About The Model 702
The Princess was the Bell System's first (and possibly most successful) foray into consumer marketing. Targeted at girls and women, it enabled Bell to sell (lease per month) additional phones for bedrooms etc. The Princess even had a little built-in nightlight. The princess phone's small size and lighted dial were designed to make attractive as a bedside extension. The original Model 701 Princess did not contain an internal ringer. Western Electric produced a small baseboard mounted ringer for use with the phone. A plug-in transformer provided low voltage to power the dial lamp. The later Model 702 Princess had a self-contained ringer.
Wikipedia
The Princess telephone was introduced by the Bell System in 1959. It was a compact telephone designed for convenient use in the bedroom, and contained a light-up dial for use as a night-light. It was commonly advertised with the slogan "It's little...It's lovely...It lights", which was suggested by Robert Karl Lethin, an AT&T employee.