Published by MBA Skool Team, Last Updated: September 02, 2017
Marketing Strategy of Fisher Price analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Fisher Price marketing mix, help the brand succeed in the market.
Fisher Price marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Fisher Price Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Fisher Price marketing strategy can be explained as follows:
Fisher Price is one of the leading global toy brand. Fisher Price categorises its product by age and by category. The company has separate category of product for babies less than 1 year of age, 1 year, 2 years, 3 years, 4 years, and children of above 5 years of age. Product range in the marketing mix of Fisher Price include Baby gears, Baby Toys, learning and Educational toys, Playsets and Action toys, and ride-on toys. Apart the two-basic classification, company also offers product by brand and by character such a Thomas & Friends, Everything Baby, and Mega Bloks. Fisher price also provide online games for pre-school children. Company provide guide to gaming and learning activities like colouring pages. Fisher Price also provide parenting guide through its online web page in the categories Pregnancy, Baby’s senses, Early child development, Family matters, Grandparenting, Health & Safety, Language & Learning, Newborn care, Nutrition & Feeding, outdoor play, traveling with baby, Imagination & Creativity, and life with baby guidelines.
Fisher Price Price/Pricing Strategy:
Below is the pricing strategy in Fisher Price marketing strategy:
Fisher Price applies going-rate pricing by competitively pricing its product against competition.
Fisher Price’s product prices also depend on the channel through which consumer buys as there exists a significant price difference in the toys on amazon and toys in ToysRus retail shop. Also, price discrimination exists on two e-retail platforms like Amazon, Firstcry and Flipkart. Fisher Price also deploys product line pricing as the toddler product line is available at a price and at premium price each targeting a distinct set of consumers. Free delivery is offered above a certain minimum worth of order to encourage people to buy more. Fisher Price gives promotional pricing like special event pricing where products are available at a discount for the brief period of events like Christmas. Discounts are also available on certain category of products during different time of year to push the sales of that category. Most of the online games from Fisher Price are freely available for playing online with the target of getting customer view on the product store on webpage. This gives an overview of the Fisher Price marketing mix pricing strategy.
Fisher Price Place & Distribution Strategy:
Following is the distribution strategy in the Fisher Price marketing mix:
Fisher price toys are available in more than 40 countries covering six continents. The regions have been divided into three groups. Americas which include Brazil, Canada, Mexico, and United States. Asia Pacific region has countries like Australia, China, India, Indonesia, Japan, Korea, Taiwan, and south east Asian countries block. Europe, Eurasia, and Africa block has countries like Belgium, Bulgaria, France, Finland, Germany, Greece, Hungary, Israel, Italy, Portugal, Poland UK, Saudi Arabia, Turkey, and South Africa. Fisher Price products are also available online through company’s own webstore and mobile app. Online retail platforms like Amazon and Flipkart also sell Fisher Price toys. Fisher price toys are available in countries where company’s own distribution channel is not present through these online platforms. The toys are also available through different retail stores like ToysRus and departmental stores.
Online games and parenting guide is available through company’s webpage and mobile app on google play store or iOS.
Fisher Price Promotion & Advertising Strategy:
The promotional and advertising strategy in the Fisher Price marketing strategy is as follows:
Fisher Price target customer is millennial moms who spend 90% of their time on digital space. Fisher Price has recognised the importance of smartphones which have become the sole source of information for the millennial moms. So, the focus of promotional campaigns has shifted towards digital media platform like YouTube, Facebook, and Twitter, from TV commercial which used to result I linear growth of sales till early 2000s. Also, since the information about the product is easily available so the company has followed direct, honest, and candid advertisement policy. Fisher Price wants a good and safe image in the parent’s mind space and recall of million toys because of them being coated with lead was one such step towards creating such image. Fisher Price online parenting guide is another step towards developing a strong bond with the parents. The free online games and activity videos are also a part of company’s promotional strategy. Hence, this gives an insight in the marketing mix of Fisher Price.
About Fisher Price:
Fisher Price is one of leading preschool product manufacturing company in the world. It was founded in 1930 by Herman Fisher, Irving Price, Margaret Evans Price, and Helen Schelle. The name of Fisher Price was adopted by joining name of its founders. The company is a subsidiary of Mettel Inc., since 1993. It is headquartered in East Aurora, New York, United States. Fisher Price’s estimated revenue is around USD 2 billion, the net sales of company’s product were down by 9% in quarter 1 of 2017 compared to previous year. As per Technavio research, the global toys and preschool product market is expected to grow at a CAGR of 5% between 2015 to 2019. The need for eco- friendly toys is considered a major driving factor for the growth.
The preschool product of Fisher Price is expected to get help from recovering economy which has led to return of mothers to the jobs and hence the demand of pre-school educational toys is projected to grow. It is highly competitive market with number of global companies like LEGO and Bandai.
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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