Barbie is going through another rough patch. First, there was the heartbreak of not having a kid because Ken came in another box. And now the racy Bratz dolls (and of course Hannah Montana) are grabbing attention of girls eight years old and up. Mattel is answering by planning some major changes for the 50 year old perpetual teenager.
Implications - The best way to rejuvenate the relevance and demand for a product as iconic and old as Barbie is to constantly be on the lookout for ways to reinvent it, and this particular trend is a perfect example of that in action. Improving, changing and modifying your product regularly is the only way to keep a niche consumer need relevant and necessary and companies which recognize this are those that continue to succeed.
Iconic Doll Revamp
Barbie Gets Radical Makeover
Trend Themes
1. Product Reinvention - Constantly reinventing iconic products like Barbie is essential to maintain relevance and demand in a changing market.
2. Targeting Older Girls - Catering to the interests and preferences of older girls, like the racy Bratz dolls and Hannah Montana, presents new opportunities to capture their attention and loyalty.
3. Evolution of Perceived Value - Recognizing and adapting to shifts in consumer perception of value is crucial when dealing with a long-standing brand like Barbie, in order to stay competitive and meet evolving expectations.
Industry Implications
1. Toy Manufacturing - In the rapidly changing landscape of toy manufacturing, companies need to embrace disruptive innovation by revamping classic products to maintain relevance and capture new consumer segments.
2. Fashion Industry - By reimagining Barbie as a fashion icon for older girls, the fashion industry can make use of this disruptive opportunity to create new lines of clothing and accessories that cater to this target audience.
3. Marketing and Advertising - To successfully market and advertise iconic and evolving brands like Barbie, professionals must adapt their strategies to capture the attention and engage the interests of older girls and their parents.