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Target Market Analysis of Lockheed Martin Corporation
A target market can be defined as a group of customers that a company decided to sell its products and services to. It also can be defined as a group of consumers that like to buy the products that produce by the company. This group of customers or consumers usually shares similar features and characteristics such as gender, age, location, income and others.
Major Customers of Lockheed Martin
Customer can be defined as an individual or organization that buy another company’s goods or services. Customers are important for a company because they helps to increase the revenues and profits of the company; without them, the company may cannot continue to carry out the businesses. Therefore, to make sure the company will continue exist, they will always do their best to attract the customers. For examples, maybe they will put more effort in advertising the products through media social and media traditional or they will lower the prices to expand their customer base. As an information, there are 5 major customers of Lockheed Martin: United States Air Force (USAF), Japan Air Self-Defense Force (JASDF), Israeli Air Force (IAF), Royal Air Force (RAF) and United States Navy (USN).
United States Air Force (USAF)
The United States Air Force (USAF) is known as one of the major parts of the United States armed forces. Their primary responsibility are for air warfare, air defense, and the development of military space research. Besides that, United States Air Force also supply air services in coordination with the other military branches. The reason why United States Air Force can be defined as a major customer of Lockheed Martin is because they purchases many aircraft products from Lockheed Martin. As an illustration, they purchased attack aircraft which is Lockheed AC-130 from Lockheed Martin to attack the targets on the ground. They also purchased transport aircraft which are Lockheed C-130 Hercules, Lockheed C-5 Galaxy and Lockheed Martin C-130 J Super Hercules from Lockheed Martin to deliver troops, weapons and other military device to any area of military operations around the world. Next, United States Air Force has purchased electronic warfare aircraft which is Lockheed Martin EC-130 from Lockheed Martin to transmit critical information to anyone who needs it and fighter aircraft which are Lockheed F-117 Nighthawk, Lockheed Martin F-22 Raptor and Lockheed Martin F-35 Lightning ll from Lockheed Martin to use for air-to-air fighting. Moreover, they purchased search and rescue aircraft which is Lockheed HC-130 from Lockheed Martin to carry out search and rescue. They also purchased multi-mission aircraft which is Lockheed MC-130 from Lockheed Martin to provide support for global special operations missions. Lastly, United States Air Forced purchased reconnaissance aircraft which are Lockheed Martin RQ-170 Sentinel and Lockheed U-2 for monitoring foe activity whereas to study meteorological events, they purchased weather reconnaissance aircraft which is Lockheed WC-130 from Lockheed Martin.
Japan Air Self-Defense Force (JASDF)
Japan Air Self-Defense Force (JASDF) also can be known as Japanese Air Force. They are the aviation division of the Japan Self-Defense Forces that responsible for the defense of Japanese airspace and other aerospace operations. They carries out combat air patrols around Japan and also maintaining a wide network of land and air early warning radar systems. The reason why Japan Air Self-Defense Force can be defined as a major customer of Lockheed Martin is because they purchases many aircraft products from Lockheed Martin. As an illustration, they purchased combat aircraft which is Lockheed Martin F-35 Lightning ll, tanker which is Lockheed Martin KC-130 with the transport aircraft which is Lockheed C-130 Hercules from Lockheed Martin.
Israeli Air Force (IAF)
The Israeli Air Force can be known as one of the world’s most powerful aerial fighting forces. They played an important role in securing the country’s numerous military victories since the State of Israel was establish. Now, the Israeli Air Force still remains as a backbone of the Israel Defense Forces to prevent terrorist threats and ensuring Israel’s strategic advantage in wartime. The reason why Israeli Air Force can be defined as a major customer of Lockheed Martin is because they purchases many aircraft products from Lockheed Martin. As an illustration, they purchased combat aircraft which is Lockheed Martin F-35 Lightning ll, tanker which is Lockheed Martin KC-130 with the transport aircraft which are Lockheed C-130 Hercules and Lockheed Martin C-130J Super Hercules from Lockheed Martin.
Royal Air Force (RAF)
Royal Air Force (RAF) is the youngest of the three British armed services, they are in-charged with the air defense of the United Kingdom and the performance of international defense commitments. They can be known as the world’s oldest independent air force. The reason why Royal Air Force can be defined as a major customer of Lockheed Martin is because they purchases many aircraft products from Lockheed Martin. As an illustration, they purchased fighter which are Lockheed Martin F-35 Lightning ll and Lockheed P-38 Lightning from Lockheed Martin. They also purchased maritime petrol which is Lockheed P-2 Neptune and medium bomber which is Lockheed Ventura from Lockheed Martin. Lastly, they also purchased transport aircraft which are Lockheed Hudson, Lockheed Martin C-130J Super Hercules, Lockheed C-130 Hercules, Lockheed Lodestar and Lockheed TriStar from Lockheed Martin.
United States Navy (USN)
The United States Navy is the major branch of the United States armed forces. They are in-charged with the defense of the country at sea, the seaborne support of the other U.S. military services, and the maintenance of security on the seas wherever the interests of the United States extend. The reason why United States Navy can be defined as a major customer of Lockheed Martin is because they purchases many aircraft products from Lockheed Martin. As an illustration, they purchased combat aircraft which is Lockheed Martin F-35 Lightning ll and electronic warfare which is Lockheed EP-3 from Lockheed Martin. Next, they also purchased medium bomber which is Lockheed Ventura and maritime patrol which are Lockheed P-3 Orion and Lockheed P-2 Neptune from Lockheed Martin. Last but not least, United States Navy purchased transport aircraft which are Lockheed C-130 Hercules and Lockheed Martin C-130J Super Hercules from Lockheed Martin.
Types of Product that Lochheed Martin Sells to Their Customers
The products that sells by Lockheed Martin can be categorized into 4 types which are: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space Systems.
Aeronautics
Lockheed’s Aeronautics business is a business that produce advanced military aircraft, unmanned air vehicles, and related technologies by undergoes some processes which are study, design, development, manufacture, integration, sustainment, support and upgrade. The examples of aeronautics products are C-130J Super Hercules, C-5 Galaxy, F-16 Bulgaria, F-16 Fighting Falcon, F-21, F-22 Raptor, F-35 Lightning II and others.
Missiles and Fire Control (MFC)
Lockheed’s Missiles and Fire Control business offers a multiple range of products and services such as air and missile defense systems, logistics, fire control systems, mission operations support, manned and unmanned ground vehicles, and energy management solutions. In addition, the examples of missiles and fire control products are Dual Mode Laser Guided Bomb (DMLGB), F-35 Lightning II Electro-Optical Targeting System (EOTS), IRST21 Sensor System, Sniper Advanced Targeting Pod (ATP) and others.
Rotary and Mission Systems (RMS)
Lockheed’s Rotary and Mission Systems business offers design, manufacture, service and support for some areas like military and commercial helicopters; ship and submarine systems, sea and land-based missile defense systems, and cybersecurity. There are some examples of Rotary and Mission Systems which are C4ISR, Cyber Solutions, Directed Energy, Electronic Warfare, Maritime System and others.
Space Systems
Lockheed’s Space business deal with a wide range of activities such as the development and production of satellites, space transportation systems, and defensive systems. Besides, various classified systems and services in support of vital national security systems also is the responsibility of this segment. The examples of space are Telemetry, Tracking and Command (TT&C) Services, Satellite Based Augmentation System (SBAS), Space Situational Awareness (SSA), Australian Space Environment Research Centre (SERC) and GeoCarb.
Total Revenue that Lockheed Martin Receive from Customer in Year 2019
The total revenue that make by Lockheed Martin can be categorized into four segments which are Aeronautics, Missiles and Fire Control, Rotary and Mission Systems and Space Systems. In year 2019, Lockheed Martin’s 4 segments successful make 59.81 billion USD from the customers. This includes 23.69 billion USD (40%) from Aeronautics, 10.13 billion USD (17%) from Missiles and Fire Control, 15.13 billion USD (25%) from Rotary and Mission Systems and 10.86 billion USD (18%) from Space Systems. Based on the information, it shows that Lockheed Martin can earn the most revenue from Aeronautics and the least revenue from Missiles and Fire Control.
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