Term Paper on "Online Marketing Strategies for Lockheed-Martin Significant Opportunity"

Term Paper 3 pages (1027 words) Sources: 1

[EXCERPT] . . . .

Online Marketing Strategies for Lockheed-Martin

Significant opportunity exists for Lockheed-Martin to more effectively attract, sell and serve both existing customers and prospects using the Internet. The intent of this memo is to discuss a series of online marketing strategies the company can undertake to both create additional brand value and increase sales over the long-term. The memo concludes with opportunities for improvement to the Lockheed Martin Online Marketing Strategies.

Overview of Online Marketing Strategy Today

Today the online initiatives of Lockheed Martin generate awareness of the brand and also create high levels of credibility with prospects globally with the specific naming of globally recognized customer names. The website strategy is used to connote state-of-the-art engineering in conjunction with world-class credibility, and sets the Lockheed Martin brand apart as one that is first and foremost committed to assisting customers get to their most challenging goals. The vision statement of the company is prominently displayed throughout the site and on the downloadable collateral materials as well, stating that the Lockheed Martin vision Is "Powered by Innovation, Guided by Integrity, We Help Our Customers Achieve Their Most Challenging Goals."

In terms of creating additional brand value, the website as it stands today does a very good job of positioning Lockheed Martin as a leader in the four dominant business areas it competes in including aeronautics, electronic systems, information systems and global services, and space systems. The messaging of Lockheed Martin being powered by innovation and guided by integrity is clearly communicated in all online strategies as well. The company's core markets of defense and intelligence, homeland security, and system information and technology are also well represented on the website and through online marketing strategies including the use of downloadable corporate overview materials. In summary, the current online marketing strategy excels at creating awareness of the Lockheed Martin brand, and needs to be measured using the metrics shown in Table 1, Comparing Metrics by Purchase Funnel Steps. The entire purchase cycle from awareness to purchase and retention is shown in the following table.

Table 1: Comparing Metrics by Purchase Funnel Steps

Purchase Funnel Step

Online Media Metrics

Awareness

Overall Company Aided and Unaided Awareness

Model-specific Aided and Unaided Awareness

Ad effectiveness aided and unaided awareness

Media Strategy Effectiveness Aided and Unaided Awareness

Consideration

Intention by Product

Criteria for product selection

Penetration of Consideration Share

Penetration of Audience Share

Share of Audience

Preference

In short set of the purchase set of the consumer?

Trial

Penetration by Trail Segment

Brand Equity Metrics

Cannibalization of Competitive Brand

Purchase

Trial purchase

Early adopter/early rejecter

Brand Penetration

Penetration Share of Audience

Penetration Share of Market

Retention

Willingness to Recommend

Market Share

Unit Share

Relative Market Share

Heavy Usage Index

Opportunities for Improvement in Lockheed Martins' Online Marketing Strategy

Lockheed Martin sells to a very conservative set of customers globally, many of them elected representatives of foreign nations, and in the case of sales to military departments, high ranking military officers. The use of online marketing strategies needs to take this aspect of Lockheed Martins' customer base into account, and stay consistent yet… READ MORE

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