Strategic Marketing Plan Executive Summary Example
For every business established, there needs to be an effective marketing strategy put in place to guide its operations and direct it towards the path of growth through unveiling comprehensive ways of attracting patronage for its products and services. This is the reason why we are interested in discussing on the strategic marketing plan executive summary sample as we provide an insight into what any strategic marketing plan executive summary should contain.
The strategic marketing plan executive summary summarizes the entire strategic marketing plan to give the reader an idea of what is contained in the entire document. A summarized strategic marketing plan is necessary for purposes of attracting funding for the business among other factors. This is because an investor or money lender will like to know at a glance if the strategic marketing plan is worth paying attention to. The strategic marketing plan executive summary gives this picture. It therefore becomes very necessary that you pay proper attention to writing a captivating executive summary, as chances are that getting to know the details will be considered.
With a constant change in customer behaviour, there needs to be an equal adjustment to these needs. The market consists of various demographic as well as geographic factors influencing the purchasing capacity and behaviour of customers. It therefore requires that businesses such as ours adjust to these needs and preferences with product modifications aimed at meeting those needs and at the same time making our products to be well accepted in the open market. We realize that a product which does not fulfil a need is likely to be rejected and ignored than those which do.
We have therefore decided as a company to adjust our products and services to meet these demands and unique customer preferences. We are an online shopping store providing a wide range of services and products for our clients. We seek to provide a shopping experience for our customer which is second to none. To achieve this, we have come to discover that our services and products have to be adjusted to meet the unique needs of our clients. The major areas that need improvements have been identified, and this includes product delivery and our checkout process involving available payment methods.
- Product Delivery
Whenever people shop online, these products (tangible products) need to be shipped to them on time. Currently our customers are spread across the United States and Canada. To meet their expectations, the shipment of these products needs to be on time and done efficiently with a return policy/warranty accompanying such products in the event of damage. To get it right and reduce our customer waiting time, we will be making use of drone technology in delivering these products to their doorsteps. This comes with enormous logistics which we are putting in place including the training of our drone pilots to handle these deliveries remotely.
In addition to the above arrangements, we will increase our number of outlets and warehouses across the United States and Canada to shorten the waiting time, as products do not need to be shipped from a central location to our clients. We are determined to reduce our current waiting time from 3 days to a day.
- Payment Methods
Although our payment methods can be said to have an average performance, we plan on making this method highly efficient. Complaints have been raised by customers about how they undergo frustrations sometimes in trying to pay for certain goods as their preferred payment method(s) are not included. While accepting Visa, MasterCard and other popular payment methods, we intend to include several more payment options to cater for the needs of our clients. With improvements done in this regard, we believe that sales will pick up considerably.
These adjustments to our marketing strategy have a time frame. In the short term (1 Year) we plan on implementing our delivery targets to cover the Eastern coast of the United States where we are headquartered, while the second phase which is for the long term (2 Years) will cover the Western coast as well as Canada. Adjustments to the payment methods are also included in this arrangement.
These strategies to be implemented in our business will give us a critical edge over our competitors who are also lagging behind in this respect. We are not only focused on only changing only our payment methods and delivery process, but this strategic planning will be an ongoing process as we seek to deliver superior services to our customers. Also, the areas of weakness of our competition will be taken seriously as we plan on improving on them to create an enjoyable and easy shopping process for our clients.
With the current adjustments made to our marketing plan, we foresee a healthy growth in revenues which will significantly increase our profit margins. In analysing this, we have made a 3 year projection which has revealed an impressive growth. This is summarized in the chart below;
- First Year $9,000,000.00
- Second Year $18,000,000.00
- Third Year $30,000,000.00
This is a strategic marketing plan executive summary containing the basics which are a necessity. Depending on the type of business the strategic marketing plan is written for, there may be other modifications which may be made. It is also necessary to state that the strategic marketing plan executive summary should be an ongoing process and should be adjusted to any area of the business which needs improvements.