In the modern day global economy characterized by free trade, the government has limited power when it comes to influencing how consumers view an industry or even discriminate against certain products (Findlay & Warren, 2013). Nonetheless, the purpose of this paper is to explore if it’s ethical for the public, or rather the consumers to view all industries differently. Also, as an advocate for the consumers, I will provide arguments concerning the reasons as to why I do not believe that some industries are unfairly targeted, such as in the case with the fast food industry. The paper will also reconnoiter the ins and outs of why consumers should partake in choosing what’s best for them, including the roles played by capitalism in corporate decision-making. Finally, I will offer reasons as to why it’s possible for a company to cater for both its best interest and that of the consumer. Become an advocate for either the consumer or the industry. Prepare an argument explaining the major reasons why you support either the consumer or the industry.
It’s ethical for a consumer not to view all industries as equal because in actual sense they’re very different in terms of the products and services they offer. They’re entitled individual liberty to choose the industry that best suits their interests in terms of product and service safety, affordability, satisfaction, and availability of competing goods and services (Rydell, 2013). Additionally, I believe that some industries are not unfairly targeted because consumers make their choices based on cost benefit analysis, or rather by applying the utilitarian and Kantian approach to ethical decision making. This approach also explains why it should be the responsibility of a consumer to avoid products that are not healthy for them. For instance, they should focus their attention on products whose benefits to their health outweighs the harm as described by Forschler (2013).
Explain the role capitalism plays in corporate decision-making Capitalism basically refers to an economic and political system characterized by the control of trade and industry by private owners for profit. In the corporate setting, capitalism plays an important role in the sense that it helps ensure that the decisions made by leaders, such as the CEOs, take into consideration the company’s or stockholders’ interest in gaining profit (Peñaloza & Barnhart, 2011). This implies that it compels business leaders to make decisions that minimize loses while increasing the profitability of the firm. In most occasions, this is accomplished through the application of the utilitarian and Kantian approach to decision-making. However, it’s important to note that the central implication of public capitalism is that of helping foster corporate decision-making based on the broader effort to promote the public good (Peñaloza & Barnhart, 2011). Discuss if you believe it is possible for a company to cater to both its best interest and that of the consumer conjointly or if one always has to prevail. Justify your response.
In the modern world of business, it’s possible for a business to cater for both its best interest and that of the consumer conjointly. The best interests of most companies, for example those in the fast food industry, include maximizing profitability by increasing sales (Forschler, 2013). However, it’s possible for them to cater for the best interest of the consumers, such as increasing consumer satisfaction, only if they utilize state-of-the-art technologies that increase the quality of the products and services offered. High quality products and services are responsible for improved profitability companies in the fast food industry, such as McDonalds, which focuses on the production of healthy hamburgers as emphasized by Forschler (2013), and Peñaloza and Barnhart (2011).
Findlay, C., & Warren, T. (Eds.). (2013). Impediments to Trade in Services: Measurements and Policy Implications. Routledge. Forschler, S. (2013). Kantian and consequentialist ethics: The gap can be bridged. Metaphilosophy, 44(1/2), 88-104. Peñaloza, L., & Barnhart, M. (2011). Living U.S. capitalism: The normalization of Credit/Debt. Journal of consumer research,38(4), 743-762. Rydell, R. W. (2013). All the world’s a fair: Visions of empire at American international expositions, 1876-1916. University of Chicago Press.