How much is a 5-gallon bucket? A 4 P marketing mix snapshot
Here’s a picture I snapped at the Lowe’s store in Westborough in Massachusetts a couple of days ago:
As you can see the New England Patriots-branded 5-gallon bucket is $6.98 while the store-brand 5-gallon bucket is $2.54.
That’s quite a difference in price for two fairly simple products sold next to each other. In the 4 P Marketing Mix jargon the two offers don’t particularly differ in Product and Place which makes the difference in Price all the more eye-brow raising (there probably is more difference in Product than meets the eye. In particular I expect the Patriots-branded bucket to be sturdier than the much cheaper Lowe’s bucket). There is likely no difference in direct Promotion between the two products but it is reasonable to argue that a great deal of Promotion has gone into making the New England Patriots brand worth an almost 200% premium to its followers.
