ABC Pharma India is the first pharma company to develop a vaccine for AIDS. For pricing ts vaccine, wch of the above two approaches you suggest to the company? Give reasons in support of your suggestion.
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Pricing is one of the elements of the strategic mix that further determines what marketing strategies, channel of distribution to be used etc.
A vaccine for AIDS which is being introduced in India for the first time.
Product differentiation strategy could be used. As the product is unique and quite useful for people with AIDS, they will be wiling to pay the price that is set by the company. The ABC pharmacy could provide a justification of corporate reputation and technological leadership that would further enable it to charge the price that they wish to sell the medicine on.
Value based pricing strategy could be used. This would ensure that rather than focusing on the cost of the medicine, the price is charged on the value of the product that is perceived by the buyer. Thus, the higher the value the consumer associated with the AIDS medicine the more the price could be.
A vaccine for AIDS which is being introduced in India for the first time.
Product differentiation strategy could be used. As the product is unique and quite useful for people with AIDS, they will be wiling to pay the price that is set by the company. The ABC pharmacy could provide a justification of corporate reputation and technological leadership that would further enable it to charge the price that they wish to sell the medicine on.
Value based pricing strategy could be used. This would ensure that rather than focusing on the cost of the medicine, the price is charged on the value of the product that is perceived by the buyer. Thus, the higher the value the consumer associated with the AIDS medicine the more the price could be.
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