MKTG 3650 10th Edition Lecture 10Outline of Last Lecture I. Marketing Ethics and Social Responsibility a. Three factors contributing most to professional success II. What is Ethics?Outline of Current Lecture III. Consumer- related ethical criticismsIV. Societal – related ethical criticismsV. Business/economic related criticismsVI. The role of ConsumerismCurrent LectureConsumer related ethical criticisms1.) Consumers are harmed through excessively high prices.2.) Marketers engage in deceptive practices.3.) Marketers engage in high pressure selling.4.) Marketing firms sell shoddy or unsafe products5.) Marketers pursue a strategy called “Planned Obsolescence”6.) Marketers provide poor service to disadvantaged consumers.Some of these are true, but only to a certain extent.Societal – related ethical criticisms1. False needs and wants2. Too few societal goods, as opposed to many private goods.3. Cultural pollution:a. Too much promotional and advertising clutterb. Too many assaults on our privacy4. Situation where too much political power ends up in the hands of too few select people.5. More diabetes, cancer, heart disease, and obesity, than otherwise exist…Business/ Economic Related Criticism1. Acquisition of competitors.These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.2. Creation of barriers to entry.3. Marketing/branding power creates opportunity to engage in predatory pricing.The Role of ConsumerismConsumerism - as a movement is to improve the rights and power of buyers in relation to the rights and power of sellers.Marketers have the rights to:- Sell anything ( as long as it does not injure anybody )- Charge any fair price (as long as there is no discrimination)- Promote products (as long as it is truly accurate)- Use any product message they choose (as long as it is not misleading or dishonest)Buyers traditionally have enjoyed the rights to:- Not buy something they don’t want to buy- Expect the product to be safe- Expect the product to perform as
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