Legal and Ethical Considerations in Marketing, Product Safety, and Intellectual Property
December 15, 2013
Research three to five (3-5) ethical issues relating to marketing and advertising, intellectual property, and regulation of product safety.
Marketing and advertising are the main channels that all companies use to get access to the customers and present their products to the potential customers. These have a very huge impact on the sales and the overall profit that the company will get. Every company must put into consideration all the legal and ethical issues to ensure that they attract more customers to buy their products hence maximizing their ...view middle of the document...
More so, some advertising strategies can paint the image of a rival firm and this can have an adverse effect on the firms’ profitability. It’s the governments’ responsibility to ensure that the best practices take place in the dynamic market structure.
Regulation of intellectual property rights will motivate and safeguard the works and creativity of business oriented people which is a sign of progression. In every state, there are laid down regulations, laws and procedures that aim at protecting intellectual properties. Every company must put into consideration all the legal regulations that have been laid down to protect intellectual property. Failure to do this may put the company in legal problems. Ethical issues that cover intellectual property expect every company to respect the inventions of other people. Copying the intellectual idea of another person is deemed as unethical and should be avoided by all companies. All this ethical standards will be beneficial to all individuals in the sense that the markets will be stable; consumers will get safe products at reasonable prices and the businesses gain desirable profits.
Argue for or against Direct-to-Consumer (DTC) marketing by drug companies.
Most drug companies have formulated different strategies to create awareness of their products to the general public. Drugs are one of the most sensitive products in our markets. They can affect the health of consumers if wrong prescriptions are made. The issue of drug marketing by various drug companies is a dilemma which is hard to be clearly narrowed to a specific option. This is so because DTC increases awareness of drugs to patients who can go the doctors after recognizing their sickness are curable. “Direct marketing refers to promoting a product or service straight from the seller to the consumer, without intermediary advertising such as television commercials, radio ads, or public displays” (Wolski, 2013). More advantages fall to the companies because the demand for the products increases and this boosts sales and hence increment in profitability. There is however identifiable effects of DTC. It can create awareness to the wrong people who normally give themselves unreasonable prescriptions without a doctor’s advice. More so, some people find a way to abuse drugs which is unethical and unacceptable in our countries.
It is thus clear that DTC is not an effective method of drug marketing because it does not promote the health of the public. There is increase in the cost of drugs and the number of incorrect prescriptions. These increases the amount paid by taxpayers and is harmful to patients. DTC is an intruder to the relationships that exists between patients and health professionals leading to an undue pressure on the qualified health professionals to give particular prescriptions which may be a bit more expensive and dangerous or else ineffective. It may require more time to explain to the patients why they could have been led by a...