LOCKHEED MARTIN

Lockheed Martin Corporation

Lockheed Martin Corporation

History

Lockheed Martin Corporation came into existence in 1926. The corporation is the culmination of two companies, the Glen Martin Company and Loughead Aircraft Manufacturing Company. The latter became Lockheed Aircraft in the year 1926. The company's first batch of aircraft was made for civilians and military which rolled out in the 1930s. Glen Martin's first aircraft was the transport carrier the XP-80 Shooting Star. Martin's first military aircraft was the B-26 Marauder launched in 1940. Over the course of the following years, the two companies became competitors with each of them focusing on producing military and civilian grade aircrafts. In 1955, Lockheed and Martin merged to become Lockheed Martin Corporation. The two companies also integrated their core business and systems and began to acquire NASA contract for the country's space missions. The company is known for numerous fighter jets it manufactured for the US Air Force which gives it the edge in battle. Aircrafts such as the F-22 Raptor and the latest 5th generation jet F-35 Lightening II are some of the best products of the company.

SWOT Analysis

Lockheed Martin is an internationally recognized defense company that pioneers in design, research, manufacturing, sustaining and integrating advanced military technology and equipment. The company's strongest wing is it combat aircraft department. This wing is also responsible for conducting research on the latest military aircrafts around the world. Lockheed Martin is a diverse organization and expands into several markets. With competition increasing around the world, Lockheed Martin now has numerous rivals to tackle. Countries such as China are now becoming self-sufficient by producing their own aircrafts making the combat jet segment more competitive than ever (BadRocke & Gunston, 1998).

Strengths

Lockheed Martin's biggest strength is its balanced business portfolio and a strong position in the markets it serves. The research and development also give the company and edge over competition. The company has operation in four major segments: information systems, aeronautics, electronic systems and space. All these wings of the organization allow it to generate a significant amount of revenue annually. All the major segments of the market contribute up to 30 percent of the revenues. This means that the company does not have to rely on any one segment for a significant percentage of its total revenue. The strong market presence makes Lockheed Martin the world's second largest defense contractor, second only to Boeing. Its market presence allows the company to reach economies of scale and creates a strong brand name around the world. As mentioned above, the advancements in technology through research also give the company the edge over rivals. Due to its advance technology, the United States Department of Defense also recognizes the company as a valued asset. The latest fighter jet F-35 comes in three different variants, showcasing the technological superiority of the company. Furthermore, the company received contracts for producing thirty one F-35 aircrafts from the Defense Department. Lockheed Martin also specializes in satellite communications as well. Recently, the company released its AEHF satellite that ...