What is an Executive Summary and why is it important in a marketing plan?

  

You are the Brand Manager for the new imaginary company that you’ve created. Your current assignment is to put together a marketing plan for your company. In a marketing plan you will always find an Executive Summary. An Executive Summary is a brief section that summarizes the main points of the marketing plan.A marketing plan always opens with an Executive Summary; because it acts as an overview of the entire marketing plan, typically, it’s one of the last sections written. You will start your Executive Summary and submit it as a draft. Your final summary will be turned in with your final marketing plan in Module 06. In 1-2 pages, start your Executive Summary by providing the following information:Introduce your company. Briefly provide company background information, how long you’ve been in business, and any accomplishments or successes.Describe your business activities. What is the nature of your business? What products or services do you offer?What is the name and description of the product or service being introduced? Why is there a need in the market for this product?What are the goals for your company/product? Your goals should be in quantitative terms, where possible, to facilitate measuring the company’s future performance.An example of a non-financial goal: “Starbucks will diversify its product lines to achieve 30 percent of sales revenue in latte products in the next three years.”An example of a financial goal (note it is specific and measurable): “Starbucks will increase sales from $8 million in 2011 to $12 million in 2013.”

Introduction:

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As the Brand Manager for our new company, it is my responsibility to create a comprehensive marketing plan that outlines our business goals and the strategies we will use to achieve them. Our company has been in operation for one year, and during this time, we have made significant progress towards establishing our brand in the market. In this marketing plan, we will introduce our company, describe our business activities, our product, and explain why we need this new product. We will also outline our goals for both the product and the company in quantitative terms.

Description:

Company Background and Business Activities:

Our new company was established one year ago, and we specialize in consumer products and services. We have a team of experienced professionals who are dedicated to providing our customers with high-quality products and services that meet their needs. Our company aims to deliver innovative and unique products to the market while maintaining affordable prices.

Product Description and Market Need:

Our new product is a skincare line designed to meet the needs of people with sensitive skin. We noticed that there was a gap in the market for affordable yet effective skincare products that catered to people with sensitive skin. Our product is made from natural ingredients and has been rigorously tested to ensure that it is safe and effective for all skin types.

Goals for the Company and Product:

Our goals for the product are to achieve 20% market share within the first year of launch and increase our sales revenue by 50% in the first six months. We also aim to expand our product line to include more products for people with sensitive skin. Our goal for the company is to increase our overall revenue by 30% in the next two years through the introduction of new products and expansion into new markets.

Conclusion:

In conclusion, this marketing plan outlines our company’s background, business activities, and our new product’s description. We have identified the market need for our product and outlined our goals for both the product and the company. With this plan, we are confident that we can achieve our business objectives and establish our brand in the market.

Solution 1:
Introducing the Imaginary Company – GreenGrocers
GreenGrocers is a new company that has just commenced operations in Singapore. As a start-up, GreenGrocers aims to provide organic and sustainable fruit and vegetable produce to retailers, wholesalers and consumers. The company has a team of professionals who have a combined experience of over 20 years in the fruit and vegetable industry. Since GreenGrocers is a start-up, we are proud to announce that we have won our first contract with a local supermarket chain to supply fresh produce to eight of their locations.

Product/Service Description
GreenGrocers will offer fresh, unprocessed, and pesticide-free fruit and vegetable produce to individual consumers, retailers, and wholesalers. Our mission is to establish ourselves as the go-to brand for quality organic produce. We will differentiate ourselves from other produce companies by sourcing most of our products from local farms and by implementing strict quality measures and a responsive supply chain system for our clients.

Introduction of GreenGrocers’ first product – Carrot Gold
Carrot Gold is the first product being introduced by GreenGrocers in the market. Carrot Gold is an ultra-nutritious carrot variety that is high in vitamin A and beta-carotene. Compared to regular carrots found in the market, Carrot Gold has a unique taste and texture that will impress consumers. There is a need for this product in the market because people are becoming more health-conscious. Carrot Gold offers a healthy and nutritious alternative to consumers who care about their well-being.

Goals
GreenGrocers’ vision is to become the leading supplier of organic, pesticide-free produce in the region. Our financial goal is to achieve sales of SGD 2 Million in the first year of operations. We will diversify our product line to achieve 30% of sales revenue in Carrot Gold products in the next three years, and increase sales volume by SGD 3.5 million in the next two years.

Solution 2:
Introducing the Imaginary Company – TechGadgets
TechGadgets is a company that specializes in delivering innovative, high-quality, and affordable gadgets to consumers. TechGadgets has been in business for two years and has managed to establish itself as one of the leading providers of mobile accessories, smart devices, and audio solutions in the market. Our success is attributed to our ability to identify unserved customer needs in the market and develop new and innovative products that meet those needs.

Product/Service Description
We are excited to introduce our new product – SoundVibe. SoundVibe is a smart, compact, and portable Bluetooth speaker designed for music lovers who are always on the move. SoundVibe is the perfect fusion of form and function, offering high-quality sound in a small, sleek package. Our product research reveals that there is a need in the market for an affordable yet high-quality portable Bluetooth speaker that offers hassle-free connectivity and extended battery life. SoundVibe caters to this need by providing a premium audio experience at an affordable price point.

Goals
TechGadgets’ goal is to become the go-to brand for innovative and value-driven gadgets in the market. To achieve this, we aim to sell 10,000 units of SoundVibe in the first year. Our financial goal is to achieve sales of USD 1 Million in the first year of operations, and to increase market share by 10% in the audio solutions market in the next two years. We aim to diversify our product line to achieve 30% of sales revenue in smart devices in the next three years, and increase sales volume by USD 2 Million in the next two years.

Suggested Resources/Books:
1. The Marketing Plan Handbook: Develop Big-Picture Marketing Plans for Pennies on the Dollar by Robert W. Bly
2. The Ultimate Marketing Plan: Target Your Audience! Get Out Your Message! Build Your Brand! by Dan S. Kennedy
3. Marketing Strategy: Based on First Principles and Data Analytics by Robert Wollan, V. Kumar and Daniel Corsten
4. Marketing Management by Philip Kotler and Kevin Lane Keller
5. The Lean Startup by Eric Ries

Similar Asked Questions:

1. What is the importance of an Executive Summary in a marketing plan?
2. What are the essential components of a marketing plan?
3. How to develop an effective marketing strategy for a new business?
4. What are the steps involved in creating a marketing plan?
5. How to set quantitative goals for a product-based business?

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