Promotion And Pricing For The Following Course Outcomes

Promotion And Pricingthe Following Course Outcomes A

Promotion and pricing of a product or service involve consideration of the strategies as well as how the strategies will be carried out, in line with the organization’s values. You have read about promotion and pricing (two of the 4 P’s of the marketing mix) and had an opportunity to review the 4 P’s tutorial.

You read about ethics and social responsibility in Chapter 3 and discussed these topics in the discussion. In this assignment, you will apply these concepts to a real-world company scenario. In addition, you will add audio to your presentation that speaks to the audience specified in the scenario. Being able to prepare a professional audiovisual presentation is an important career skill and can be added to your resume once you have become proficient. Read the scenario below and address all the checklist items.

Scenario: A startup company, Korwin Pharmaceuticals is a U.S. pharmaceutical products firm that is growing very rapidly at home and abroad. Integrity and honesty regarding product quality and concern for consumer well-being are values of the founders of the firm. Recently, Korwin Pharmaceuticals developed several new products to service customers who cannot afford the pricier life-saving anti-allergen medications and the self-injecting devices currently on the market. These products can be self-injected by the person suffering from a life-threatening allergic reaction and were just recently approved for the marketplace by the U.S. Food and Drug Administration.

To respond to the projected rapid growth of the firm, they are going to hire an additional 100 employees in the next 2 months to cope with the demand for these new life-saving products. Because the company is hiring so many new employees, they are concerned with maintaining the founders’ original values of social responsibility while ensuring a quality product. They are also concerned with promoting and pricing these new products fairly, based on the company values along with their concern for affordability for the middle class in the U.S. and other consumers and client companies abroad. As a marketing consultant to the president of the company and executive management, address the items pertaining to the promotion and pricing strategy for the company’s new products in line with the company founders’ values and their social responsibility.

Checklist:

Promotion: 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 four (4) AIDA concept stages are to be addressed.

Pricing: 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 Microsoft® 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 Assignment grading rubric located in the Course Resources area. Submit the minimum 10-slide PowerPoint presentation with clear audio and audio notes below each slide and additional title and reference slides (using APA citation and reference style) to the Unit 10 Dropbox. Disclaimer: This exercise may include actual companies and brand names solely for instructional purposes; this exercise is not associated with any such actual company or brand name. All trademarks remain the property of their respective owners.

Paper For Above instruction

The development of an effective promotion and pricing strategy for Korwin Pharmaceuticals' new line of life-saving anti-allergen medications and self-injecting devices necessitates a careful alignment with the company's core values of integrity, honesty, and social responsibility. As a marketing consultant, it is critical to establish a framework that upholds these values across all promotional efforts and pricing tactics, both domestically and internationally.

Promotion Strategy: Code of Conduct

To ensure all personnel promote the products ethically, Korwin Pharmaceuticals should institute a comprehensive code of conduct emphasizing honesty, transparency, and respect for consumer well-being. This code would mandate truthful advertising, avoidance of exaggerated claims, and responsibility in targeting vulnerable populations, such as allergy sufferers. Additionally, staff training on ethical promotion and cultural sensitivity, especially when marketing abroad, is vital. Regular audits and evaluations of promotional materials should be scheduled to uphold these standards, fostering trust and credibility.

Advertising Campaigns

Implementing diverse advertising approaches can maximize outreach while aligning with social responsibility. Three types of campaigns include:

• Pioneering Advertising: Highlighting the innovative nature of the products, emphasizing FDA approval and the company’s commitment to affordable healthcare (“Leading the way in life-saving allergy care”). This positions Korwin as a leader in ethical innovation.
• Competitive Advertising: Comparing features and affordability with existing treatments without disparaging competitors, such as “Affordable, self-injectable allergy solutions that prioritize your safety.”
• Comparative Advertising: Carefully contrasting product benefits with competitor products, ensuring compliance with FDA regulations and avoiding misleading claims, for example, “Compared to traditional treatments, our self-injecting devices offer faster relief at a lower cost.”

Public Relations Strategy

The PR approach should focus on transparency, community engagement, and education about allergens and treatment options. Hosting webinars, participating in health fairs, and publishing informational materials in collaboration with healthcare providers establish credibility and reinforce social responsibility. The company should also communicate its commitment to affordability and global access, respecting different regulatory environments. Engage with nonprofit organizations and health authorities to demonstrate commitment to social good and garner positive publicity.

Promotional Tools

• Consumer Sales Promotion: Offering discounts or coupons targeted at middle-class households, emphasizing affordability and accessibility.
• Personal Selling: Training sales representatives on ethical communication and product benefits, enabling them to address concerns transparently and empathetically.
• Social Media: Creating an informational campaign that shares testimonials, quick facts about allergy management, and engaging content to raise awareness and provide support, using hashtags like #AffordableAllergyCare.

The Four AIDA Stages

In designing the campaign, the four stages of AIDA (Attention, Interest, Desire, Action) should be addressed systematically:

1. Attention: Capture through eye-catching advertisements emphasizing innovation and affordability.
2. Interest: Generate curiosity with testimonials and data on efficacy and safety.
3. Desire: Build emotional connection by sharing stories of patient success and affordability.
4. Action: Encourage trial through free samples, discounts, and simple purchasing processes.

Pricing Strategies and Profitability

Developing appropriate pricing strategies must reflect the company’s social responsibility while ensuring profitability. Three feasible approaches include:

1. Penetration Pricing: Setting initial prices low to attract test consumers and build market share, aligning with affordability goals.
2. Value-Based Pricing: Pricing products based on perceived value, quality, and cost savings to patients, justified by clinical effectiveness and FDA approval.
3. Cost-Plus Pricing: Calculating the cost of production plus a modest markup, ensuring coverage of expenses and a sustainable profit margin.

Discounts, rebates, and allowances should be strategically used to incentivize bulk orders from healthcare providers and international distributors, who serve middle-income markets. Profit realization can be monitored by setting clear financial targets aligned with sales volume, gross margin percentages, and return on investment (ROI). The company should evaluate whether the revenue generated meets or exceeds the break-even point, considering the costs associated with promotion, distribution, and production.

Conclusion

Aligning promotion and pricing strategies with Korwin Pharmaceuticals’ core principles of integrity and social responsibility is essential for long-term success. Ethical advertising, transparent communication, and affordable pricing approaches underscore the company’s commitment to well-being and trust, both domestically and globally. By implementing comprehensive policies and marketing tactics grounded in social values, Korwin can differentiate itself as a responsible leader in affordable allergy care solutions.

References

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