Management and Organizational Studies 2275A/B Lecture Notes - Consumer Protection, Marketing Mix, Caveat Emptor
Document Summary
Chapter 23: sales and marketing- the contract, product, and promotion. Marketing law: fundamental laws affecting marketing process are common law principles; also regulated by federal, provincial, and municipal government. Main objectives are: to protect consumers from physical harm, foster fair competition, protect consumers from unfair selling practices. If international company, marketing practices are subject to laws and regulations of other countries as well. Marketing law concerns four p"s of marketing mix: product, price, place, promotion. Traditional business law topics fall under marketing function of business include contract of sale and legislation relating to competition and consumer protection. When customers make purchase, have expectations about product"s attributes and characteristics. Foundation of common law concerning product is caveat emptor meaning buyer beware ; this requires prospective purchasers to make appropriate investigations before buying. If purchaser wants product to exhibit certain characteristics, must be contained in contract.