Class 6

Introduction: Marketing and advertising Essential function of business Advertising is an indispensable marketing tool Four Ps of marketing Legal issues and ethical concerns 10.1: Marketing Ethics Framework Objective: Explain how principles of fairness, freedom, and well-being are challenged by marketing practices and why an ethical framework is necessary. Fairness Freedom Well-being Four point bill of rights The right to be protected from harmful products The right to be provided with adequate information The right to be offered a choice The right to have a voice in marketing decision making 10.2: Sales Practices and Labelling Objective: analyze unethical sales practices, the difficulties sales personnel face in avoiding them, and issues with the sufficiency of information on product labels 10.2.1: Deception and Manipulation Deception: giving false beliefs about products; lying about a product Bogus clearance sales Manipulation: Taking advantage of consumer psychology - bait and switch 10.2.2: Information Disclosure Information disclosure depends on what is sold and the difference in knowledge between the parties Helps fair transaction Helps customer make informed decisions
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