Unlocking Growth: The Business Development Strategies of Lockheed Martin

Title: Unlocking Growth: The Business Development Strategies of Lockheed Martin

Lockheed Martin Corporation is one of the world’s largest aerospace and defence companies, with a market capitalization of around $110 billion. Over the years, the company has grown to become a leader in research, design, development, and production of advanced technology systems for governments, commercial organizations, and individuals worldwide. The company’s success is primarily attributed to its strategic business development strategies that it has continuously refined and implemented over the years. In this article, we’ll unpack the business development strategies of Lockheed Martin and identify the key takeaways that can help other organizations grow.

Develop a Strong Core Business
One of the most notable strategies of Lockheed Martin is having a strong core business. The company has a laser focus on its core competencies, including advanced technology systems, aeronautics, and space systems, among others. Maintaining a strong emphasis on core business helps the company retain competent employees and attract new ones, who are excited to work for a company that is an industry leader in their field. Additionally, the company’s core business generates a significant amount of revenue, which helps fund research and development efforts that open up new opportunities.

Focus on R&D
Lockheed Martin makes substantial investments in research and development, which is a critical aspect of the company’s business development strategy. The company understands that promoting innovation is key to staying ahead of competitors and winning new business. Lockheed Martin spends billions of dollars annually on R&D and partners with academic institutions and start-ups to drive innovation forward. Additionally, Lockheed Martin’s R&D team is actively working on solutions to global challenges, such as climate change and national security.

Collaboration Strengthens Core Business
Lockheed Martin uses collaboration as a business development strategy to help strengthen its core business. The company partners with other leaders in the industry for research, design, and production of advanced systems and technologies. The company’s partnerships and collaborations have increased its capabilities and resulted in new revenue streams. For instance, Lockheed Martin partnered with General Atomics and Boeing to secure a contract for the next-generation bomber aircraft for the U.S. Air Force. Collaborations also help reduce costs and improve the overall quality of the product, which benefits the end consumer.

Invest in Diversification
The company has consistently invested in diversification as a business development strategy that helps expand its revenue streams. Lockheed Martin has pursued diversification through mergers and acquisitions, such as the acquisition of Sikorsky Aircraft Corporation, a helicopter company, to broaden its capabilities in aviation systems. Additionally, the company has expanded its business lines beyond the traditional aerospace and defense sectors to information technology systems, energy storage, and cybersecurity, among others. This diversification strategy helps mitigate risk and generate more revenue streams, making the company resilient to fluctuations in a particular market sector.

Conclusion
Lockheed Martin’s business strategy is focused on diversification, research and development investments, collaboration, and innovation. Its commitment to these strategies has facilitated growth and ensured that the company remains relevant in an ever-changing world. Key takeaways from Lockheed Martin’s business development strategies include having a strong core business, focusing on R&D, collaboration, and diversification. Other businesses can adopt these strategies to help unlock growth and meet their goals.

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