The blue Marth is based on his appearance in Fire Emblem: Shadow Dragon where he befriends Tiki, who appears as the Assist Trophy enemy.
The stage represents the Fane of Raman, the temple-like setting of the nineteenth chapter of Shadow Dragon, which first features Tiki as a party member.
Other trivia:
This spirit's Neutral type references Tiki's status as an unwilling enemy and later party member in Shadow Dragon.
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Last of the divine dragons, Tiki is the daughter of Archanea’s guardian deity, Naga. Despite her young appearance, she is over a millennia old. After he saved her from dark hypnosis, she lent Marth her abilities as a Manakete in the War of Shadows. The two became quite close, and she came to live with Marth following the end of the War of Heroes.