financial resources are available for growth.Customer Loyalty is represented by the rate of customer retention, or attrition, and can be defined by something called “Churn Rate” in the Wireless Telecommunications Industry. Churn Rate is a simple equation that measures the turnover and is basically recorded as the number of customers who are currently on a plan that decide to switch to another provider each year. The most stable providers have Churn Rates around 1% while weaker firms such as Sprint have Churn Rates as high as 10% for the year. This relationship with customers is a KSF when growing the firm and maintaining customers and helps protect against the high powered threat of Rivalry. Give a calculation that you can use to measure each KSF, and then for each of the two competitors do each calculation with data from a credible source available online at NCSU library.Economies of Scale can be measured by subtracting operating income from total revenue and then dividing the outcome by the firm’s total work service reliability can be read directly from the survey data from NovaRum Inc, a third party contracting service that was hired by PC Magazine to test the reliability of all major wireless provider networks.G-Star is measured by subtracting the dividend payout ratio from the number one and then multiplying the result by the return on equity.Customer loyalty is tracked by the firms themselves and is labeled as the Churn Rate, which is measured by the total customers lost divided by the firm’s total customers. Typical ranges include anywhere from 1-5% churn rate.For two KSF you listed, explain how each separately protects profit from one Hi-Power Threat you listed in (III.1). Economies of Scale have a huge impact on protecting profits from the Hi-powered threat of rivalry in the wireless telecommunications industry. With economies of scale, “wireless participants are focusing their activity of retaining and building their subscriber base,” CITATION Tho10 \l 1033 (Thormahlen). As the wireless telecommunication industry becomes more saturated; competition between rivals becomes more intense because they must compete for a limited amount of potential users. With a high concentration of competition amongst rivals, price is a huge determining factor that customers take into consideration. When competitors are able to achieve a high economies of scale, they are able to better spread their fixed-network costs and therefore able to lower the price for the customer. According to IBISWorld, these network costs represent the greatest operating expense a company must endure and accounts for 24.8% of the industry revenue CITATION Tho10 \l 1033 (Thormahlen). These network costs include cost of roaming and long distance, and the expense of operating and accessing the wireless network CITATION Tho10 \l 1033 (Thormahlen). Additionally, the greater the economy of scale through a large subscriber base allows rivals to spread their proportional depreciation expense CITATION Tho10 \l 1033 (Thormahlen). A recent trend in the wireless telecommunications industry as means of attaining greater economies of scale is through mergers and acquisitions CITATION Tho10 \l 1033 (Thormahlen).Economies of scale in this industry have a huge impact for lowering costs, helping ease the high rate of competition amongst rivals.Customer Loyalty also has a huge impact on protecting profits from the Hi-powered threat of rivalry in the wireless telecommunications industry. With the industry approaching saturation rate in the United States at 93%, it is important for companies to be able to retain their current customers, this is the current trend. If customers are unhappy with the service they are provided, they will easily switch providers to a competitive rival. Customer loyalty is accomplished through providing good customer service and providing value. Providing good customer service is a crucial aspect of a company in the industry as customers have created greater emphasis on service reliability and problem solution CITATION Tho10 \l 1033 (Thormahlen). With good customer service, companies are able to lower their churn rates and maintaining subscriber numbers CITATION Tho10 \l 1033 (Thormahlen). Moreover, the more customers that remain loyal to a company in the industry, the larger their subscriber base is which give them greater economy of scale and helps protect against the high threat of rivalry. PART IV: STRENGTH ASSESSMENTFor two publicly traded business rivals in the same industry, present a table that details Key Success Factors and the firms’ corresponding scores.Figure 7: KSF Details & Firm's Corresponding ScoresKey Success FactorEquation to Measure KSFAT&TVerizonAT&T ScoreVerizon ScoreEconomies of Scale(Revenue-Operating Income) /Total Assets.36=(($124,280- $19,753)/$288,488)0.42=(($106,565- $14,645)/$220,005)51Network Service Reliability National Survey Data by NovaRum Inc.68%89.8%15G*, G-star the Index of Sustainable Growth(1 - Dividend Payout Ratio) * ROE.008895=((1-0.5)*0.01779-0.075354=((1-2.14)*0.0661)51Customer LoyaltyCustomers Lost/ Total Customers-1.15%-1.02%15The majority of information was obtained from the corresponding firm’s 10-K reports, IBISWorld Industry reports and S&P Industry surveys. Each score was assigned by comparing the percentage difference between the results. AT&T is significantly better at obtaining cost reductions from its large scale activities, and hence has a much better score for economies of scale CITATION ATT10 \l 1033 \m Ver10(AT&T INC.; Verizon Communications Inc.). Network service reliability was clearly on Verizon’s side versus AT&T, and hence the appropriate scores were applied CITATION Sul09 \l 1033 (Sullivan). AT&T is the larger overall company and hence has more resources to support future growth, and received the highest G-Star score for the industry. Customer loyalty as measured by contract turnover, while close in scores as compared to the rest of the industry, was 10% better in Verizon’s case over AT&T. This score does not reflect the improvement in customer loyalty that AT&T has been experiencing in past years, dropping from almost 5% turnover down to just over Verizon, the industry leader CITATION Tho10 \l 1033 (Thormahlen). However this difference was still significant enough to give Verizon the edge in score.Present another table that shows the KSF scores as well as an Average Strength Score:Figure 8: KSF & Average Strength ScoresKey Success Factor(KSF)AT&TVZNStrength Assessment on a Scale of 1-5: 1=weakest, 3= the same, 5=StrongestAT&T ScoreVZN ScoreEconomies of Scale.360.4251Network Service Reliability 68%89.8%15G*, G-star the Index of Sustainable Growth.008895-0.07535451Customer Loyalty-1.15%-1.02%15?Average Strength Score:3.003.00Use the strength assessment to identify the rival that is most likely to create and sustain competitive advantage against the other.Through the conducted research we have concluded that AT&T and Verizon are equal matches as competitors in the Wireless Telecommunications Industry. The data suggests that each firm controls different sustainable Key Success Factors that balance each other out and provide for similar performance in terms of overall measurements of success. Wireless technology is known for its high turnover rate and therefore achieving Key Success Factors is a particular challenge for many firms and the success factors themselves may change on a yearly basis. For example, Verizon is weaker in the categories concerning financial calculations but is known for investing large amounts in its infrastructure and future technologies, leading many analysts to predict higher earnings in the future due to the technological edge CITATION Ver10 \l 1033 (Verizon Communications Inc.). From the overall analysis it is evident that the different strategies of each firm that led to their unique strengths will carry on the high powered rivalry for a significant time into the future.Works Cited BIBLIOGRAPHY AT&T INC. Annual Report Persuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Form 10-K. Dallas: Thomson Reuters, 2010.Bureau of Labor Statistics. Career Guide to Industries, 2010-11 Edition, Telecommunications. 17 December 2009. U.S. Department of Labor. 27 May 2011 <. "Freedonia Focus on Wireless Phones." 2010.Moorman, James. Telecommunications: Wireless. Standard & Poor's Industry Surveys. New York, NY 10041: S&P Net Advantage, 20 January 2011.Rosenbluth, Todd. "AT&T, INC." S&P Focus Stock of the Week 7 February 2011.Shields, Mike. "Verizon's Strategy: Simple, Boring, Effective." Adweek 7 June 2010: 26-27.Sullivan, Mark. "A Day in the Life of 3G." PCWorld Magazine 28 Jun 2009.Svensson, Peter. "AT&T to push Android phones more vigorously." The Commercial Appeal 28 January 2011.Thormahlen, Casey. IBISWorld Industry Report 51332: Wireless Telecommunications Carriers in the US. Industry Report. Los Angeles: IBISWorld, 2010.Verizon Communications Inc. Annual Report Persuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Form 10-K. New York: Verizon Communications Inc., 2010. ................
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