Promotion and price strategy
Promotion and Pricing
This competency assessment assesses the following Outcome(s):
MT219M5-5: Apply promotion and price Marketing Mix elements to a product or service.
GEL-1.03: 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 ones profession.
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 organizations values. You have read about promotion and pricing (two of the 4 Ps of the marketing mix) and had an opportunity to review the 4 Ps 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 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 companys 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-saving 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 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.
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) to the assessment Dropbox.
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.
Minimum Submission Requirements
Proper notification of any resubmission, repurposing, or reworking of prior work per the Purdue Global Student Coursework Resubmission, Repurposing, and Reworking Policy Resource.
Your assessment response should be the required number of pages as specified, in a Microsoft Word document, with an additional title page and reference page using current APA format.
Respond to all of the checklist items in a thorough and highly organized, logical, and focused manner using Standard English and demonstrate exceptional content, organization, style, and grammar, and mechanics.
Your Assessment response should comply with all instructions provided.
Your paper should provide a clearly established and sustained viewpoint and purpose.
Your writing should be well ordered, logical and unified, as well as original and insightful.
Be sure to cite both in-text and reference list citations where appropriate and reference all sources using proper current APA citation style.
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