Question

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:

1. 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.
2. 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.
3. Provide a public relations strategy to promote the new product line while considering the social responsibility involved.
4. Prepare one (1) promotional tool each for consumer sales promotion, personal selling, and social media.
5. Describe how the AIDA concept stages are to be addressed.
6. 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.
7. Explain how you will determine a profit has been realized based on your pricing objectives.

Answer 1

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1)

• Integrity: Business integrity and good governance should be dedicated to employees.
• Customer focus: every sector and every organization is focused on the customer, its interest and needs in today's scenario. Customer awareness has become each organization's primary goal. Understand the customer's interest and aim to improve the customer's needs.
• Value: Giving value to the organization's related clients and investors.

2) Three types of advertising:

Social media: Social media has become part of the brand culture in today's era. Own brand websites and apps have made their way to their target customers fast and convenient. The brand and products can now be accessed directly by customers using direct brand websites. Such groups can use these websites and online apps to access and maintain visitor information. Through today's era of innovation, these societies have become broader. To restrict these communities in one place, there are no geographical barriers.

• Television: Product placement by paying for a TV show or movie theater to include the product prominently in the show and in movie studios during breaks and intervals.
• Newspaper: Newspaper advertisements are a kind of traditional marketing. Millions of people who don't know how to use the internet read as newspapers. Newspapers have also been published with apps like the New York Times Cooking App. For individuals to explore their particular areas of interest.

3)

Public relations means that the businesses distribute messages about their work to the public via different communications. Articles in newspapers and magazines, television and radio appearances provide public relations tactics that businesses can use to gain public support for their operations. Media and social networking are now the methods used by most companies and businesses to promote their products and services.

So, we can say, promoting the product line by showing big celebrities in their ads, storytelling with images or performance art, making documentaries about the products and services.

4)

• Sales promotion: Sales promotion can include discount promotions for regular customers as the target audience is the lower income classes. Offers for monthly bulk purchases can be made.
• Private sales: It includes personal interaction with the prospective end user or reseller (pharmacy, clinic, etc.). The salesperson of Senuvis will have to question the staus quo and stress the do - it-yourself quality the new product brings to its consumers. The prospects can be shown a quick demo or a video clip on a smartphone or tablet.
• Social media: Marketing activities can be conducted in the run up to the particular sponsored event or special observance days using an organized approach to social media. Hashtags and trends can be created with video links on Youtube and other platforms, such as # DIYonDiabetesDay on Twitter.

5)Addressing stages of AIDA:

It is a marketing technique that companies use to attract and retain buyers to their brand for a longer period of time.

A: Attention) The primary objective of each business should be to raise awareness among customers of the product and its market availability.

I: (Interest) After reminding consumers of the product, the next step is to try to create interest among customers by offering different discounts or by highlighting the product's special features and significance.

D: (Desire)The desire to purchase the particular product increases after demand has been generated. And the consumer is searching for the goods so purchasing them first and foremost.

A: ( Action)This involves the intention of the customer to buy and actually act and buy the product.

Such phases need to be approached very carefully as they contribute to the company's success and help companies develop a strong customer base for their products.

6)

Possible Pricing Strategies:

The possible pricing strategies that can be applied by the company are:

• Economy Pricing: the organization tries to reduce the costs of producing the products and selling the product. This reduces costs and also decreases the average price of the product.
• Market Penetration Pricing: this technique involves selling low-priced products to those target market areas where the company intends to sell its goods. Companies that sell generic products use this strategy.
• Bundle Pricing: it is a strategy used by businesses where products are sold in packages and priced in bundles as well. Customers are paid less than in the individual case of purchasing the goods.

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