Scenario:
A start-up company, Nalpak Pharmaceuticals is a United States of America (U.S.A.) 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 Naplak 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 while ensuring a quality product.
They are also concerned with promoting and pricing these new products fairly, based on the company values and their concern for affordability for the middle-class in the U.S.A. and other consumers and client companies abroad.
Address the items pertaining to the promotion and pricing strategy for the company’s new products in line with the company founders’ values.
Checklist: Address the following promotion and pricing strategy items:
1. Specify what guidelines the company should institute to make sure that all personnel adhere to the founders’ values in promoting and pricing the product or services at home and abroad.
2. 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.
3. Provide a public relations strategy to promote the new product line.
4. Prepare 1 tool each for consumer sales promotion, personal selling, and social media.
5. Describe how the AIDA concept stages are to be addressed.
6. Explain 3 possible pricing strategies and any discounts, rebates trade discounts, and/or allowances that would apply for this new line of life-saving products.
7. Explain how you will determine a profit has been realized based on your pricing objectives.
8. How the employees will handle consumer concerns and feedback in terms of transparency.
9. Explain how your promotion and pricing strategies adhere to the guidelines you have established for promotion and pricing products and services globally.