Fortune 500 Company
The Fortune 500 Company chosen for this paper is the Lockheed Martin Corporation. Lockheed Martin is a global securities and information technology company headquartered in Bethesda, MD. Lockheed Martin employs roughly 126,000 people in several facilities throughout the world. The company's main business is in research, design, development, manufacturing, integration and sustainment of advanced technology systems, products and services. Lockheed consists of four operating units, or business areas, which consist of Aeronautics, Electronic Systems, Information Systems and Global Solutions, and Space Systems (LMC, 2011).
Lockheed Martin Corporation was created in 1995 from a merger of two major global technology companies, Lockheed …show more content…
These types of declines and reprioritizations have the ability to adversely affect the company's ability to grow or maintain sales. With 15 percent of net sales coming from foreign governments, international business could pose risks that are potentially greater than those risks within the domestic business. Foreign procurement regulations and rules, contract regulations and laws, contractual terms are different than the ones in the U.S. as well as interpreted differently in foreign legal systems. These sales are also sensitive to changes in foreign government budgets, foreign priorities, global economic conditions, and fluctuations in foreign currency exchanges (LMC, 2010).
Being a Fortune 500 company, Lockheed Martin Corporation feels strongly in being involved in volunteerism and philanthropy. In 2008, the company donated $22 million to charitable causes, its employees matched that donation with $22.6 million in personal charitable donations, and company employees logged more than 1 million volunteer hours helping in local communities. The company knows that everything it does affects communities and environments in some way. This is why the company strives to focus on those areas and how it is impacted when making corporate decisions. The company's social responsibilities cover financial performance, labor practices, environmental programs, supply chain management, and community involvement programs. Recently the main social focus for