How the company applies quantitative and qualitative research in its bid to provide its customers with value is also a subject of discussion under this study. Through an analysis of marketing practices and strategies applied by the company, the study indicates how the company has emerged as the largest defense contractor. The study focuses on all the segments of the market that the company serves, giving examples of products and services that the company provides to the respective market segment. Through this study, an understanding as to the source components that makes up the annual revenues of the company is created, with a special emphasis on the role of contracting as a marketing strategy and practice in subscribing to the revenues of the company. A conclusion and recommendation are also given.
This is a company based in USA, formed by a merger of two companies, Lockheed and Martin Marietta in 1995. The company ranks as the world’s largest defense contractor, though it offers a range of product and services in the market. The company has diversified its operations to engage in various market segments, among them aerospace, defense, advanced technology and security (Carl, 2010).Lockheed Martin Aeronautics Company Palmdale, is the location where the company’s Advanced Development Programs division is based. This is informally referred to as Skunk works (John, 2009). The company is involved in the research, design, development, and manufacture of products for use in the fields of defense, homeland security, information technology, and space (Norris, 2011). On top of products provision, the company also provides services in the fields of engineering, manufacturing, technical, and logistics.
Lockheed Martin Aeronautics Company has suitable marketing strategies. Having been able to diversify its operation in many segments of the USA economy,