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DSST Business Ethics and Society 2

Concealed facts deliberately fails to communicate

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Concealed facts – deliberately fails to communicate some facts for consumer to make an informed decision c) Exaggerated claims – “puffery” extravagant praise – combination of exaggeration and evaluation, - greatest, biggest, best, fastest, etc. d) Psychological appeals – the use of emotion to persuade rather than reason, linking the product to the prospects deepest and most basic needs e) Implied Falsity – an advertising message has a tendency to mislead, confuse, or deceive the public 109) Comparative Advertising – directly comparing a company’s products with a competitor’s product 110) Sex in Advertising – very controversial since the 1970s a) Returned in 1980 with the Brook Shields Calvin Klein jeans ad b) Sex sells more than any other tool 111) Bluffing – when one attempts to deceive others about ones position or intentions a) According to Carr, bluffing is legal, common place and permissible according to conventional morality and is morally permissible 112) Outsourcing - common strategy by companies that lack specialized resources a) Increased flexibility, but sometimes loss of control 113) NAFTA – in 1994 – US , Mexico, and Canada - North American Free Trade Agreement a) Simplified export procedures and lowered tariffs on US goods entering Mexico b) Also provided protection for US investment in Canada and Mexico 114) United Nations – includes the World Bank – which provides loans and technology to member countries a) World Bank and International Monetary Fund (IMF) are two major world economic institutions 115) International Monetary Fund (IMF) – under the United Nations – was created to promote currency stability and international trade
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116) General Agreement on Tariffs and Trade (GATT) – support free trade, a theory that each nation will benefit if they freely trade with each other 117) World Trade Organization (WTO) – in 1995 – formed with the power to govern world trade and to determine whether a member country’s environmental, health and worker safety laws are a restrictive trade practice as defined by their rules a) In 1994, 120 nations agreed to regulate world trade in this manner b) support free trade, a theory that each nation will benefit if they freely trade with each other 118) International Labor Organization – 1919 – unions from different countries formed the ILO to coordinate labor relations activities and raise the standards of work and life through the adoption of uniform values 119) The president of the American Federation of Labor was responsible for founding the ILO a) Sought to establish global standards with 8 hr work day b) Limitations on child labor c) And the freedom of union formation 120) Foreign Corrupt Practices Act of 1977 –( FCPA) prohibits any person or firm in the US from making a corrupt payment to a foreign official to obtain or keep business a) Under the Foreign Corrupt Practices Act, bribes to foreign officials are illegal b) Prohibits bribing foreign officials c) Violators are subject to fines and imprisonment d)
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