Q1 Would you be willing to pay a premium for a brand that was transparent about their efforts to ensure that laborers are paid a fair wage and treated decently? 10 marks
Q2 Also comment on this post your views : I'd be willing to pay a premium for a brand that was transparent about their efforts to ensure that laborers are paid a fair wage and treated decently. In this day and age, ethical treatment of laborers and overall company transparency goes a long way. Undoubtedly, there has been a rise in globalization creating an even larger and more competitive "playing field" for companies. This said, if a product I'm looking at doesn't disclose its treatment of laborers, surely a different one will. Additionally, with many organizations and news outlets showcasing the horrors of what exactly unsuitable and unfair working conditions look like, I'd gladly pay a premium knowing that I bought a product from a transparent and ethical company. Such purchases give me a "feel good" feeling knowing that I helped. ( 10 marks )
Q.1) Would you be willing to pay a premium for a brand that was transparent about their efforts to ensure that laborers are paid a fair wage and treated decently?
Over the years, work ethics have evolved and developed themselves to a great height, in microeconomics it is important to familiarize themselves with changes that take place in the business culture as a whole. It is important therefore for them to be ethical at workplace.
Over the years, government intervention and the use of social media tools and globalization have rapidly changed how companies feel about employees and public at large.
Employees can no longer be used as tools for production of goods and services and need to be treated properly in order to retain customers.
As a customer I and a lot of other people would prefer buying from companies that deploy means and methods that treat employees well and pay equal salaries for equal work. Customers of our age do not mind paying more for products that are manufactured by those who have better work ethics.
Brand loyalty extends beyond product features and also extend to ethics which a firm follows.
Q.2) Also comment on this post your views: I'd be willing to pay a premium for a brand that was transparent about their efforts to ensure that laborers are paid a fair wage and treated decently. In this day and age, ethical treatment of laborers and overall company transparency goes a long way. Undoubtedly, there has been a rise in globalization creating an even larger and more competitive "playing field" for companies. This said, if a product I'm looking at doesn't disclose its treatment of laborers, surely a different one will. Additionally, with many organizations and news outlets showcasing the horrors of what exactly unsuitable and unfair working conditions look like, I'd gladly pay a premium knowing that I bought a product from a transparent and ethical company. Such purchases give me a "feel good" feeling knowing that I helped.
Over the years globalization has taught us which parts of the world do deploy work ethics and which ones don’t? Though most buying decisions revolve over price and quality of the products that we purchase, however there is an emerging trend which is much needed, which considers business ethics as an important component of the buying decision of the consumer.
A consumer based mindset of the work ethics can certainly help in transforming the industry. It is important for people to realize that companies that follow ethics need to be rewarded with better demand for the products and those that do not can be ignored over other counterparts. Competition has allowed for more than one supplier of the goods we purchase and consumerism is on the high.
Therefore, it is well said, that consumers can alter decision making of producers by changing their buying decision pattern. Manufacturers thus are being more adaptive to this and therefore it is important to alter ones buying behavior in favor of those companies which offer employees better working conditions and salaries that are justifiable respectively.
Please feel free to ask your doubts in the comments section
Q1 Would you be willing to pay a premium for a brand that was transparent about...
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