Lockheed Martin Essay

Target Market & 4P’s-Lockheed Martin

Target Market Lockheed Martin is currently the leading company in research, design, development and the manufacturing of technological systems. They are also the top defense contractor for the United States and other countries. With such a unique product they have a target market just as unique. The target market are countries throughout the world that need a means to defend themselves. These countries tend to be moderately wealthy and influential. However, the company mainly relies on government contracts and procurement. The company’s strategy for reaching their target market is to deliver the best of the best to their customers, “solving our customers' most difficult problems through our employees'

Lockheed Martin’s best approach for this is to cover all of its costs while setting a price according to its competitors’. The goal of setting a price is to have it high enough to not lose their profit margin, but low enough so customers do not switch to the competitors. With government contracts and negotiations being their main source of revenue, the Defense Department as created a budget with Lockheed Martin which has allowed the company to gain succeeding contracts.

Their product portfolio consists of Missile Defense Elements, Combat Systems, Aircraft, Electronic Warfare and much more. Their success in the market is due to their ability to focus on what their customers expect followed by what kind of products they need to produce and sell. All intentions are corresponding to the customer’s or country’s defense requirements. Lockheed Martin is primarily into product development and innovation, in order to successfully focus on these elements, the company has to be unique and different, while also making more profits in the market they enter. Achieving this can be done with target marketing. Being the top supplier of defense equipment to the United States government, they should be able maintain their title of being the leading company in research, design, development and the manufacturing of technological systems while constantly improving to prevent competitors from taking the title. Lockheed Martin has a proven track record in being a top supplier of defense equipment to the United States government, with advanced technologies of stealth, high speed (SR-71) and other non-traditional products/methods (making the impossible, possible). Their history, reputation and need to maintain that record pushes their research, design, development and the manufacturing of technological systems, pushing the