Team Mind Map on Business Ethics and Consumer Choice

This team mind map review discusses the relationship between business ethics, consumer choice, and market economy in India. It also explores the factors affecting investment decisions and the impact of consumer choice on business operations, ethics, and strategy.

Running head: Team mind map
1
BUSINESS ETHICS
STUDENT'S NAME
COURSE
UNIVERSITY
DATE

2
Review of the team mind map
SUMMARY
A market economy is a system where the production of goods and services is determined by
the forces of demand and supply for products and services. The aim of gaining a market
economy in India is to provide goods and services that satisfy the consumer choice which is
usually facilitated by the incentives such as subsidies to enhance purchasing ability. Market
economy also aims to be efficient in the provision of those goods and services to the consumers.
This results in inclusive growth in all the economic sectors in India. General increase is also
realized through the mobilization of resources which are: the natural resources, human resources
and the financial resources. Natural resources include: water, coal, oil etc. The inclusive growth
in the country has resulted in increased employment opportunities, poverty eradication etc.
Investment decisions in the struggle to gain a market economy is affected by the following
factors: the political stability state of the country, the tax rates on the products and the security
issues such as insecurity in most parts of India. According to Yin (2017), a mixed economic
approach through state planning and market price system in India has contributed to growth and
development.

3
Team mind map

4

5
MY PERSPECTIVE REGARDING CONSUMER CHOICE IN RELATION
TO OTHER FACTORS IN THE MID MAP
CONSUMER CHOICE

6
Consumers for the goods and services are the critical determinants for the success of any
business. The business entity should provide products and services as per the consumers' tastes
and preferences. The consumers determine the supply of goods and services hence controlling
the market economy. Pan, Rasouli, & Timmermans (2018)state that when the consumers have a
high purchasing power for the goods and services they contribute to general economic growth
hence poverty eradication, employment opportunities and good standards of living among the
people. Consumers choose the products to consume depending on the: price, quality, availability
and the consumer behavior. The business should provide a wide range of goods at various prices
to enhance consumers' choice.
CONSUMERS’ CHOICE IN RELATIONSHIP WITH BUSINESS
OPERATIONS, ETHICS AND STRATEGY
RELATION SHIP WITH BUSINESS OPERATIONS
Consumers should be clear about the quality of goods and services they need so that producers
can meet their requirements to facilitate the consumption of the products by the consumers hence
profit maximization. According to Williams, Agle, & Gates (2018), business ethics require
business persons to avoid:
Consumer discrimination about prices
Provision of harmful goods to the consumers
Provision of substandard products to the consumers
False advertisement regarding the goods and services offered.
CONSUMER RELATION SHIP WITH BUSINESS STRATEGY

7
The business should also lay down the strategies to ensure a continuous supply of goods and
services to enhance consumer satisfaction as a result of the availability of preferred products.
According to Pappas (2016), marketing strategies should be put in to place. The business can
decide to adopt a marketing mix strategy where it might co-operate with the government to
ensure a source of funding where the company requires additional investment. According to Sen
(2014), advertisement strategies should also be put into place to create awareness among the
consumers about the new features for the products to enhance choice among various similar
products on the market.
CONSUMER CHOICE IN RELATION TO ETHICS
Consumers have to be honest when giving their views regarding the products to enhance
efficiency among the suppliers.
References

8
Pappas, N. (2016). Marketing strategies, perceived risks, and consumer trust in online buying
behavior. Journal of Retailing and Consumer Services, 29, 92-103.
Pan, X., Rasouli, S., & Timmermans, H. J. (2018). Effect of social influence on consumer choice
behaviour using a following stated choice experiment: a study of city trip itinerary
choice. In 97th Transportation Research Board Annual Meeting. Transportation Research
Board.
Sen, R. A. (2014). A Study of the Impact of Green Marketing Practices on Consumer Buying
Behavior in Kolkata. International Journal of Management and Commerce Innovations,
2(1), 61-70.
Williams, R. N., Agle, B. R., & Gates, D. (2018). Teaching business ethics: current practice and
future directions. In The Routledge Companion to Business Ethics (pp. 80-96).
Routledge.
Yin, J. (2017). Institutional drivers for corporate social responsibility in an emerging economy:
A mixed-method study of Chinese business executives. Business & Society, 56(5), 672-
704