HUBLOT BIG BANG BLUEIntroduction 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. SWOT Analysis Strengths 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). Weaknesses 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. Opportunities 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. Threats 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. Competitor Analysis 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. Promotion 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. Product 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. Price 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). Place 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). Mission 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 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.
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