Code of Conduct
Korwin Pharmaceuticals is a well-developed company with an established code of conduct. It has a significant base of loyal customers who value Korwin’s approach to providing products and services. The code of conduct should address such essential values as:
- Providing high-quality products.
- Being honest about the product quality.
- Focusing on customer well-being.
However, even though the new product line corresponds with most of the existing values, various issues regarding pricing strategies and product accessibility should be considered. Therefore, the updated code of conduct should be adapted to address the specifications of the implemented project. Korwin Pharmaceuticals code of conduct may include:
- Demonstrating accountability.
- Maintaining quality control and accurate records.
- Avoiding conflicts of interest.
- Cooperating with customers and building transparent relationships.
- Introducing affordable anti-allergen medications.
Korwin Pharmaceuticals introduces a relatively new product, which was approved by the Food and Drug Administration just recently. Hence, pioneering advertising may represent the best strategy for self-injecting devices. It may be essential to focus on the innovative nature of the product and particularly on the potential financial benefits. The market may not offer an alternative product in the same price niche, and hence it may be highly beneficial to build public awareness first.
Competitive advertising should primarily focus on the low price of the product and its availability. Korwin’s new products are significantly cheaper than other anti-allergen medications, which makes Korwin’s self-injecting devices highly competitive. Competitive advertising should be utilized during later stages of product implementation. As the competition starts at the growth stage, it may be the perfect time to use both the unique advantages of the product and brand recognition in order to increase sales.
The comparative advertising element should identify the most relevant anti-allergen medications and their pricing policies. It may be critical to emphasize that Korwin Pharmaceuticals provides the same product quality as its competitors for a significantly lower price. Such a difference is achieved by implementing a new approach to manufacturing and using the medications. In many cases, comparative advertising may be controversial and have a negative impact on the image of the brand (Osama Mohamed Abdelaziz, 2021). However, in Korwin’s case, the advantage is distinctive, true, and clear to the consumer.
Public Relations Strategy
Public relations strategy should be adjusted in order to correspond with the new market niche taken by the emerging product. There are several elements that should be considered.
- Targeted audience – middle class in the U.S. and consumers who prefer lower prices over convenience.
- Goals and Objectives – increasing product awareness, growing interest, and sales, accumulating more revenue.
- Core messages – we offer a reliable product with high quality and reasonable price.
- Platforms – social media, public speaking, newsletters, contextual advertising.
Sales promotion is particularly effective during the first stages of product development. Initial sales promotion push combined with high quality of the product may activate word of mouth effect building product awareness and hence increasing demand. Therefore, it may be beneficial to provide samples of new products as a complement to other allergy-related medications. It may also be possible to introduce a discount for customers who buy both the self-injecting device and anti-allergen medications.
As digital technology advances, personal selling methodology transforms significantly. One of the most relevant and effective methods of personal selling is selling through discussions. It may be implemented by an online chat located on the website of the pharmacy. Selling through discussion may be essential as it offers an opportunity to communicate with the customer directly and provide all the necessary information regarding the product. Moreover, social media may be utilized as a potential means of communication in order to conduct personal selling.
Social media advertising is an inseparable part of any successful advertising campaign in the modern digitalized world. Introducing ads on three main social media platforms, including Facebook, Instagram, and Twitter, may be beneficial. However, it may also be critical to identify communities and influencers that are closely related to the purpose of the product. Such an approach may increase the chance of reaching the targeted audience.
- Awareness (Attention): captivating advertisement, intelligent targeting.
- Interest: focusing on competitive advantages such as price and scope of implementation.
- Desire: maintaining the need for anti-allergen medications in the lower price category.
- Action: encouraging the targeted audience to buy the medication.
Building awareness is the first and the most important step in promoting the above-mentioned anti-allergen medication. The company offers a fundamentally new product unfamiliar to the market. Therefore, it is critical to identify the targeted audience and initiate an advertising campaign that addresses the customers. People who already buy other anti-allergen medications are the primary audience, and hence, it may be beneficial to advertise the new product in the pharmacies and through related products. Focusing on the lower price of the medications and their innovative nature may be the key to building interest. Cost efficiency is a significant factor that customers consider when buying medications.
As the medications are life-saving, it should be possible to generate desire rapidly. Health is one of the most important values in life, and securing its well-being is vital regardless of the cost. Finally, encouraging people to buy the product is essential in order to propose a successful AIDA model. Such an objective may be achieved by providing the product at pharmacies and online stores.
The most relevant pricing strategies for the new line of life-saving products include
- Penetration pricing as it helps the new product to gain a market share;
- Discounts, as they allow to build product awareness;
- Product line pricing, as it may maintain sales of related products.
Penetration pricing strategy includes such actions as offering free samples or providing significant discounts for emerging products. Building awareness and taking the market share is critical for new products (Hennecke, 2019). Product line pricing may not only have synergy with penetration pricing in terms of promoting a new product but also maintain sales of other allergy-related products manufactured and distributed by Korwin Pharmaceuticals. The initial strategy focuses on growing demand and consumption. As consumption grows, the economy of scale increases, allowing Korwin to hold the initial positions in the product pricing range.
Profit Analysis and Control
Accumulated profits may serve as one of the most significant criteria used to assess the effectiveness of an advertising campaign and particularly pricing strategies. The ultimate objective of any pricing strategy is maximizing profits with the use of limited resources. Therefore, it may be beneficial to implement a number of pricing strategies independently in order to assess their influence on the accumulated revenue and evaluate their effectiveness.
Hennecke, I. (2019). Implementing a structured pricing strategy approach. Pricing Strategy Implementation, 92–99. Web.
Osama Mohamed Abdelaziz, A. (2021). Comparative advertising as a Competitive tool for Advertising Institutions. Journal of Intellectual Property and Innovation Management, 2(2), 98–130. Web.