Marketing 10 Looking for someone to recheck my work!
Mrs.Q
MyWorkmarketingunit10.pptx
Marketing
Fair play
to handle classified information carefully
Maintenance of high level of honesty and integrity
Misusing the official position assigned
Unity
Code of Conduct
Korwin Pharmaceuticals should put up the code of conduct that every employee should follow for the company to efficiently promote and price the products. Fair play means the company should be fair in their activities without undermining the other sides. The pricing should not in any way favor a region more than others and the prices should be equal to all the target groups of the product. With unity, all the work will be made easier and goals easily achieved. The company should also train its employees on how to handle classified information to avoid a data breach. High standards of honesty and integrity should be maintained to win the customers loyalty.
2
Pioneer the advertising
Do introduction of the new product into the market
Creating abuzz of a new product being launched
Try to convince the customers about how the product will fundamentally improve their lives
Advertising Campaign - Television
Pioneer advertising does not simply mean making sales but to enable the customers or patients to be aware of the presence of the products in the market. This type of advertising is the best as compared to competitive and comparative. Once the customers become aware of the product’s existence in the market, they can come for it at a later time.
3
Make the potential customers be informed of the new product in the market.
Make the new product recognized in the marketplace
Secure advert spaces in either newspapers and magazines by purchasing
Give a consideration to those with wider distribution
Advertising campaign – Print media
The use of print media in advertising encompasses the application of physically printed media such as magazines and newspapers in reaching the consumers of a certain product. Digital print media such as mobile advertising can also be employed. The aim is to create awareness of the product in the market and enhance a good understanding of the product.
4
Giving information of the new drug and availability of new devices for self injection
Creating a buzz around the new introduced product.
Employing use of short videos and high- pitched voices (Schilling & Shankar, 2019).
Sharing the adverts to a variety of social sites.
Advertising campaign – social media
Social media advertising is the use of online platforms in creating awareness of the product. Social media is good because some short videos can be accompanied by the advert creating more buzz around the product. The videos and adverts can be shared with many users thus reaching more consumers.
5
Come up with a media strategy
Give the necessary information to the media
Display a new drug as an intervention to help the less privileged.
Wisely/ strategically leak some information to a few reporters
Public relations strategy
Public relations involve upholding a good reputation in the eyes of the public who happen to be the customers. The strategy to public relations ensures that there is a positive behavior and attitude towards the company and the new product. the process begins with choosing a suitable media strategy and providing the required information to the media. To attract more people, the company should try and show that the invention of the product to help the needy. The journalists are good resource persons for public relations strategy and good relations with them should be developed.
6
Give out free samples
The consumers will get to know the existence of the product
Free samples help them in testing the product before making purchases
Loyal customers will be created
Tool for consumer sales promotion
Free samples are one way for promoting sales to consumers. Once a product is given out freely to the consumers, they will be able to feel the responsibility of making up to the company and that is by purchasing the product. The free samples should be given to the target group and not just to anyone.
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Yet-po is a useful tool used in social media. It is useful in such a way that;
It Posts short videos on social media
It is a good format for passing information and educating
Visual elements and audio is attractive
Videos can be shared to a target population
Tool for social media
Social media is useful in product advertising and it is now widely used by the companies. yotpo has a social curation feature that collects posts that are relevant to a brand and enables the Company or business to contact Yotpo users for an allowance to use their posts for advertising. Yotpo is a good social media choice of helping Korwin’s business to make an account on Instagram hence becoming more marketable to their prospective consumers or customers.
8
Conducting demonstrations
Showcasing how to self-inject
Provision of a platform for the customers to learn more about the product
Helps in communication of the attributes of the drug
Tool for personal selling
Personal selling is whereby the person in charge of the sales conducts an in-person presentation to inform the prospective consumers or customers about their new products and the organization. It is an effective method as the products are being introduced in the market and through this tool, it will reach out to many prospective customers.
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The term AIDA is an acronym that stands for Attention, interest, Desire, and Action
Attention is addressed by advertising
Interest is addressed by demonstration or illustration
Desire is addressed by use of free samples
Action is addressed by offering price discounts
How to Address AIDA concept stages
It is a strategy used by marketing managers to develop effective communication strategies and be able to communicate to customers in a way that responds to their desires and needs.
10
Economy pricing
Offer extended discounts to those bulk buying retailers (Borland etaal., 2018)
Penetration pricing
Pricing strategies and discounts
Economy pricing is the use of economic conditions to determine the best price of a product. If the economy is on recess the price will the lowered but if there is a boom in the economy the price will be increased. In penetration pricing, the prices are artificially and deliberately lowered so as to gain market favor. Once the market has been achieved, the prices will then be increased. Whenever there are the retailers who buy products in bulk, discounts may be offered as a form of encouragement.
11
Determining the production cost
Determining marketing cost
Determining the taxes and other payments made
Determining the total revenues earned from the sales (Terziev, Banabakova & Georgiev, 2018)
How to determine profitability
From the business knowledge, the profit is always determined by finding the difference between the sales and the cost of production. When the total sales made are more than the cost of production then there is profit. More sales mean more profit. Thus if the company can reach more customers who can buy the products, then it will make a profit.
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Borland, H., Lindgreen, A., Maon, F., Ambrosini, V., Florencio, B. P., & Vanhamme, J. (Eds.). (2018). Business strategies for sustainability. Routledge.
Schilling, M. A., & Shankar, R. (2019). Strategic management of technological innovation. McGraw-Hill Education.
Terziev, V., Banabakova, V., & Georgiev, M. (2018, June). Effective options for determining customer profitability. In International conference KNOWLEDGE-BASED ORGANIZATION (Vol. 24, No. 2, pp. 123-128). Sciendo.
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