Promotion and pricing of a product or service involve consideration of the strat

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.
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.
Access the Assignment
grading rubric located in the Course Resources area.
Submit the minimum
10-slide PowerPoint presentation with notes below each slide and
additional title and reference slides (using APA citation and reference style).