For Three, I believe the advantage is that it is a company on its way up. Connections to Three are often made by people looking for the best bang for their buck, with offerings such as a $29 cap with $150 worth of calls to non-three networks and $160 worth to Three networked phones.
For Vodafone, they are one of, if not the biggest mobile phone company in the world with a good brand. They have good financial backing from their parent company. Unlike three, Vodafone tends to offer better plans for those aiming more at the phone than the plan. For example, the 6210 Navigator is free on the $29 cap with Vodafone.
Once the company is consolidated and known as Vodafone, prices for plans will probably go up. If you are aiming at a new phone, look at the merger as increasing the people "on your network". The merger makes Three and Vodafone more of a legitimate choice in the mobile phone market. Lock in your good plan now before they go up.
With the announcement, the short term would be advantageous to Optus and Telstra to pick up some new customers and they may take the opportunity to compete on price to acheieve this - so keep an eye out.
Hope some of that helps.
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