Apply Promotion And Price Marketing Mix Elements To A Produc

Apply Promotion And Price Marketing Mix Elements To A Product Or Servi

Apply promotion and price marketing mix elements to a product or service.

Specify what code of conduct the company should institute to make sure that all personnel adhere to the founders’ values in promoting and pricing the product at home and abroad. Provide an advertising campaign (using pioneering, competitive, or comparative advertising) for this line of life-threatening anti-allergen medications and self-injecting devices using three (3) different types of advertising. Provide a public relations strategy to promote the new product line while considering the social responsibility involved. Prepare one (1) promotional tool each for consumer sales promotion, personal selling, and social media. Describe how the AIDA concept stages are to be addressed.

Explain three (3) possible pricing strategies and any discounts, rebates, trade discounts, and/or allowances that would apply for this new line of life-saving products. Explain how you will determine a profit has been realized based on your pricing objectives. Your PowerPoint presentation should use Standard English to address the above checklist items and include audio notes below each slide that are clear and concise. There should be no more than one (1) or two (2) short citations with accompanying references in the presentation. Each slide should have no more than four (4) or five (5) bulleted talking points with the accompanying audio notes located below each slide.

For the audio portion, use the microphone built into your computer or a microphone headset you purchased. Make sure that the audio portion is clear, speaks to the slides’ bulleted points, and addresses the specific audience for which it is intended. Access the Unit 10 Assignment rubric. Submit the minimum 10-slide PowerPoint presentation with audio and audio notes below each slide and additional title and reference slides (using APA citation and reference style) to the Unit 10 Dropbox. Please see and use the template.

Paper For Above instruction

The pharmaceutical industry, especially when dealing with life-threatening conditions, bears significant ethical responsibilities in promotion and pricing strategies. Korwin Pharmaceuticals, a rapidly growing U.S.-based firm committed to integrity and social responsibility, must adopt marketing practices that uphold its founding values while ensuring equitable access to its new life-saving medications and self-injecting devices. This paper explores appropriate codes of conduct, innovative advertising campaigns, public relations strategies, promotional tools, pricing strategies, and methods for profit determination aligning with the company's core principles.

Code of Conduct for Promotion and Pricing

To safeguard its ethical standards, Korwin Pharmaceuticals should implement a comprehensive code of conduct rooted in transparency, honesty, and social responsibility. This code would require all employees to abide by regulations such as the American Marketing Association’s (AMA) ethical guidelines and the Food and Drug Administration (FDA) advertising regulations. The code should emphasize truthful advertising, disclaimers about product efficacy, and the prohibition of misleading claims. Additionally, the company should promote cultural sensitivity and transparency when marketing internationally, ensuring that promotional content respects local customs and regulations. Training programs should be instituted to familiarize personnel with these ethical standards and to reinforce a culture of integrity throughout the organization.

Advertising Campaigns Using Different Types of Advertising

Effective advertising is critical to raising awareness and encouraging responsible use of the new products. For Korwin Pharmaceuticals, the campaign should utilize three types of advertising: pioneering, competitive, and comparative advertising.

• Pioneering Advertising: This approach introduces the new product line to the market, highlighting its innovative self-injecting feature and affordability. An example campaign could focus on emphasizing the life-saving potential and ease of use, targeting allergists, hospitals, and patient advocacy groups.
• Competitive Advertising: This strategy compares the new products to more expensive competitors, emphasizing the affordability and value without disparaging rivals. For instance, advertisements can emphasize "Same life-saving effect, at a fraction of the price."
• Comparative Advertising: This method directly contrasts the product’s features and prices with those of leading competing brands, showcasing superiority in affordability and safety, provided comparisons are truthful and backed by evidence.

Public Relations Strategy

The public relations (PR) approach should focus on fostering trust and transparency. Korwin Pharmaceuticals can organize educational seminars for healthcare providers, patient communities, and policymakers that highlight the company's commitment to affordability, safety, and social responsibility. Press releases and success stories emphasizing community outreach efforts and patient testimonials will reinforce the company's image as a socially responsible organization dedicated to patient well-being. Additionally, collaborating with nonprofit organizations and advocacy groups can enhance credibility and demonstrate genuine commitment beyond profit motives.

Promotional Tools and Applying AIDA

Three promotional tools aligned with AIDA (Attention, Interest, Desire, Action) are vital for effective marketing:

• Consumer Sales Promotion: Offering limited-time discounts or free trial samples at pharmacies to attract attention and stimulate interest and desire.
• Personal Selling: Trained medical representatives can engage healthcare professionals, inform them about product benefits, and address safety concerns—moving prospects through the AIDA stages.
• Social Media: Utilizing targeted campaigns on social platforms to raise awareness, build interest, and encourage action through interactive content, testimonials, and live Q&A sessions.

Each tool should be designed to guide the customer or healthcare provider from initial awareness to the final decision and purchase, aligning marketing messages across channels.

Pricing Strategies and Discounts

Korwin Pharmaceuticals can adopt three main pricing strategies for its new product line:

1. Value-Based Pricing: Setting prices based on the perceived value to consumers, emphasizing affordability and life-saving benefits, which aligns with the company's social responsibility mission.
2. Penetration Pricing: Launch with lower prices to quickly attract a broad customer base, especially underserved middle-class populations, before gradually increasing prices as demand stabilizes.
3. Freemium or Rebate Pricing: Offering initial discounts, rebates, or trade discounts to healthcare providers and organizations purchasing in bulk, encouraging adoption and loyalty.

To determine profitability, the company must ensure that the prices cover manufacturing costs and distribution expenses while providing a reasonable profit margin aligned with its financial objectives. Profit can be measured through sales revenue, gross profit margins, and achieved market share relative to targets.

Conclusion

Korwin Pharmaceuticals' responsible promotion and pricing strategies are pivotal in maintaining its core values. Ethical codes, innovative advertising, community engagement, and fair pricing will support its mission to provide accessible life-saving medications while safeguarding its reputation. Carefully balancing commercial objectives with social responsibility will ultimately ensure sustainable growth and trust within the healthcare community and beyond.

References

• American Marketing Association. (2017). Ethics in marketing. AMA Publications.
• Food and Drug Administration. (2020). Marketing guidelines for pharmaceutical products. FDA.gov.
• Kotler, P., & Keller, K. L. (2016). Marketing management. Pearson Education.
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• Schindler, R. M. (2018). Pricing strategies: A marketing approach. Springer.
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