Assignment: Promotion and Pricing
Apply promotion and price Marketing Mix elements to a product or service.
Introduction:
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. Apply promotion and pricing to a real-world company in the scenario.
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:
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.
