Korwin Pharmaceuticals Marketing Plan and Strategy Project

This marketing project analyzes Korwin Pharmaceuticals, a U.S. pharmaceutical company, focusing on its marketing strategies for a new line of life-saving anti-allergen medications. The project addresses the development of a code of conduct for promotion and pricing, adhering to domestic and international standards. It outlines an advertising campaign utilizing pioneering, competitive, and comparative advertising across various types, alongside a public relations strategy emphasizing social responsibility. Promotional tools are developed for consumer sales, personal selling, and social media, while also incorporating the AIDA model to address customer engagement. The project explores three pricing strategies, including discounts and allowances, and defines profit realization based on pricing objectives. The solution is presented in a PowerPoint presentation with slides, audio, and APA-formatted references. This comprehensive project provides a detailed marketing plan for the successful launch and promotion of Korwin Pharmaceuticals' new product line, considering ethical considerations and market dynamics.

Marketing
Korwin Pharmaceuticals

Introduction
• Exchange relationship study and management
• Creating relation and satisfying customers (Kotler, Bowen, Makens & Baloglu,
2017)
• Marketing can be Business to Business (B2B) or Business to Consumer (B2C)
• Marketing mix is essential factor to specifies the product (Kerin & Hartley,
2015)
• 4P’s of marketing (Product, Price, Place and Promotion)

Company Profile
• Korwin Pharmaceuticals is a U.S. pharmaceutical products firm
• Growing at a faster rate in domestic as well as in international market
• Korwin Pharmaceuticals developed several new products to service
customers
• Life-saving anti-allergen medications
• Concern for affordability for the middle class in the U.S. and other
consumers and client companies abroad

Code of Conduct in Promotion & Pricing
• Domestic:
• ABPI Code of Practice for the Pharmaceutical Industry (Zetterqvist, Merlo & Mulinari, 2015)
• Journal, direct mail and digital advertising
• Promotional meetings (Hillier‐Brown et al., 2017)
• International:
• Code of Ethics for Pharmaceutical Marketing (Alon, Jaffe, Prange & Vianelli, 2016)
• Innovative Pharmaceutical Industry Association
• Pharmaceutical Manufacturers’ Association (Beigbeder, 2017)

Different Types of Advertising
• Corporate Advertising Techniques (Passarini, Cavicchi,
Santini & Mazzantini, 2017)
• Advocacy Advertising
• Product Advertising (Percy, 2016)

Public Relation Strategy
• Advertorials
• Social Media (Theaker, 2016)
• Business Events
• Employee Relations (Crane, Matten & Spence, 2019)
• Speaking Engagements

Promotional Tool for Consumer Sales
Promotion
• Use Simple And Focused Logos
• Humanize The Brand (Mukherji, Janakiraman, Dutta & Rajiv, 2017)
• Build A Deep Relationship With Consumers
• Create Impactful Marketing Material (Biswas & Ferdousy, 2016)
• Promotional Materials With Physicians

Promotional Tool for Personal Selling
• Recognition of Customers
• Co-creation Marketing (Panigrahi, Aware & Patil, 2018)
• Increased Sales Performance
• Great Attention to the Training (Ebrahimi & Halvaei, 2017)

Promotional Tool for Social Media
• Regulating Content
• Overall Integration (Ding, Eliashberg & Stremersch, 2016)
• Influencer Marketing
• Crafting Customer Experience (Southwell & Rupert, 2016)
• Investing in Employees

AIDA Model
• Attention
• Interest (Phalan et al., 2018)
• Desire
• Action (Alvarenga & Tanev, 2017)

Pricing Strategy
• Geographical Pricing (Yao, 2016)
• Price Discounts and Allowances
• Product-Mix Pricing (Hinterhuber & Liozu, 2017)

Pricing Objective
• Profit-Oriented Pricing
• Competitor-Based Pricing (Lidstone & MacLennan, 2017)
• Market Penetration Pricing
• Skimming Pricing Strategy (Schoonveld, 2016)

Conclusion
• Able to attract the customers from the market
• Pricing strategy is quite effective in nature
• Effective promotional tool used
• Efficient public relation strategy
• Follows the code of conduct

References
• Kotler, P., Bowen, J. T., Makens, J., & Baloglu, S. (2017). Marketing for hospitality and tourism.
• Kerin, R., & Hartley, S. (2015). Marketing: the core. McGraw-Hill.
• Zetterqvist, A. V., Merlo, J., & Mulinari, S. (2015). Complaints, complainants, and rulings regarding drug promotion in
the United Kingdom and Sweden 2004–2012: A quantitative and qualitative study of pharmaceutical Industry self-
regulation. PLoS medicine, 12(2), e1001785.
• Hillier‐Brown, F. C., Summerbell, C. D., Moore, H. J., Routen, A., Lake, A. A., Adams, J., ... & Brown, T. J. (2017). The
impact of interventions to promote healthier ready‐to‐eat meals (to eat in, to take away or to be delivered) sold by
specific food outlets open to the general public: a systematic review. Obesity reviews, 18(2), 227-246.
• Alon, I., Jaffe, E., Prange, C., & Vianelli, D. (2016). Global marketing: contemporary theory, practice, and cases.
Routledge.
• Beigbeder, Y. (2017). International Public Health: Patients' Rights Vs. the Protection of Patents. Routledge.

References
• Passarini, P., Cavicchi, A., Santini, C., & Mazzantini, G. (2017). Deceptive advertising and unfair commercial practices in
the agrifood sector: The role of the Italian competition authority. British Food Journal, 119(8), 1781-1800.
• Percy, L. (2016). Strategic advertising management. Oxford University Press.
• Theaker, A. (2016). The public relations handbook. Routledge.
• Crane, A., Matten, D., & Spence, L. (Eds.). (2019). Corporate social responsibility: Readings and cases in a global
context. Routledge.
• Mukherji, P., Janakiraman, R., Dutta, S., & Rajiv, S. (2017). How Direct-to-Consumer Advertising for Prescription Drugs
Affects Consumers' Welfare: A Natural Experiment Tests The Impact of FDA Legislation. Journal of Advertising
Research, 57(1), 94-108.
• Biswas, K., & Ferdousy, U. K. (2016). Influence of Pharmaceutical Marketing on Prescription Behavior of Physicians: A
Cross-sectional Study in Bangladesh. J Account Mark, 5(160), 2.

References
• Panigrahi, A., Aware, K., & Patil, A. (2018). Application of integrated marketing communication in pharmaceutical industry.
• Ebrahimi, M., & Halvaei, A. A. (2017). Identification of the Promotion Strategy Components of the Pharmaceutical Products in
Iran. Journal of Pharmacoeconomics and Pharmaceutical Management, 3(3/4), 25-34.
• Ding, M., Eliashberg, J., & Stremersch, S. (2016). Innovation and marketing in the pharmaceutical industry. SPRINGER-VERLAG
NEW YORK.
• Southwell, B. G., & Rupert, D. J. (2016). Future challenges and opportunities in online prescription drug promotion research:
comment on" Trouble spots in online direct-to-consumer prescription drug promotion: a content analysis of FDA warning
letters". International journal of health policy and management, 5(3), 211.
• Phalan, B., Hayes, G., Brooks, S., Marsh, D., Howard, P., Costelloe, B., ... & Whitaker, S. (2018). Avoiding impacts on
biodiversity through strengthening the first stage of the mitigation hierarchy. Oryx, 52(2), 316-324.
• Alvarenga, A., & Tanev, G. (2017). A Cybersecurity Risk Assessment Framework that Integrates Value-Sensitive
Design. Technology Innovation Management Review, 7(4).

References
• Yao, Y. (2016). Three-way decisions and cognitive computing. Cognitive
Computation, 8(4), 543-554.
• Hinterhuber, A., & Liozu, S. M. (2017). Is innovation in pricing your next source of
competitive advantage? 1. In Innovation in Pricing (pp. 11-27). Routledge.
• Lidstone, J., & MacLennan, J. (2017). Marketing planning for the pharmaceutical
industry. Routledge.
• Schoonveld, E. (2016). The price of global health: drug pricing strategies to balance
patient access and the funding of innovation. Routledge.

Thank You