Consumer protection laws are guidelines to ensure maximum protection of a buyer or the so-called purchaser. Therefore, consumer protection laws play a significant role in the market as they protect the buyers from fraudulent business practices and engagement, deceptive, and defective products that they are likely to encounter. Historically, there were no set rules and laws prohibiting market malpractices and giving sufficient consumer protection. However, the recent advancements made from the development of modern economies have enacted laws to protect buyers from large corporations and practices not covered by the common law. The consumer protection law comprises extensive federal and state laws that govern every product in the market, from cosmetics to medicines to services such as false advertisements (Brown & Jansen, 2019). For example, in the professional finance field, consumer protection laws seek to ensure housing discrimination, violation of privacy, and other unethical practices do not exist in the present and future market economies.
Tort Laws
Tort law is a segment of the law that majors on resolving civil trials or cases. Therefore, any claims arising in a civil court, except disputes in contracts, all fall under the tort laws. The primary concept behind the tort law is to amend wrongs done to an individual and offer relief from the wrongful acts to others in the form of monetary compensation with clear intentions to offer compensation for harms or wrongful acts proven to be unlawful. Liability tort law, for example, requires an individual, a driver, or a passenger to receive compensation from the manufacturer of a faulty vehicle.
Product Liability
Product liability is a section of the law that holds the manufacturer of a faulty product or faulty service responsible for putting their defective items or products into the hands of the consumer and in the market. In summary, the laws expect manufactured products and services provided to meet the expectations of the consumer. Once the items are defective, they do not meet a consumer’s expectations. Thus, holding the manufacturer and seller accountable.
Marketing Research and Promotions; Ethics
Ethics has a significant role in business today, and market research is no exception. Ethics creates trust between parties and provides guidelines for their operations. Therefore, the market research ethic is a principle that guides the morals and responsibilities to be followed while analyzing and conducting research to ensure the findings are original. For example, when conducting research, it is essential to treat participants fairly and respectfully.
Market Research
Market research is a process that entails the evaluation of the viability of a new product or service in a market through a thorough interrogation with potential consumers or target audiences. The process enables an organization to assess and identify their target market and then use the collected opinions and data to help in the decision-making process affecting the item’s production. Market research is conducted through samples, surveys, and interviews. Apart from gaining knowledge concerning the market, market research aims at helping a business to plan in the aspect of human and material resources control to ensure the product attains and satisfies the market’s needs. The market research also aims at satisfying the social needs of prospective consumers and assessing the economic degree of success or failure when entering a new market and taking the right measures.
Social Media; Legal considerations
Social media is critical to a brand that is eying to dominate the market since social media influences the choices and customer preferences on products and services. As a brand, sharing content on various social media platforms is key to avoiding violations of copyrights, trademarks, and IP rights (Barrett-Maitland & Lynch, 2020). To avoid further violation of laws related to copyrights and social media use with consumers, there are legal considerations that a firm has to consider. For example, one must be careful while making endorsements with celebrities, influencers, and athletes. A brand should refrain from posting discriminatory content and encourages discrimination between consumers in their respective markets.
Ethical Issues
The contemporary digital age extensively uses social media and its respective platforms. Unethical practices when marketing a brand on social media attracts negative complications that affect the success and operation of the business. The increased social media usage in the current digital age is faced with ethical concerns such as privacy issues that translate to professional, security, and personal implications. However, maximum privacy in social media is a difficult task because the platforms are designed to share information. The other ethical issue faced with consumer social media is the misinterpretation of promotional messages, where some are linked to the deformation of a firm’s brand.
Reflection and Application
What is learned from the various consumer protection laws is that a purchaser is a key figure in the business world. That is why in modern economies, laws have been set to protect a consumer at all costs and ensure products and services arrive in the market to meet a consumer’s preferences and needs. Furthermore, it is understood that the consumer protection policies and laws are aimed at protecting the buyer from perilous threats and risks that a customer on themselves are incapable of handling. Moreover, what is learned by understanding the various consumer protection laws, product liability, and tort laws are that they aim an improve and enhance the consumer’s welfare, protect the interest of weak and vulnerable purchasers, and empower buyers to make the right decisions by enabling them to acquire consistent and clear information of a product. In addition, buyers are protected from defective and harmful products and equipped with the right skills, information, and knowledge concerning various services and goods to boost their confidence when exercising their rights.
Furthermore, the importance of market research and promotion in the success of a brand and firm is evident and revealed. Knowledge on how ethics apply to market research and promotions is increased, and you get to understand more about why marketers should focus on ethics and morals while performing research and promotions for the firm. The concept of consumer social media gives an understanding of the legal considerations that should be adhered especially for a firm when promoting its brand via the various social platforms in the recent digital age where interaction with social media is common. There are several ethical issues linked to consumer social media use; as a learner, it becomes clear and gains massive information on what to avoid and focus on in the future while practicing our professional careers—in summary, learning about consumer protection brought about an incredible experience as it applies and is related to the daily activities people encounter in the contemporary business world. Thus, enabling us to increase how we perceive the modern economy that has developed for some time.
However, it is important to acknowledge that the information gained from the concepts and discussion board has brought out different feelings, experiences, and perceptions of the market and consumer protection laws. Furthermore, the concepts have brought a sense of understanding of the responsibilities and duties of a producer, seller, and buyer. From the concepts, it is understood that the modern economy values the buyer, and they have a responsibility to understand the laws protecting them to ensure defective and harmful products and unethical market practitioners do not exist. Firstly, my responsibilities as a buyer were unfamiliar. However, from the concept of consumer protection laws, I am fully aware of a consumer’s responsibilities and what is required of them and other parties in the modern economy, thus, modifying my behavior as a consumer. As a buyer, I have to stay informed and do the necessary research before purchasing an item.
Secondly, the discussions have modified my trait as a consumer as I have come to understand technology has a significant role in deciding and influencing our preferences and has helped us adjust effectively. The modern economy is shifting to meet the current digital period since technology and sharing of information play a role in influencing and promoting a brand. For example, Twitter and Facebook have enabled buyers to share, get information, and research products in their comfort while using a phone or laptop. Finally, my consumer behavior has shifted to a variety-seeking behavior, considering that minimal firms enjoy a monopoly, and various firms are aligning their promotional messages to my needs. Understanding how research about a product has been made easy in the modern market has played a role in the shift in behavior.
References
Barrett-Maitland, N., & Lynch, J. (2020). Social Media, Ethics and the Privacy Paradox. Security And Privacy From A Legal, Ethical, And Technical Perspective.
Brown, J., & Jansen, M. (2019). Consumer Protection Laws in Auto Lending. SSRN Electronic Journal.