Assignment: Promotion and Pricing
The following outcomes are assessed in this Assignment:
MT219-5: Apply promotion and price Marketing Mix elements to a product or service.
GEL- 1.3: Demonstrate college-level communication through the oral delivery of original materials in Standard English.
PC-2.3: Demonstrate integrity through the application of relevant codes of conduct and social responsibility within one’s profession.
Promotion and pricing of a product or service involves consideration of the strategies as well as how the strategies will be carried out, in line with the organization’s values. You 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 had an opportunity to discuss these topics in the Discussion. In this Assessment you will apply these concepts to a real-world company scenario. In addition you will add audio to your presentation which speaks to the audience specified in the scenario. Being able to prepare a professional audio visual 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.
A start-up company, Korwin Pharmaceuticals is a United States (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.
In order to respond to the projected rapid growth of the firm, they are going to be hiring an additional 100 employees in the next two 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.
- 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 3 different types of advertising.
- Provide a public relations strategy to promote the new product line while considering the social responsibility involved.
- Prepare 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 or two 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 your microphone either built into your computer in most cases or, alternatively, your 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 rubric.
Disclaimer: The organization and any characters depicted in this exercise are fictional. Any resemblance to real organizations or individuals is purely coincidental.