Task 2 Essay Example | Topics and Well Written Essays - 1500 words

Task 2 - Essay Example One of which could be the rampant issue of deceptive advertising where people nowadays are being shown half truths reflected in any kind of advertisement, from print, radio, to television. Consumer protection laws are indeed very important to have because of the fact that when it comes to any kind of commercial dealings, we would realize that private or publicly owned companies would have greater knowledge about their products or services offered, thus, gaining them a stronger bargaining power while individual consumers would just have to take that risk to spend money over something that they hope would be worth it and at the same time beneficial for a specific need. That is why regulators have mandated that to be able to achieve total transparency between the two parties involved, having protection laws starting from the formation of one’s product by conducting cost-benefit studies to its marketing strategies, whatever it would cost. Applying this knowledge to the situation presented in the film â€Å"Class Action†, there really are a lot of ethical and legal issues that would surround it. To give you an idea of what the movie centered on, it was actually about a lawsuit concerning the damages caused by a faulty automobile that caused death and at the same time a permanent damage to other people’s lives as well (Class Action, 1991). Relating this situation to the facts stated in â€Å"Relationship with Consumers† chapter 8, one would clearly see the need to be able to consider doing a cost-benefit analysis on any kind of product one is about to sell to consumers even if it means that one would have to spend more than the predicted damage cost by an unsure product. Though it is legal for companies to not pursue the changes reflected in any kind of cost benefit study on a certain product if the cost of perhaps using a certain kind of