Management and Organizational Studies 2275A/B Chapter Notes - Chapter 23: Price Fixing, Inequality Of Bargaining Power, Implied Warranty

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Marketing practices directed and influenced by laws and regulations: regulated by all 3 levels of gov"t federal, provincial, and municipal. Main objectives of laws are to: protect consumers from physical harm, foster fair completion, protect consumers from unfair selling practices. Regulates implied conditions/warranties, product safety standards, disclosure on packing, standards for honest promotion, anticompetitive practices, distribution of products, etc . Marketing law: all areas of law that influence and direct creation, promotion, pricing, and distribution of goods/services/ideas: 4 aspects of marketing product, promotion, price, place. Several key aspects of contract: terms of contract relating to sale, delivery of product, transfer of ownership of product, remedies for breach of contract terms. When customers make purchase, have expectations about product"s attributes and characteristics. Caveat emptor: let the buyer by aware or let the buyer take care . Common law requires prospective purchases to take care of themselves: be aware of what they"re purchasing, make appropriate investigations before buying.