Bully
Bully figures were made in West Germany. On the inside of their leg they have printed: BULLY; W.GERMANY; EUROPE. On another leg: ©1987; HASBRO. They are made of hard rubber (sometimes called PVC), and have painted on eyes, painted manes and tails and a symbol (on both sides of their rump). They appear to be made from colored rubber, as I have not seen one with any body rubs. They are covered in a shiny, almost pearly finish. These are rather cute, being almost like MLP, with pony like eyes and by having symbols.
You might come across a Bully with no symbol, but they are only flawed (the symbols have rubbed off).
I have come across 2 pure white bully that appear factory errors or they could be prototypes. They are completely white. See below for pictures.
They are about 2.5" tall and 2.25" long.
Leg marks:

They come in the following types:
White Earth Pony - mane is blue/pink/yellow, tail is yellow/pink, symbol is 5 black stars, eyes are blue

White Unicorn - mane is blue/pink/yellow, tail is yellow/pink, symbol is 5 black stars, eyes are blue

White Unicorn - here is an example of one where the symbol has rubbed off.
Picture Property of Jewel's
Dreambox - used with permission
Blue Earth Pony - hair is pink, symbol is 5 black outlined hearts, eyes are purple

Blue Unicorn - hair is pink, symbol is 5 black outlined hearts, eyes are purple

Blue Earth Pony - another example of a symbol-less bully.

Blue Unicorn - symbol-less blue unicorn
Picture Property of Inglemist - Used with Permission
Pink Earth Pony - hair is blue, symbol is a black ladybug surrounded by 7 black dots, eyes are blue

Pink Unicorn - hair is blue, symbol is a black ladybug surrounded by 7 black dots, eyes are blue

Factory Error Earth - completely white

Factory Error Unicorn - completely white

Snow Globe (pink earth pony) - plastic snow globe containing a pink earth Bully
*Ahrian needs this!
Snow Globe (blue unicorn) - plastic snow globe containing a blue unicorn Bully

Bottom of Snow Globe

Here are pics of a box full of bullys. This is how they were sold in stores, just out of a large box. You can see how some might have lost their symbols rubbing against each other.

Price Guide:
Figures are uncommon but not really rare.
Snow globes are very rare.
Figures can sell for around $2-$4 each. Snow globes can sell for around $4-$6 each.