11/12/2012 Marketing Barbie In order to put your product into to the market you have to develop a marketing strategy. A Market strategy is selecting a target market and maintaining a market mix that consists of product, price, promotion, and distribution. By doing this a company such as Mattel ensures that it is giving consumers what they want and they are creating a strategy for their product. One of Mattel’s biggest products is Barbie. Barbie was introduced by Mattel in 1959 and has been a big hit for the company since then. The marketing mix is a big aspect of Mattels’ success in selling Barbie (or in Barbie’s longevity).
Product: The first step in Marketing Strategy is to select your target market. Mattel’s target market for Barbie is mostly young girls ages 6-13 and their parents. They are attracting the parents because the parents are the ones that purchase mostly spend money on the toys for their children. So they must ensure that Barbie is a safe toy and that when kids ask for Barbie their parents will purchase it for them. After deciding that the doll is marketed towards young girls and parents Mattel must then think what does my target market want?
This includes the design of the doll, the name Barbie, her packaging and her warranty. Currently Barbie is designed as a young woman with grown up features. Size of doll? Material? The purpose of the design is the idea that Barbie poses as a role model for young girls to look up to. There are a lot of different Barbie’s to choose from with different ethnicities and careers. Barbie is currently packaged in a box with a transparent s in plasticfront and paper containers with a pink Barbie logo. Good that you described packaging – few students did It also includes a toy warranty that comes with all Mattel products.
The Business plan on Cmpare And Cntrast Market Segmentatin And Niche Marketing Hw Wuld
Cmpare and cntrast market segmentatin and niche marketing. Hw wuld a small business wner g abut using market segmentatin and niche marketing t gain cmpetitive advantage? Market segmentatin is a useful business tl t identify new and expanded ways t imprve services and enhance revenues. This tl identifies unique subsets f the ppulatin t target fr specialized services and marketing initiatives. There ...
You should also be clear that there are a wide range of products – both doll accessories and products for little girls Pricing: The next step in the marketing mix is how to price your product. Pricing is based on achieving sales goals, maximize profit or to make room for new products. This also true with Barbie, Barbie’s today can go as cheap as eight8 dollars and up. Where did you get this number – on Mattel web site I think $6. 99 and at Amazon as low as $3 There are a lot of new releases of Barbie. The newer versions cost more for example on the Mattel website the new holiday 2012 Barbie costs $39.
99 but interestingly is sold for less at Walmart http://shop. mattel. com/product/index. jsp? productId=13288505 whereas the older not so recent Barbie which is Barbie doll roses cost only $6. 99 http://shop. mattel. com/product/index. jsp? productId=13002205 . To make room for newer products Mattel and distributors will sell their older Barbie’s cheaper but brand new Barbie’s cost more. Again should note wide range of prices for ancillary Barbie products (ex the Barbie car, both for the doll and for little girls) Promotion: After deciding how much the product is the next step is to promote it.
Barbie is heavily much promoted. You cannot walk into a department store or pharmacy that sells toys or pharmacy and not see Barbie. Some places where Barbie’s are sold and advertised are Kmart, Walmart,Target, Sears, Jcpenney, CVS, and Toys r us being one of the biggest Barbie sellers. Toys r us has its own private section for Barbie in Times square Manhattan where there is a huge Barbie house that you can walk into, it is a big tourist attraction. There are also the countless Barbie television commercials over the years on TV and the Barbie website where you can play Barbie games and activities.
The Essay on The Product Life Cycle and Marketing
Abstract There are many things to be considered when marketing a product. These things include: length of existence time, quantity of competitors, and the quantity “of sales or revenue the product is generating” (p264). These are ways the marketer can obtain factually information on the product. After understanding the information the marketer can then look at the product life cycle. The product ...
Are ads for Barbie aimed at children or parents? Which medium is used most (tv)? Distribution: The Final step of the Marketing mix is make decisions on where to distribute your product. Barbie is very easy to purchase being that it is sold at any store that sells toys. Along with Toys r us Kmart, Walmart, Target, Sears, Jcpenney, CVS and others there is also the option to buy Barbie online straight from the Mattel website. This section is repetitive to paragraph above – remove info on stores from promotion section and place here – then elaborate in promotion section on the types of advertising campaigns for Barbie
Marketing environment: When all these elements work together it makes marketing more successful. However there are also some aspects of the market environment that will control how the product will sell. Two factors that might affect the sales of Barbie are economic forces and sociocultural forces. Economic forces are the effects of economic conditions on the customers’ ability and willingness to buy your product. This might affect Barbie sales because currently the economy is still at a low point. If parents need to feed their children and pay their bills they might not afford to have that extra cash to buy a Barbie doll.
How does Barbie compare in price to other options parents have (for toy purchases? ) Sociocultural forces are influences in culture and society that result in changes of attitudes and lifestyles. Over the years there have been arguments against Barbie saying that she is too grown up and might make young girls want to mature too fast. After this view on Barbie a few parents did not want to purchase it for their daughters. There was also the Middle East where Barbie was banned in a country for her appearance. Overall Mattel does a great Job of Marketing Barbie and implementing the marketing mix.
