Code Of Ethics: Specify What Code Of Conduct The Company Sho ✓ Solved

Code Of Ethics 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. Note that you MUST narrate this presentation

The assignment requires developing a comprehensive marketing plan that includes establishing a code of ethics for personnel, designing advertising campaigns, public relations strategies, promotional tools, and detailed explanations of pricing objectives, profitability measures, and relevant references. The focus is on a line of life-threatening anti-allergen medications and self-injecting devices, ensuring ethical conduct, effective promotion, and strategic pricing both domestically and internationally.

Sample Paper For Above instruction

Introduction

Developing a strong ethical foundation is crucial when marketing life-saving medical products. This paper outlines a code of ethics for the personnel involved in promoting and pricing a line of anti-allergen medications and self-injecting devices. It discusses advertising strategies, public relations, promotional tools, pricing objectives, profitability metrics, and references relevant to marketing practices.

Code of Ethics for the Company

The primary goal of the company's code of ethics is to ensure that all personnel uphold the founders' core values, emphasizing integrity, transparency, social responsibility, and patient safety. Ethical conduct in promotion and pricing involves adhering to honest communication, avoiding misleading claims, respecting cultural differences, and complying with international regulatory standards.

Specifically, the company should implement guidelines such as:

• Honest Communication: All promotional materials must be truthful, backed by scientific evidence, and clearly disclose potential risks and benefits.
• Respect for Cultural Sensitivities: Marketing approaches should respect cultural differences and avoid offensive or inappropriate messaging when operating abroad.
• Regulatory Compliance: Abide by international and local laws governing pharmaceutical advertising and pricing policies.
• Patient-Centric Approach: Prioritize patient safety and well-being over sales targets, ensuring that marketing strategies do not exploit fears or vulnerabilities.
• Equity in Pricing: Establish fair pricing strategies that consider economic disparities in different markets to promote accessibility while maintaining profitability.

Advertising Campaign Strategies

Pioneering Advertising

This approach emphasizes innovation by highlighting the cutting-edge technology of the self-injecting devices, positioning the product as a breakthrough in allergy management. Visuals may showcase the device's ease of use and integration into daily life, appealing to tech-savvy consumers.

Competitive Advertising

The campaign compares the new line with existing solutions, emphasizing superior safety features, faster action, or longer-lasting effects. It aims to demonstrate how the product outperforms competitors in terms of efficacy and safety, building trust and brand differentiation.

Comparative Advertising

This strategy directly compares the product's benefits with those of other marketed anti-allergen medications. For instance, it might showcase clinical trial results or testimonials that favor the new product, persuading consumers to choose it over competitors.

Public Relations Strategy

The company's public relations efforts should focus on educating the public about allergy management and emphasizing corporate social responsibility. Initiatives could include partnerships with health organizations, sponsoring educational webinars, and community outreach programs to raise awareness about allergy risks and treatments.

In addition, transparency about clinical trial data and safety information reinforces trust, while engaging with patient advocacy groups demonstrates social responsibility. Addressing concerns related to affordability and accessibility also aligns with social responsibility principles, promoting equitable access to life-saving medications.

Promotion Tools: Consumer Sales Promotion, Personal Selling, Social Media

• Consumer Sales Promotion: Distribute free samples or trial kits through healthcare providers to encourage initial use and feedback.
• Personal Selling: Employ trained medical representatives to conduct informative sessions with healthcare professionals, emphasizing product benefits and safety protocols.
• Social Media: Launch targeted campaigns via platforms like Facebook, Instagram, and Twitter with educational content, patient testimonials, and interactive Q&A sessions to increase awareness and engagement.

AIDA Model Application

The AIDA (Attention, Interest, Desire, Action) model guides the promotion strategy:

1. Attention: Use compelling visuals and headlines highlighting the product's life-saving potential.
2. Interest: Share educational content about allergy risks and how the product offers a convenient solution.
3. Desire: Demonstrate testimonials from satisfied patients and medical professionals endorsing the device.
4. Action: Provide easy prompts to purchase or consult healthcare providers, including special offers or discounts.

Pricing Objectives and Strategies

Adopting a profit-oriented objective, the company aims to maximize profitability while maintaining ethical pricing. Strategies include value-based pricing to reflect product efficacy and safety, with optional discounts or rebates for healthcare providers or insurance reimbursements.

Discounts, Rebates, Trade Discounts, and Allowances

Rebates may be offered to clinics and hospitals, incentivizing bulk purchases and fostering long-term relationships. Trade discounts could be granted to distributors to encourage wider distribution. Promotional allowances might compensate for advertising efforts or point-of-sale displays, aligning pricing with promotional activities.

Profitability and Return Analysis

To measure profitability, the company will evaluate metrics such as Return on Investment (ROI) and Break-Even Analysis. ROI will be calculated by dividing net profit by total investment, ensuring that pricing strategies generate sufficient margins. Break-even analysis determines the sales volume needed to cover costs, guiding pricing and sales tactics to achieve profitability promptly.

References

• Lamb, C. W., Hair, J. F., & McDaniel, C. (2017). MKTG, 11e. Mason, OH: Cengage Learning.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson Education.
• American Marketing Association. (2020). Ethical Guidelines for Marketing.
• World Health Organization. (2021). Principles of Medical Product Promotion.
• Smith, J. (2019). Ethical Advertising in Healthcare. Journal of Medical Marketing.
• European Medicines Agency. (2022). Regulations on Pharmaceutical Advertising.
• FDA. (2023). Guidelines for Medical Device Marketing and Promotion.
• Chesbrough, H. (2020). Open Innovation and Ethical Marketing. Innovation Management Journal.
• Darby, M., & Karni, E. (1973). Free competition and the optimal amount of fraud. Journal of Law and Economics, 16(1), 67–88.
• Vazquez, P., & Garcia, M. (2018). Privacy and social responsibility in social media marketing. Journal of Business Ethics.