Barbie has been so successful because of the product management techniques that have been used by Mattel Corporation. These techniques include innovative marketing, product extension and continuous improvement. Innovative marketing is where businesses come up with new and more effective marketing techniques which ensure that the companies’ products information is presented to the consumers in the most appealing manner. Mattel Corporation has managed to continuously provide new attributes to Barbie. These attributes have played an important role in ensuring that the brand remains a favorite among other competitors.
Barbie has grown from a mere doll in the eyes of the customers to become a life style. It is said that an average American girl aged between 3 and 11 years owns ten Barbies. This is a result of a successful marketing strategy employed by Mattel Corporation. Product extension is defined as the act of developing new products that are related to the already existing ones. This helps in extending the product lifecycle. It also boosts the sales revenues from the brand and helps in brand growth
Barbie was introduced to the market as a doll and has continued to grow and Mattel Corporation has introduced many other products under the brand. These products include make-ups, Pyjamas, bed clothes, furniture and wall papers. The brand has also produced movies and videos which have not only extended the revenue streams for the company, but also ensured that the brand is a house-hold name among almost all Americans and virtually majority of people in Europe. This brand visibility has become an important factor that has ensured Barbie’s success.
Mattel’s Innovativeness In Developing Product And Extending Its Life Cycle
Mattel has been innovative in product development and product lifecycle extension. This is because Barbie started off as a mere doll competing with other dolls in the market. Through innovation the company has managed to convert Barbie from a mere product to a strong brand. Its brand influence has been used as a goodwill and subsequent trigger for customers to buy related products under the brand. Innovation has been crucial in ensuring that Barbie continues to survive and thrive in the market.
Every year, Mattel Corporation comes up with around one hundred and fifty new dolls and one hundred and twenty new outfits. This ensures that the brand is in continuous innovation process. Customers have become so loyal to the products such that every year, they buy the new models that are manufactured by the company. Continuous product innovation has also led to the brand being referred to as a cult. This is because of the inception of Barbie conventions, websites and even Barbie exhibitions. It has also resulted into product extension which has ensured that Barbie breaks the fad boundary to become a timeless brand.
Many people own Barbie either as a doll, clothes, or furniture. The company’s annual re-invention of the product has ensured that Barbie continues to be presented as a new product every year. This has successfully helped it to withstand the test of time and become one of the best designed brands over the years. Mattel has therefore managed to articulate the art of product innovation and life cycle extension.
Product Innovation Lessons
Product innovation has become an important marketing survival technique to many companies. It is therefore critical that every company adopt this technique to ensure product excellence in the market. Human beings by nature become bored with repeated consumption of the same product. New products are usually regarded as preferable even when their attributes are unknown to the consumers. Companies should therefore ensure that their products undergo regular innovation so as to match the consumers’ prevailing tastes and preferences.
Product innovation should also be aimed at creating a brand from a product. This brand acts as a flagship for the company so that subsequent products under the brand enjoy an easy entry to the market. This also helps to create ready market for the new product from the already existing customers of the known brand. Consumers needs fall in many various categories. A successful product innovation should therefore be aimed at developing many other products under the brand name. This would create a one stop shop brand for the consumers. An example is the Barbie brand which now sells various items like Pyjamas, furniture, dolls, make-ups and has extended to other markets such as the entertainment industry.
This is a great lesson to learn from product innovation since the success story of Barbie is largely based on the ability of Mattel to continuously provide new and more interesting Barbie related products. Product innovation is therefore an important method of ensuring that a product life cycle is extended and that the consumers of that particular product always remain waiting for the next innovation on the brand. Innovation should therefore be a strategy for any company that is keen to remain in the market for a longer time than the normal product life of a typical product.