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Promotion and Pricing
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. 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
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) 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.
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