MCS 3040 - Chapter 22.docx

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Marketing and Consumer Studies
MCS 3040
Joseph Radocchia

Chapter 22 This chapter balances the different perspectives of professionals and business. The chapter touches on businesspeople should structure their relationships with professional as well as their expectations of the professionals. Also provides a deeper look into the workings of professional bodies. Relationships and obligations - Businesses depend on professional services whether they are supplied in house or provided by a private firm - Relationships with professionals in house are governed by the principles of employment law - Relationships with professionals external of the company are governed by contract law - Companies decide on whether to have in house services or outsource, based on size of the company, use of the service and costs - The legal and ethical obligations for professionals varies according to the capacity in which they are hired - Whether they are supplied in house or outside they can be liable for negligence Ethical Obligations - Significant to business is that professionals ethical obligations which vary depending on the rules they are bound to in each profession - These obligations bring a level of independence that distinguishes them from managers - Ethical conflicts occur most often during times of stress - Sometimes in efforts to “save the company” Professional Responsibility - Professionals owe contract and tort duties and fiduciary responsibilities to their clients - Defined by contract, nature, timeliness, and the fees all disclosed and agreed upon by both the professional and the business - Lawyer fees are subject to special provisions and can be submitted to taxing officers - Clients are often unaware of provisions and when retainers will be needed - Professionals are to act in a fiduciary capacity and are deemed by law to owe clients duties of loyalty, trust, confidence and act in the primary interest of the client - Professionals owe a duty of confidentiality to their client by not disclosing any information given to them without the consent of the client - A professional can be liable for ne
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