Organizational Strategy and Objectives
I. Strategy Overview
Strategic Planning—the process of developing a plan to achieve organizational purpose—is a management tool used to focus a workforce’s energy. Strategic planning ensures that the workforce achieves an organization’s mission. It is used by large organizations to increase the chances for long-term growth and profitability (Auka, 2016). Lockheed Martin’s strategy is well-aligned with the organization’s mission, vision, and values, reviewed carefully by a well-qualified team, and regularly measured against the appropriate objectives. This has positioned the corporation for success.
Like most large organizations, Lockheed Martin deploys strategy to make certain its workforce completes
…show more content…
Lockheed Martin believes governance is integral to the success of the organization. As a result, the Board of Directors is comprised of a highly qualified and diverse team. The Board of Directors’ primary role is to provide management oversight and represent the interests of stockholders. One way the Board of Directors provides oversight is reviewing management’s corporate strategy. In addition to reviewing corporate strategy, the board also has the opportunity recommend strategic decisions such as exiting from and entry into lines of business, material acquisitions, joint ventures, investments, and financing transactions. The additional review and approval of Lockheed Martin’s organizational strategy and objectives serve to ensure the organization’s long-term …show more content…
Given the organization’s financial success—as described in its most recent Proxy Statements—it is clear that Lockheed Martin has utilized its core competencies to achieve competitive advantage.
VII. Organizational Size and Structure
Lockheed Martin’s size and structure has changed considerably over the past five years. The changes have enabled Lockheed Martin to achieve the organization’s strategic objectives.
a. Size
Lockheed Martin is a large corporation with nearly 100,000 employees. Given the breadth and depth of the organization’s portfolio of products and services, it is necessary for Lockheed Martin to have a large workforce.
Like most companies, Lockheed Martin is greatly impacted by the United States economy. Over the years, economic pressures have forced the corporation to become more affordable so that it can provide more value for the customer (primarily the United States Department of Defense and other United States governmental agencies) and the United States tax payers. Consequently, Lockheed Martin has had to carefully review employee headcount and make changes to ensure the corporation is the right size. According to the 2015 Annual Report, Lockheed Martin had 126,000 employees. However, the website indicates that Lockheed Martin currently has 97,000 employees. Right-sizing the organization, has enabled Lockheed Martin to
Lockheed Martin is an organization that heavily relies on its defense contracts in order to generate revenue. In 2005, 95% of Lockheed Martin’s revenue came from the US Department of Defense, other US Federal government agencies and foreign military customers (Defense News, 2007). Lockheed Martin earns this revenue by winning government contracts. As previously noted, Lockheed Martin has a large customer base with the US Department of Defense. The company is the largest provider of IT services, systems integration, and training to the government (Lockheed Martin, 2008). Other customers that provide revenue for Lockheed Martin are international governments and some commercial sales of products and services (Lockheed Martin, 2008).
What’s more, the company’s vision, mission and goals are well in line with Lockheed’s performance, as global interest in the company has grown from year-to-year. This is mainly in part because Lockheed Martin understands that in order to stay mission ready, their products and services must stay relevant and ahead of their competition. For example, many countries and governments from around the world greatly rely on Lockheed for critical defense security services or products, advancements in healthcare equipment or agricultural needs; many times working at speeds equivalent to that of near real-time in order to save or prevent
This paper analyzes the goals and actions of Boeing by analyzing its critical success factors as well as its strategic roadmap.
To employ our technical and human resources with optimum efficiency, we must ensure that managers are carefully selected, appropriately trained, and work together to achieve our long-range goals.
Mission, Vision, and Values Paper. Introduction I am considering the company I work for Lockheed Martin to develop a modified strategic plan that will focus on responding to the United States government's and Department of Defense's (DoD) new "Network Centricâ initiatives. Lockheed Martin's Corp. is a publicly traded private corporation that provides high technology products and services to the United States government, DoD, and other international governments. Lockheed Martin is the largest defense contractor in the US with a branding statement "Our brand means qualityâ and a company slogan of "We never forget who we work forâ.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, that is intended to draw attention to customers and make them want to be even more loyal to the company. For example Walmart says, “Save money. Live Better”. Therefore, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products that
They employ around 35,000 people in 15,000 different jobs. The management ensures that all the employees perform their best in their jobs.
Ford Motor Company Strategic Audit Abstract The purpose of this paper is to give a brief detail of the strategic audit of Ford Motor Company. The method of research used was Internet research by topic. In addition to the class textbook audit example used, other written references in the area of Ford Motor Company were used, in order to develop the subject more in detail.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
The Board of Directors believes that the primary responsibility of the Directors is to provide effective governance over Halliburton's affairs for the benefit of its stockholders. Responsibilities responsibility includes: reviewing succession plans and management development programs for members of executive management; reviewing succession plans and management development programs for members of executive management; reviewing and approving periodically long-term strategic and business plans and monitoring corporate performance against such plans; adopting policies of corporate conduct, including compliance with applicable laws and regulations and maintenance of accounting, financial, disclosure and other controls, and reviewing the adequacy of compliance systems and controls; evaluating annually the overall effectiveness of the Board; and reviewing matters of corporate governance
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.
...c management or planning presents a structure or agenda for dealing with issues and solving problems, therefore, understanding potential risks or pitfalls of strategic management and being prepared to deal with them is critical and vital to success. Strategic management not only permits top leaders and managers to be more proactive than reactive in building or developing their own potential or outlook in an organization, and it also lets them to make the first move and influence activities, consequently, executives and management can control or in charge of the company’s own future, and achieve its main goals and objectives. Overall, increasing cost-effectiveness and efficiency, improving the value for its stakeholders, and advancing customer services and management excellence are the key objectives of strategic management and decision making in an organization.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.