Lowe's Case Study
When it comes to Lowe's marketing mix, the product, price, and place are becoming more and more similar with its number one competitor. They carry the same products, their prices are very similar on many items, and they are located in the same areas, if not on the same street. The main difference that brings strength to Lowe's is the promotion.
According to one article ("How Lowe's Hammers," 2004), Lowe's research within the industry has shown them an interesting technique of promoting its products. "Thanks to its extensive customer research, Lowe's concluded several years ago that 80% of home-improvement decisions were initiated not my men, but by women." The article continues, "Lowe's began making its stores cleaner and brighter and adding more designer-name goods by the likes of Laura Ashley and Michael Graves."
This is a fantastic way to promote their products over their competitor, Home Depot. These stores are huge warehouses that are not appealing at all. They have an ominous, overwhelming feeling to them as you walk through the cement covered aisles with less than perfect lighting. This is not only unappealing to the female consumer, but it can have a psychological affect on men as well. When the atmosphere of the store is pleasing, it makes a difference.
With the company's new approach, they have increased their likelihood for growth. Financially, they are doing well within their market, and are