Promotion and Pricing of a Product

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 will focus on promotion and pricing (two of the 4 Ps of the marketing mix) and had an opportunity to review the 4 Ps tutorial. You will also focus ethics and social responsibility. In this Assessment, 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, Senuvis 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, Senuvis 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 200 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:

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-saving 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 four (4) AIDA concept stages are to be addressed. AIDA concept: A process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action.

Pricing:

1. Explain three (3) possible pricing strategies and at least one (1) of the following: discounts, rebates, trade discounts, and/or allowances that would apply for this new line of life-saving products.

2. Explain how you will determine a profit has been realized based on your pricing objectives. Your Microsoft® PowerPoint® audio visual 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.

For the audio portion, use the microphone built into your computer or a 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.

Submit the minimum 10-slide PowerPoint presentation with clear audio and audio notes below each slide and additional title and reference slides (using APA citation and reference style)

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