What makes Lockheed Martin to pocket billions of taxpayers’ money is its differentiation strategy. The company produces what appeals to the clients. The organization has rapid product innovations and is always ahead technologically as far as defense and aerospace systems are concerned.
The company is very responsive to its clients. For example, in the wake of Covid-19 as other companies were stranded, Lockheed Martin activated accelerated payment program to enable its supplier to continue with smooth supply to ensure none of its project was stuck.
The company did not want to compromise the security needs of the government in the midst of the pandemic. The competitors like Boeing cannot reach the level of customer satisfaction of Lockheed Martin.
Lockheed Martin should focus on winning the approval of other consumers of its products as it has done with the U.S government in particular the department of defense. This is because having more than 70% of its income coming from one source is not good for a business.
Lockheed Martin should focus on winning the approval of other consumers of its products as it has done with the U.S government in particular the department of defense. This is because having more than 70% of its income coming from one source is not good for a business.
What would happen if the taste and preference of the government change? The organization would be destined to collapse.
