I have to think you're probably right, or very close, on the "take that bunch over there and label 'em Matadors". It's mostly marketing, if not ALL marketing.
I've looked at the LP Classics up close and personal, and I have the Giovanni Galaxy. I also have an engineering background and a manufacturing background. For the past 4 years I've developed a Sales & Marketing background. What you charge for something has very little to do with what it costs you to make it. One BIG objective of the "value sale" is to convince the customer that your product is worth paying a lot more for--and there are perfectly legit ways to do this.
An LP conga made with "genuine" American ash vs Siam oak probably costs a little more to make--you have to ship the American ash to Thailand so the guys in the Thai factory can send the wood through the planers, etc. You also have to buy 3/8" bolts instead of the 5/16" bolts--gee, I bet THAT costs a lot more
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So yes, you're right based on my own experience. You biggest and most important point, tho, has to do with the sound. How cool it would be if we could take $150 drums and $450 drums and actually do a blind sound test and see if there are significant preference correlations between the two.
Heh, personally, I seriously doubt I could hear the difference between fiberglass, Siam oak, cherry or American ash. Okay, And let's assume I could hear a difference--would I have a PREFERENCE? I'm very sure I would not.
Now let's rant about who's PLAYING that darn thing!!! Put a guy with 2-3 decades of experience on a coffee can and I'll bet it sounds better than my $500 drum.
My high school music teacher once grabbed my POS trumpet and played a few bars on it--it sounded just as magnificent as when he played one of my classmate's horns that cost about 5 times as much. So there you are.