Business-level Strategy Lockheed Martin
I think Lockheed Martin’s business-level strategy is appropriate to counteract industry forces after examining it. Business-level strategy’s goal, which is exactly what Lockheed Martin pursues, is to distinguish the firm’s position from that of its rivals. Lockheed Martin combines a differentiation strategy with a cost leadership plan to achieve its growth goals.
A cost leadership strategy entails reducing costs to achieve a competitive edge. Through effective value chain management, the company maintains its market leadership using a cost leadership strategy (Lockheed Martin, 2). Targeting the middle class, which makes up the greatest section of the consumer market mix in the majority of countries, this strategy enables Lockheed Martin to increase its market share. Lockheed Martin regularly gives discounts and coupons and charges cheap prices by reducing production costs and maximizing supply chain efficiency to meet sales goals and combat competition from its main rival.
By focusing on distinctive product attributes, Lockheed Martin can grow its client base by implementing a differentiation strategy. The company distinguishes its products by incorporating innovation and addressing the consumer’s expanding health concerns. Lockheed Martin distinguishes itself from competing companies via significant marketing, advertising, and celebrity endorsement expenditures. Expansion using the differentiation approach is crucial to Fortin’s future success in its business-level differentiation plan. For instance, the acquisition of Sikorsky by Lockheed Martin is consistent with the differentiation strategy that will support the company’s expansion (Forbes, 1). With a strong range of helicopter solutions for its foreign clients, it expands Lockheed Martin’s comprehensive portfolio of aerospace and defense products and technologies and its international offers (1).
Because the company has many different divisions, I think Lockheed Martin needs to keep using a differentiation strategy. They must prioritize thorough research and development to ensure they are developing fresh, cutting-edge items to keep them on par with or ahead of the competition. If Lockheed Martin wants to remain competitive, staying on top of the latest technological developments is critical.
2017. Lockheed Martin: The Sikorsky Acquisition One Year On. https://www.forbes.com/sites/greatspeculations/2017/02/01/lockheed-martin-the- sikorsky-acquisition-one-year-on/?sh=2219d3934bd3.
Lockheed 2016. Lockheed Martin CEO Discusses Growth Strategy At Annual Media Day. https://news.lockheedmartin.com/2016-03-15-Lockheed-Martin-CEO- Discusses-Growth-Strategy-At-Annual-Media-Day.
We’ll write everything from scratch
Week 5 Discussion
Post-response Guidelines: (Respond to the following.)
Evaluate the business-level strategy of either Starbucks or Lockheed Martin to determine whether you believe the strategy is appropriate to offset forces in the industry. Provide specific examples to support your response.
Make recommendations for improving this strategy and describe any challenges you foresee in executing those recommendations. Provide specific examples to support your response.
250 Word Minimum
"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you A results."