Barbie Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Barbie analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Barbie marketing mix, help the brand succeed in the market. Let us start the Barbie Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Barbie Product Strategy:
The product strategy and mix in Barbie marketing strategy can be explained as follows:
Barbie doll is the most popular toy brand for girls. The products offered under Barbie brand are dolls, accessories and clothing where dolls are the primary focus. There is diverse product range in its marketing mix offered to customers worldwide. The different types of Barbie dolls which are available are of four types- petite, tall, curvy and original. Every doll measures 11.5 inches tall and has different skin tones, hairstyles, body features and clothing. There are collections like Barbie Fashionista, Signature etc. available on their website which feature certain types of Barbie dolls.
Some Barbie dolls resemble the real-life movie characters like Wonder-Woman. Barbie also come according to careers for example- pilots, teachers, skateboarders, policewomen etc. Ken is the male doll which is available as a companion to the Barbie. Accessories include doll houses, furniture and vehicles which can be used while playing with the Barbie dolls. Apart from this Barbie clothing can also be bought which comes in a lot of variety. Other products include bags and clothing for kids.
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Barbie Price/Pricing Strategy:
Below is the pricing strategy in Barbie marketing strategy:
Barbie has a wide pricing range which starts from $10. This is done based on the class of people.
The prices are such that middle-class segment can find them reasonable whereas some Barbie dolls like the ones in the Signature collection are priced at a higher value. So, there are premium prices which can be afforded by the upper-middle class and upper-class segments. Since the pricing is done on the basis of differentiation of classes the pricing strategy in its marketing mix is called Price-Discrimination strategy. The prices are changed to make them competitive as there are other toy companies with similar products. Also, sometimes there are discount schemes provided to the buyers who want to buy through ecommerce platforms. The distribution cost of Barbie dolls has been reduced substantially by the company by selling it online and hence customers receive that benefit in the form of low prices.
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Barbie Place & Distribution Strategy:
Following is the distribution strategy in the Barbie marketing mix:
Barbie dolls are present in 150 countries’ retail stores and hence the company needs a strong distribution network which increases the cost. The retail outlets are supplied through distributors. These outlets are usually in malls or big shopping centers where the footfall is high. Some outlets also have the doll house setups so that the kids can play there with the Barbie dolls and use the other accessories as well. Some small retail outlets also stock these dolls provided that they are well known in their respective areas. To reduce the distribution costs Mattel now sells the Barbie dolls through their own website as well which helps them have greater profit margins.
In addition to this the dolls can be bought through ecommerce sites like Amazon, Alibaba, Flipkart etc.
Barbie Promotion & Advertising Strategy:
The promotional and advertising strategy in the Barbie marketing strategy is as follows:
Mattel has been aggressive in marketing to maintain the brand image and to reach out to a wider audience. The Barbie promotions are done through TV advertisements, newspapers and through their website. Barbie has been rebranded by Mattel. It is promoted in a way in which encourages girls to be who they want to be and hence the Barbie dolls come as pilots, teachers, skateboarders etc. It has started to target elder groups of girls. Mattel has tied up with many celebrities in the past who feature as dolls in limited edition collectables which can be bought. It also has tie ups with high profile modelling events like the New York Fashion Week where new Barbie collections are launched. In India Katrina Kaif unveiled the new Barbie collection at the Lakme Fashion week in 2009 where she dressed up like a Barbie. This completes an overview on Barbie marketing mix.
About Barbie:
Barbie doll was first introduced by Mattel in the year 1959. These have stood the test of time and continue to remain popular among its target segments. Barbie faces great competition from other toy companies like Hasbro, Lego, Bandai-Namco etc. Mattel is an American MNC founded in 1945 by Matt Matson and Elliot Handler which is the leading toy manufacturer in the world in terms of revenue. Its products are Barbie dolls, Hot Wheels cars, Winx Club dolls, Matchbox toys, American Girl dolls, Monster High dolls, Fisher Price, WWE dolls, Masters of the Universe toys and a variety of board games. It is present in around forty countries with 32000 employees.
It sells to more than 150 countries. As of 2016 the company had a great revenue as high as 5.5 billion and continues to give its competitors a tough fight in the 87.4 billion- dollar global toy industry.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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