Wednesday, July 16, 2008

Business ethics

If you know that the cost of your product is $100, and you decide to add a reasonable margin to cover your expense and profit, you will sell it for $150. This is the ethical way to do business.

If you mislead your customer about the true value of your product, you may be able to sell your product for $500. This is taking advantage of your customer and is unethical.

It is quite sad that the business world now finds it acceptable to take advantage of the customer and sell a product at an exorbitant price to make a big profit margin.