The Raytheon Company designs, develops, manufactures, integrates, and supports technological products, services, and solutions for governmental and commercial customers in the United States as a well as internationally. It does business in six different segments: Integrated Defense Systems (IDS), Intelligence and Information Systems (IIS), Missile Systems (MS), Network Centric Systems (NCS), Space and Airborne Systems (SAS), and Technical Services (TS). The IDS segment provides ballistic missile defense, including space, air, surface, and subsurface; naval; and maritime and homeland security solutions (Raytheon Co. (RTN), 2009).
Keeping an eye on the competition is always important for a company to do in order to grow their share of the market. The advantage that Lockheed seems to have over their competitors is that they are not involved in as many diverse products overall as these other companies are. Having too much product diversity can have a negative effect on a company overall because although one can do okay in all of their segments, they often do not excel in any one in particular. It is often better to focus on what you do really well in order to be successful.
Highly specialized personnel and facilities are the key to the company's unrivaled success and strength in the aeronautics industry. Their workforce of more than 20,000 has unsurpassed expertise in advanced aircraft design and production, modification and support, stealth technology and systems integration. Lockheed Martin Aeronautics Companies are located in Clarksburg, W. Va.; Greenville, S.C., Johnstown, Pa.; Marietta, Ga.; Meridian, Miss.; Palmdale, Calif.; Pinellas Park, Fla.; with the headquarters in Fort Worth, Texas. They also have offices in various countries throughout the world (Lockheed Martin Corporation, 2009).
Lockheed Martin has a very diverse supplier Program that includes promoting the following objectives:
To ensure that small businesses of all types are given a fair opportunity and consideration to participate in the Corporation's subcontracting process.
To provide all Lockheed Martin personnel who are involved in the acquisition of materials and services the right tools and training in order to enhance their ability to meet the Company's supplier diversity goals and objectives (Lockheed Martin Corporation, 2009).
It is Lockheed Martin's policy that its business units conduct socioeconomic subcontracting programs that recognize compelling moral, social and economic necessities. It is also Lockheed Martin's policy to facilitate the achievement of its negotiated subcontracting goals by developing the capabilities of, and pursuing opportunities to award subcontracts and other procurements to, small, small disadvantaged, women, veteran, and historically black and tribally owned colleges and universities, as well as other minority institutions (Lockheed Martin Corporation,...
This program is consistent with Lockheed Martin's policy of considering all subcontractors and suppliers fairly in competition for requirements falling within their demonstrated capabilities. This policy applies to both government contracts and commercial programs (Lockheed Martin Corporation, 2009).
Lockheed Martin is a market leader in the aeronautics industry and seems to be doing all the right things in order to remain on top. Their strengths include their highly trained personnel and diverse supplier program. There weaknesses tend to come from internal sources as opposed to external ones. With global relations the way they are at the present moment there seems to be a plethora of opportunities for Lockheed Martin to continue to see fighter aircraft around the world. A major threat that this company faces is retaining their relationship with the U.S. government. Since they do almost 80% of their business with them it would only be beneficial for them to continue to foster a good working relationship them.
Lockheed Martin is currently a very successful company with the capabilities of continuing to be successful for many years to come. Like any companies they have had their issues over the years, but have always managed to land the big contract and continue to forge ahead, while advancing technology around the world.
References
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Lockheed Martin. (n.d.). Retrieved September 9, 2009, from CorpWatch Web site:
http://www.corpwatch.org/article.php?list=type&type=9
Lockheed Martin Corporation. (2009). Retrieved September 9, 2009, from Web site:
http://www.lockheedmartin.com/index.html
Lockheed Martin Corporation (LMT). (2009). Retrieved September 9, 2009, from Yahoo
Finance Web site: http://finance.yahoo.com/q/co?s=LMT
Northrop Grumman Corporation (NOC), (2009). Retrieved September 10, 2009, from Yahoo
Finance Web site: http://finance.yahoo.com/q?s=NOC
Raytheon Co. (RTN), (2009). Retrieved September 10, 2009, from Yahoo Finance Web site:
http://finance.yahoo.com/q/pr?s=RTN
Reynolds, Dan. (2008). Industry risk report: aerospace. Retrieved September 9, 2009, from bNet
Web site:
http://findarticles.com/p/articles/mi_m0BJK/is_1_19/ai_n24239643/?tag=content-inner;col1
