Lockheed Martin is a global aerospace, security and defense company based in the U.S. The firm was established after the merger of two main premier technological companies namely Martin Marietta and Lockheed Corporation in 1996. With more than 150,000 employees, Lockheed Martin is one of the most technologically advanced firms, with vast global interests. Despite the current economic crisis that has almost led to the collapse of well-established companies, such as the General Motors (GM), financial institutions among other notable institutions, Lockheed Martin (LM) has maintained steady growth, a factor that can be attributed to sustainable management of the available resources. For instance, in 2011, the company made a net profit of $ 2.93 billion, the highest as compared to other firms dealing with defense contracts.
During the same duration, the total equity and assets increased by 15.2% and 17.6% to $ 3.71 and 35.2 billion respectively (Hartung, 2010). As indicated by Hartung (2010) LM operates in four notable business segments. These segments are aeronautics, electronic systems, global solution and information system as well as space systems. Headed by Robert Stevens, who serves as the chairman and CEO (Chief Executive Officer), LM have been able to enormously invest in the area of research and development, thus enabling the firm to develop revolutionary products, such as Prepar3D, which is an advanced simulation software used in visual flight (Hartung ,2010).Due to the high level of success, both in the domestic and international markets, my interests for working for LM as a director of business development(DBD) has significantly increased over the years.
As indicated above, the sustained growth of LM globally is attributable to effective marketing campaigns, healthy management of the available resources among other notable factors, which adheres to the aspect of good governance. Latham & Locke (2002) argues that for any company to remain profitable both in the short and long run, there is an urgent need to invest in the field of research. For example, an organization can research on new variety of business services or properties. This way it becomes possible to indentify existing or expected gaps, thus attracting and retaining customers. Mainly, business development is aimed at enhancing overall growth, through penetrating the existing markets, attracting new customers, developing business model designs, strategic analysis among other notable factors. All these duties are usually carried out by business development manager’s (Derek, 2008). Gronroos (1994) candidly indicates that DBD has a challenging duty of indentifying all business opportunities for the firm as well as managing main client relationships. In LM, DBD is one of the staff members in charge of financial prosperity within the organization, thus requires a person who is highly skilled in negotiations, finance, sales and strategic planning.
As stipulated by Derek (2008), business development director works with an aim of improving market position of an organization, hence improving the overall financial stability. Further, DBD defines the long-term strategic goals, indentify business opportunities, build key customer relations, negotiates, as well as closes all business deals; uphold extensive awareness of the prevailing market conditions among other duties. According to Lockheed Martin company’s policies, the director of business development should:
- Present a budget for approval by the board as well as prudently manage the available resources within the budgetary guidance. Likewise, the director must adhere to company polices and the ethical guidelines as stipulated in the corporate governance.
- Develop and maintain the reputation, values, and culture of an organization in all its markets, staffs, suppliers, partners, customers, and regulatory bodies.
- Build as well as lead a cohesive and an effective management team
- Self-development and enhanced personal development (Latham & Locke, 2002).
Other personal skills required include adequate academic qualification of at least bachelor degree and five years working experience, strong analytical skills, leadership skills, and ample knowledge in management and business principles among others.
Owing to my vast experience in the field of management, I strongly believe that I will be able to fill the job position of director of business development in Lockheed Martin. From the above job description, it is clear that, this particular job position requires a person who can be able to integrate a lot of issues for efficient management purposes. To achieve all this, there is an urgent need to come up with well-stipulated goals to improve on the overall performance of the firm. It is notable that goal setting is one of the most powerful processes for any person to contemplate about their ideal future, as well as a key motivating factor in turning vision to reality. Gronroos (1994) argues that goal settings entail the establishment of S.M.A.R.T (Specific, Measurable, Achievable, Realistic, as well as Time-targeted) goals (Gronroos, 1994). There are numerous ways, in which setting goals could significantly improve on my performance as a director of business development. First, clear goals will help me in recognizing and eliminating threats, such as increased competition from other firms offering similar services and products. For instance, technological development has enabled small and emerging businesses to compete effectively with the well-established companies, such as Lockheed Martin. This is an enormous threat, due to reduced number of sales leads, resulting to minimal sales turnovers (Gronroos, 1994).
Secondly, setting clear goals will enable me as the director of business development to effectively communicate with other staffs, partners, customers among other stakeholders (Latham & Locke, 2002). Through effective communication in the work place, it will be able to teach the other employees on the general policies affecting the firm, a factor that will extremely help to solve short and long-term challenges. Generally, goal setting will be crucial for me to overcome barriers encountered during strategic planning, enhance my relationship with employees and other stakeholders, thus enhance rapid growth of Lockheed Martin Company (Latham & Locke, 2002).
There are several factors which may lead to stressful situations in the workplace. Norris (1994) indicates that in this difficult economic time, many employees, regardless of their salary levels, seniority, and occupation spends more time feeling frazzled as well as out of control in the workplace, instead of being relaxed and alert. It is notable that, while some levels of stress may be considered as a usual part of workplace, increased stress levels may enormously interfere with an employee’s productivity, resulting to low levels of ones emotional and physical health. Stress can be defined in various ways, but one of the simplest definitions is a state of mind and body that results from one’s incapacity to handle difficult situations where the outcome of that ability is essential. It can also be defined as one’s response to situations that threaten one-self or negatively affect the balance in one’s life. The challenges that cause the stress scenario are called stressors. They include work challenges, social relations challenges, insecurity, personality challenges and much more. However, a modest amount of stress is constructive, in that it prompts one to operate more productively and leads to enhanced mental and physical development.
Latham & Locke (2002) defines workplace stress as the harmful emotional and physical response that takes place when there is poor matching between job demands and resources, capabilities, or the needs of a given employee. There is a variety of factors, which contributes to high levels of workplace stress. These include isolation, negative workload, extensive working hours, and poor working conditions among other factors. Owing to the numerous responsibilities attached to the job position of director of businesses development, it is significant for me to respond to various causes of stress, failure to which, I may not attain the set goals (Derek, 2008). One of the ways to manage workplace stress resulting from my new position as the director of business is through cognitive control. Cognitive control includes the combined processes of enabling one’s mind to handle challenges, without losing control. It involves remaining positive, being confident, controlling ones thoughts, emotions and environment. The other way to manage stress is through regular exercise after work. Exercise not only helps manage stress, but is also a vital ingredient in remaining healthy and wading off many diseases. Exercise does not always entail strenuous and painful procedures, but can easily be achieved through simple routines strategically applied.
Eating healthy diet is another major factor that I will significantly employ in managing stress. Proper balance diet provides the much needed balance in the body, leading to an optimized environment for proper body function in times of stress and anxiety. The daily food intake should include the three major food categories which are proteins, vitamins, and carbohydrates in proper proportions. Other ways of managing stress resulting from my new job position as director of business development in Lockheed Martin, include taking enough rest from the working environment and requesting for help where necessary among other notable measures (Norris, 1994).
Communication is one of the critical tools in enhancing healthy relationship in all workplaces. Yet problematic communications interaction permeates even healthiest of all relationships, resulting to misunderstanding between senders as well as receivers of the message. Very few employees exhaustively understand communication as packages as well as the affects it holds on relational interactions. Latham & Locke (2002) argues that there are numerous nonverbal and cultural barriers, which hinders effective communication in workplaces. Non-verbal communication are those non-verbal stimuli generated by the both the speaker (source) as well as his or her use of the available environment and having potential message value for the listener (receiver). This includes, but not limited to touch, eye contact, gestures, vocal nuance among others. In most instances, non-verbal communication vastly varies from one culture to the other, thus making it ineffective tool for communication, especially in organizations, such as Lockheed Martin, where employees originates from various backgrounds (Latham & Locke, 2002).
As a director of business development in Lockheed Martin Company, there is an urgent need to deal with non-verbal and cultural barriers to communication. This will enable me to fully address issues hindering the success of employees and other stakeholders involved in the firms strategic planning. One way to address this is to check for understanding (Miller & McBrewster, 2010). To achieve this, it will be crucial ask question to people am talking to, bearing in mind that most of them hails from different backgrounds. The other way to overcome this is by avoiding the use of slang in the workplace. This is due to the fact that slang words usually vary within different languages. Other measures include using gestures in culturally appropriate ways, being a good listener, learning the culture of other employees among others.
From the above study, it is evident that there is the need to effectively manage organizations, thus enhancing short and long-term sustainability. As a director of business development in Lockheed martin Company, I will ensure implementation of sound policies to ensure the firm remains profitable in the foreseeable future (Hartung, 2010).