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changing competition in the business world

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changing competition in the business world

Reaching customers

Question 1

A free and uncontrolled media is vital to a country as it allows the spread of accurate information. The government does not restrict the kind of information relayed through media outlets. In this sense, every citizen gets information as it exists in the ground. The free nature to spread information to the people without government interference; therefore, places a lot of responsibility in media organizations to ensure their communication meets societal and ethical considerations. It becomes the duty of media outlets to ensure they do not spread any false information which might taint its image to the public.

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Question 2

The practice of changing competition in the business world is crucial and cannot be ignored. The change of tacts by firms is beneficial to consumers and business entities at large. One particular aspect of changing competition is in need for business to realize more profits. One change that an organization can take to fight off competition is by developing goods that meet better quality standards at lower pricing. The act will attract more people to consume the firm’s products, thereby increasing raising sales records. Improvement in sales as a result of fighting off the competition, in turn, leads to more profit, the key objective of any business.

Question 3

There are substantial marketing regulations to check the conduct of firms when promoting their products. The regulations serve to protect industry stakeholders such as consumers and other business entities from unethical business promotional tactics. Organizations declared guilty of unethical conduct in their marketing strategies are fined hefty penalties. The current marketing regulations are enough as they cover diverse aspects of the industry, such as competitors and different consumers. Also, different states have formulated unique laws to combat unethical marketing behaviors specific to their regions. However, the dynamic nature of the business world means that regulative measures need to be amended with a tie to address emerging issues.

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