What unethical sales practices have been identified in the Caribbean or globally and how are these...

What unethical sales practices have been identified in the Caribbean or globally and how are these being addressed by regulators and financial institutions?

Expert Solution

Unethical sales practices

There are many types of unethical practices exist. Some has been illustrated as under:-

Misrepresentation of product or services:- many times businessman misrepresent about the product or services , which mislead the consumer and he buys above mention product which not produce result as declared by businessman.
Tie- in products:- businessman offered some products with some essential or Main products which consumer many times does not want to purchase but due to tie with main product they need to purchase other product also.
Restriction over sale or purchase:- many monopolistic businesses restrict sale below the price, location etc.
Creation of shortage:- businesses sometimes create shortages to increase the demand and prices, which create painful conditions for the consumers.
Unfair prices :- to remove competition businesses offer products or services at below cost price then after removal of competitor , business charge higher prices by the consumer.
Many other practices which exist like mixing of below standard ingredients, repacking of expired products, packing of different product in other brand names etc.

Regulators and financial institutes take following steps towards unethical sales practice

Establishment of consumer courts:- regulators and law has established a platform for consumers so that they can raise their voice against such sales practices.
Making of law:- Globally there are so many laws created by different countries to restrict such unethical sales practices.
Compensation and Hard punishment for such practices :- regulator to restrict such practices award compensation to consumers and punish businessman with heavy monetary penalties and sometimes jail sentences .
Increase of supply of goods and services :- regulator to assure smooth supply of goods and services may order manufacturers and providers to enhance the supply.
Restriction over prices/ competition :-Regulators can restrict to increase the prices.
Other steps :- like relaxation on import or export, subsidy treatment etc.

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jeff jeffy answered 1 year ago

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