Marketing is a subject that deals with identification, anticipation and satisfaction of consumer requirements profitably. It is a set of activities that consists of processes for the creation, communication, delivery, and transacting offerings that is valuable for consumers, clients and the society at large. There are some key components of marketing that is often asked in marketing assignments. If you know these key components of marketing, you won’t really require marketing assignment help from the internet. So let us quickly discuss the key components of marketing.
- Market Research: You have to do a market research in order to create an efficient marketing plan. You should be able to analyse the market or industry, identify the target audience, the market size and current trends in order to focus your marketing plan to give results.
- Target Market: If you have figured out your target market, you will be able to identify your target audience concisely. Target market should be segregated in at least two different genres.
- Positioning: You have to identify your brand’s position in the market. Consumer’s perception of your brand is very important. You can work towards changing the perception from bad to good or from good to better only when you know the position of your brand in the market.
- Competitive Analysis: You need to carefully observe and analyse your competitor. Knowing ins and outs of your competitor can help you make effective marketing and business decisions.
- Budget: You need to develop a budget plan for your marketing activities. You have to analyse the cost of your marketing activities and the returns on investment to figure out which activity is worth doing and which ones aren’t.
Marketing Management as a Subject
Marketing is a vast subject. It encompasses various fields of contemporary and traditional marketing techniques. The application of marketing in the real-world is huge. This is the reason why universities all over the world are putting special emphasis on marketing assignments. These assignments are devised to bring out the student’s understanding of different theoretical concepts, methodologies and practical skills they have learned from undertaking marketing as a course. Assignments are an important component deciding overall grades for students pursuing university degrees. If the assignments are poorly written, chances of achieving high distinction at the completion of the degree goes down.
Often students are unable to give complete attention to these assignments. Also, majority of the students attempting marketing assignments often are unable to complete them on time and lose out on marks for late submission. This can happen because various reasons like multiple assignments at once, lack of time, lack of motivation, procrastination, and part-time jobs etcetera. My Assignment Services has been providing impeccable marketing assignment help for almost a decade now. Our team of marketing subject matter experts are well-versed with university requirements and marking rubric. They understand the value of original and error-free assignments. We also have a team of quality analyst dedicated to check the assignments for minutest of errors and plagiarism. We employ Turnitin to check all assignments for plagiarism, as Turnitin is a software recommended by universities all around the globe, to check an assignment for plagiarism. Take a look at the below sample of marketing assignment to understand how My Assignment Services approaches a marketing assignment.
WE ALREADY SELECTED OUR PRODUCT AND WE GAVE YOU PPT OF OUR PRODUCT DESCRIPCTION
Your task is to write an INDIVIDUAL report of no more than 2000 words on the second part of the marketing plan for the new product you chose for Assessment 1 from the website http://luxatic.com/. Changing the product will not be allowed at this stage.
Your assignment should be an application of relevant marketing concepts learnt until Week 12.
There is no need to go into details about explaining marketing concepts, rather it should be an applied discussion in the case of the new product. You can use the example given on pages 77-81 on the marketing textbook as a guide. However, you are highly recommended to check other sources for examples of marketing plans.
HUBLOT BIG BANG BLUE
Hublot Watch Company was founded in 1980, by Carlo Crocco, and the watches were designed with gold finish, and with use of natural rubber in the strap. Since, then innovation and fusion of different arts have become the key driving force of the company (Watches in Australia, 2017). The company is renowned brand in the luxury wristwatch segment. Hublot Big Bang Blue is a limited edition exclusive collection of 100 splendid watches. The paper provides an overview of the marketing plan of Hublot Big Bang Blue Watches.
Steps in Writing a Marketing Plan
A marketing plan can be described as a document which includes the advertising and also all the marketing efforts planned by the company for the coming year. The plan will briefly describe the current marketing situation, and will discuss the target markets, segmentation, positioning, and briefly describes the marketing mix to be used by the company so as to achieve the marketing goals.
The marketing plan will include a situational analysis, which will describe the current situation of the company; it will include analysis of the strengths, weaknesses and the challenges and opportunities for the company or product. The situational analysis will also include the competitor analysis. The next step is describing the target audience. The target audience will include the consumers segmented as per demographics or any other characteristics. For the luxury watch segment, the target audience will be preferably the elite population, and the higher middle class. The next step will discuss the marketing and financial goals, it is important to ensure that the goals are SMART (Binkley, 2009). The next step will include the strategies and tactics. It will constitute a major part of the plan and will describe the strategies to be used by the company to achieve the goals, and also entails the tactics to be used to implement the strategies. Finally, the plan will discuss the costs associated with the implementation of the plan. Thus, the marketing plan will analyse the current situation and devises strategies to achieve the marketing objectives while managing the budget.
Hublot is a luxury watch company and innovation is the biggest strength of the company. The company designs and manufactures some of the most exclusive and classic designs, and the limited edition big bang blue watches are considered as priced possessions. The company is admired for the fusion of innovation with precious metals and articles (Binkley, 2009). Hublot has developed a niche market. A major strength of the company is its marketing campaigns and associations with the sports events which increases brand awareness and enhances brand image. A big product portfolio is one of the biggest strengths of Hublot Big Bang Watches (Watches in Australia, 2017).
The company does not have global visibility, and the operations of the company are limited to some 40 countries worldwide (Yeo, 2017). Another major weakness of Hublot is that, it does not use an aggressive marketing strategy for increasing the brand visibility as compared to other luxury brand watches.
Hublot Big Bang Blue watches have several opportunities in the emerging economies, with the increasing as the developing markets have shown positive signs for the luxury watch market. Moreover, Hublot can gain new markets with increasing virtual visibility and making its products online (Yeo, 2017). Moreover, Hublots recent plans of increasing the luxury boutiques will provide opportunities for expansion. Despite stiff competition, there is absence of monopoly in the luxury watch market.
The biggest threat for any business is competition, and Hublot faces stiff competition from other brands like Rolex, Tag Heur, Calvin Klein and others. Moreover, the fake watch industry that produces the copies of the luxury watches and sells them at cheaper prices is also a threat for Hublot Bi Bang Blue Watch Company.
Hublot Blue Bang Watch faces stiff competition from other companies in the luxury watch section like Tag Heur, Casio, Calvin Klein, Fossils, Timex, and others, however, Hublot faces cut throat competition with Rolex (Yeo, 2017). Rolex is a renowned luxury watch company founded in 1908, and since, then Rolex has been focusing on designing innovative watches, that are exclusive in design, style, and provide a style statement.
The competitors of Hublot Big Bang Blue are big names in the luxury watch section. The biggest strengths of the companies like Rolex and others are that they have adopted aggressive marketing models, and have been associated with sports and other endorsements. However, recently, Hublot Big Bang has also started associations with sports and other events for increasing brand visibility.
The product portfolio of Hublot is bigger than that of Rolex. The other competitors have been focusing on features like dust-resistant, water resistant, Hublot have managed to focus on introducing better grip watch strips with the mixture of metal and rubber. Hublot has introduced many lines under the Big Bang name, like Big bang Black, Big Bang Rose gold, and the latest Big Bang blue. The other product features are more or less the same.
The luxury watches companies have either adopted a competitive price model or high pricing model. The prices of the Rolex and Hublot watches are more or less similar with very small or negligible price difference (Yeo, 2017).
While Hublot mainly operates through its own boutiques, Rolex and other brands have successfully established their stores in many countries worldwide and have increased their network by associating with other watch selling companies. Moreover, other brands are available online on big online shopping sites like Amazon and Flipkart (Lankarni, 2013).
Hublot’s Mission Statement is “Be First, Be Different, Be Unique” (Hublot, 2016). The company follows the mission statement and with the help of fusion of different arts designs some of the exclusive and unique collections in the luxury watches industry.
Marketing objectives can be described as SMART goals which are achievable and measurable. Currently, the company has not explored the developing economies; hence, it is important for the company to devise a plan for entering into the developing economies (Kaho, 2016). The following are 2 major marketing objectives of Hublot Big bang Blue.
- To increase its virtual presence. The company will start its online operations, by giving exclusive rights to its limited edition collection to a particular online partner. Hublot can partners with big online stores like Amazon to exclusively sell its products. In next 6 months, Hublot should start its online operations. Later, Hublot can also start online selling from its own virtual stores.
- Hublot is the official timekeeper of Football world cup, and Formula1, and has been associated with some popular film actors for brand endorsements. In next six months, Hublot must host some sports events, and associate as official sponsors of NBA leagues, so as to increase brand visibility and enhance brand image.
- Since, Hublot only sells its watches through its own stores, it should also merge with certain other watch selling boutiques to increase brand visibility. In next 6 months, Hublot big bang blue should be available in elite watch stores.
The following three financial objectives are set that are to be achieved by Hublot Big Bang Blue in next 6 months:
- A major financial objective achievable in 6 months is to produce a clear and realistic forecast. Due to aggressive marketing, the projections are generally not aligned with reality and hence, it is important to have clear and realistic projections that are achievable in a given time.
- Another major financial objective is to increase the current revenue by 2 % in next 6 months
- Increasing the revenue via virtual selling, and online selling.
It includes the 4 Ps of Marketing Mix which includes, the product, place, price and promotion (H, 2017). The marketing mix of Hublot Big Bang Blue watches is as follows
Product: Hublot is a luxury watch brand founded in 1980, since then, it has been using innovative techniques for the convenience of its users. It presents a great combination of design, classic looks and the most efficient strap of a sports watch. It has a bigger product portfolio and mainly includes limited edition watches. Hublot Big bang Blue is a 100 limited edition watches exclusive collection.
Place: Hublot Big Bang Blue Watches are sold through directly through showrooms, and designer boutiques. However, these watches will now be sold via authentic dealership, and by partnering with online stores for launching the exclusive collection.
Promotion: digital marketing will be used extensively, to increase the visibility and target young users who are creating a new niche market. The social media marketing through, Facebook, twitter and other social media sites will be included in the marketing strategy (Corinani, 2006).
Price: The Hublot Big Bang Watches are premium priced and since they are limited edition watches, the prices are even higher.
Digital Marketing Communications Plan
Objectives: The objectives of a place specific digital communication plan are to increase visibility in the virtual space, by adopting different places like social media and emails and website (Corinani, 2006).
Hublot has a personal website and can use digital marketing to increase the viewers by first launching the exclusive collections on internet along with the other campaigns. Moreover, Hublot can ask for suggestions to engage customers and improve their products and provide proper feedback.
Hblot can also target the social media, by including some contests, or allowing the consumers to provide their feedback for improvements. Also playing social media games will increase the brand awareness and loyalty.
Hublot can also use emails for sending direct emails to its elite customer base and their contacts, about the launch of exclusive watches, and the events sponsored, and some elite customers should be sent passes so that they attend the events (Ghosh & Stock, 2017).
Action Programs to Achieve Objectives
Marketing Objectives: To increase its virtual presence, Hublot Big Bang Blue Watches will partner with the leading online store like Amazon or exclusively sell online and launch some exclusive limited edition collections online, especially during some festivals or sports events. Hublot should approach Amazon for selling their watches online and by next six months sign a deal. Amazon has an established network and it is easier to sell on already established networks than selling by establishing own networks. Also, for increasing brand visibility, Hublot will also sell its limited edition watches like Big Bang Blue and other exclusive collections via increasing its reach with the help of authenticated dealers. Thus, Hublot can enter emerging economies through authenticated dealership selling. For increasing the brand visibility and sales, Hublot will engage in sponsorship activities for becoming global sponsors of NBA leagues.
Financial Objectives: Best available forecasting tools and software will be used for forecasting realistic goals and projections so that the designed goals are achievable. Increasing brand visibility and extending selling practices by partnering with online stores and online selling along with increased authenticated dealership will help in increasing the revenue and sale by 2% from previous year. Using the digital marketing communication plan and increasing virtual presence, organizing online events, and sponsoring some online events will help in increasing visibility, and moreover, online selling will also increase revenue.
Implementation and Control of Marketing Plan
The implementation phase includes ensuring that the action programs designed to achieve the marketing and other objectives are implemented properly. The implementation phase requires full support from the middle-level managers, so as to ensure that the programs are well executed. Managers must ensure that there is effective communication between teams for better flow of information. It is important to ensure that the resources required to implement the plan are available (Martin, 2007).
The monitoring and control phase will allow the managers to monitor the processes and control the action programs and different activities associated with it. The managers will ensure that the employees undertake the action programs and ensure that all the steps in the implementation phase are well-executed (Martin, 2007). The managers should compare the actual values with planned values at every stage so as to determine the deviations which can be either controlled or explanation for deviation can be provided.
Hublot is a renowned name in the luxury segment watches. It has been associated with various sports events and has even partnered as official time partners in different sports events. The paper presents the marketing plan for Hublot Big Bang Blue, and recommends, Hublot o start their online sales and maximize reach by online selling and authenticated dealership.
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