The measurement of a Mattel's marketing strategy is its ability to impact and improve upon each feature of that strategy. Mattel's hope is to achieve a long and prosperous relationship with its customers. They must identify certain customers using a marketing mix and implementing the strategies and goals outlined. These goals should be expressed and understood throughout the company. Mattel will be successful once they have an understanding of the market. The marketing strategy is a dynamic ever changing document that will bring the goals and objectives to life.
The product itself is very much suited for young girls and what they may aspire to be since the doll is presented as always being kind and fun and also doing different jobs, so every girl can relate to one Barbie doll or another. A doll needs to be of good quality, especially since children are not known for taking care of their toys and parents will most probably refuse to buy new ones if the toy does not last long. The brand name 'Barbie' also needs to be carefully chosen, the product will probably become internationally known and the company will not want it translating into a rude phrase or a complicated one in another language.
The product itself may have to be changed when selling to customers in a foreign country of a different background or culture. For example when Barbie was launched in Japan it was not successful because the young girls in that country could not relate to the blonde haired, blue eyed new doll and so the product had to be changed.
There are 19,560,857 girls between the ages of 5 and 14 years old in the United States and 574,565,109 girls in the same age group in the world. This is still the most profitable market segment to reach.
This market segment can be reached and served by many forms of media. The Mattel message can be broadcast through television and radio advertising, internet advertising on their website, and social media advertising.
This market segment is very large and profitable. The expected profits from this market more than exceed the costs of developing new programs for marketing Barbie. There will be no costs associated with re-designing the doll and minimal costs for changing the packaging.
The global segments are discernible and respond differently to different marketing mix programs and elements that will be developed. Meaning, the customers in the United Kingdom will respond to the social media marketing program and the customers in Mexico will respond better to website promotion and advertising.
Very effective programs can be developed by the Mattel Corporation to attract and serve this market segment.
Mattel will increase sales and profits by advertising. One of the most important aspects of tailoring an advertising campaign strategy to fit a particular company is obtaining knowledge about the business and its products or services. Advertising has allowed consumers to determine value for products that they did not know that they needed.
Each and every element has their advantages and disadvantages; personnel selling have the most advantage when a complex and detailed product need to be explain. This is because it provides a high interactive communication or a two way communication, this is because each and every question from the buyer will be answered. Through personnel selling not just sales can be close but it also builds relationships. When a long time is needed to close the sells personnel selling is the most efficient because of the relationship that is build. Although in a way personnel selling is very good, but under certain circumstances it also have its disadvantages. Personnel's selling tends to be more costly, this is because not only we have to pay the wages to the personnel seller, and there are some hidden costs that we have to absorb.
Sales promotion is another way that a company can increase its sales. The role of sales promotion is to provide...