Page 128 - SREENARAYANAGURU OPEN UNIVERSITY

When the above examples are put together to create an
executive summary, it will look like the following model.

Explorations into new watch series- Executive Summary
Problem statement

As per the customer feedback, 52% of our customers demanded a simpler and more
affordable watch. Additionally, competitor watch selections often hinge on price, as
mentioned by 87% of surveyed customers. To meet the needs of our existing customers
and enter new markets, we aim to develop a series of watches that cater to this specific
market segment.

Proposed solution

Our proposed new watch series will start at 20% lower cost than our current cheapest
option, with the potential for even greater savings of 40% or more based on material
and movement choices. To achieve this, we plan to:
◊ Introduce watches made from new materials like silicone or wood.
◊ Use high-quality quartz movement instead of in-house automatic movement.

◊ Offer customizable band options, focusing on providing flexibility and choice
in contrast to traditional luxury watches.
◊ Maintain rigorous quality control to ensure our new watches maintain the
same world-class precision as our current offerings.

Note that every watch will still be rigorously quality controlled in order to maintain
the same world-class speed and precision of our current offerings.
Value

With new watch offerings priced 20% to 40% lower than our current cheapest option,
we anticipate entering the casual watch market while maintaining our luxury brand
identity. This aligns with FY22's Objective 3: Expanding the brand. The projected
annual profits from these offerings, estimated at three million dollars, will contribute
to achieving FY22's Objective 1: Reaching seven million dollars in annual profit.

Early customer feedback indicates that the luxury brand's prestige won't be
compromised by cheaper options, but it remains a design risk to be carefully
considered. To mitigate this risk, the product marketing team will work on their go-to-
market strategy six months before the launch.

Final thoughts & next steps

The introduction of cheaper and diverse watch offerings not only opens new market
opportunities but also positively expands our brand presence. Anticipating increased
demand for affordable watches and the attention drawn to our offerings, we expect a
2% annual increase in market share. Further details can be found in our go-to-market
strategy and customer feedback documentation.

Fig 2.1.8 A sample executive summary format by using the above example

122 SGOU - SLM - Foundational Skills for Research and Writing