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)