Q3
The nature of Utilitarianism.
Utilitarianism is an effort to provide an answer to the practical
question “What ought a man to do?” Its answer is that he ought to
act so as to produce the best consequences possible.
Utilitarianism and cost-benefit analysis
Cost-benefit analysis (CBA) = the view that social policies should be arranged so as to
maximize the ratio of benefits to costs, when all of the benefits and costs are measured
in economic terms.
Assuming that all of the relevant benefits and costs can be measured in economic terms,
CBA operationalizes utilitarianism.
Problems for cost-benefit analysis include:
1. Shadow pricing, hypothetical markets, and "protest bids."
2. It ignores the distribution of costs and benefits.
3. The "magnifying effect" of individual wealth.
The first two of these parallel some standard objections to utilitarianism.
The cost benefit analysis of any policy or project must first determine the most significant costs and
benefits. Cost benefit analysis is based on utilitarian foundation, since costs and benefits are derived
exclusively based on whether the impacts make members of society better-off or worse. Act utilitarianism
is part of the utilitarian theory that is widely accepted among the existing ethical theories. The Rule
Utilitarian theory is best demonstrated when used in serious ethical issues that affect whole societies and
social cost benefit analysis is a perfect example. Cost analysis through a utilitarian approach assesses a
policy based on its consequences or outcomes, which are the advantages and costs to all interested parties
on an individual level. It, therefore, tries to bring about the best for the majority while also trying to create
the least number of harm or suffering. However, despite being a great way of adequately weighing the
costs and benefits of a proposed action or policy, cost benefit analysis also has drawbacks that equally
need to be considered. For instance, CBA requires that all costs and benefits need to be identified and
correctly measured. However, human error often results in the process, such as accidentally overlooking
or forgetting certain costs and benefits due to the failure to predict indirect causal relationships. Others
include inaccurate calculations that can often lead to unintended consequences.
Q4
To explain what the virtuous person’s pleasures are like, Aristotle returns to the idea that virtue is an
excellent state of the person. Virtue is the state that makes a human being good and makes him perform
his function well.
A virtuous man is one who exhibits those qualities. Virtuousness is subjective, though, to some
degree. Generally it comes down to being principled, and having the integrity to maintain those
principles even under duress. Those principles may be such qualities as honesty, loyalty, helpfulness,
generosity, straight-forwardness, defense of others, courage under pressure, and others.
It should be stated that under other ethical lenses virtuous behavior is not always wise. If you’re
curious about that post another question inquiring about ethical lenses and decision-making
methods and address me.
Being virtuous essentially means one has strong character and set of morals. This would include
practicing integrity, conscientiousness, honesty, respect, & more.
Freedom is given by permission of someone or some people capable of depriving you of it, and
refers to those who might have been candidates for slavery, but have earned their freedom by some
means, or at least, not lost it by other means. The common libertarian advocacy of a cuneiform term,
says literally ‘return to the mother’, which means that one’s required service to the ruler for the term
has been fulfilled.
Capitalism refers to the use of contract, money, prices, and accounts, the elimination of rents on
territorial resources, by its allocation to individuals, along with the distribution to individuals of
discretion on the use of one’s physical energy, time, and possessions obtained by voluntary exchange.
1. Therefore the relationship between capitalism and freedom is, precisely, that the
sovereign will not interfere in the voluntary organization of production other than to
create it in the first place, resolve conflicts as they arise by demand for reciprocity of
obligation and rights in the contracts between parties, and to prevent the externalization
of costs to the commons or the privatization of commons in the course of private
transactions.
2. However the problem of the degree of taxation (commission), the maximum calculation
of which is the favorite hobby of economists, is not answered by this question. Nor is the
use of those taxes (commissions), to produce commons within or without of the private
economy.
3. Therefore freedom and capitalism can only exist when political questions are decidable
because costs and returns are calculable, because coincidences of want are marginal, and
consequences are perceivable.
Q1
These two views seem to go together often wrong with advertizing:
1. People are consuming too much
2. The advertising industry makes people want things they wouldn’t otherwise
want, worsening the problem
Advertizing direct and indirect:
1. The principle of Islamic economies
2. The principles of touheed and brotherhood
3. The principles of work and productivity
4. The principles of equal distribution of resources
- Suggestion ->
- Recommendation included in the ads or the products
- Prescription ->
Fiction: add is basically a fiction product is produced by advertizing agency and organization
Advertizing
It means as is the action of calling public attention to some thing
Marketing and advertizing companies tells us a lot of things about
-awareness of particular product
Quality of life
Need satisfaction n
Segmentation
Freedom
Improvement quality of life
Aggressive marketing
Entertainment
CSR
Marketing
Marketing is a social and managerial process by which individual and group obtain what they need and
want through creating product values with others.
Aggressive Marketing:
Aggressive Marketing typically involves active programs to expand into new markets and
stimulate new opportunities. New product development is vigorously pursued and
offensive marketing warfare strategies are a common way of obtaining additional market share.
Awareness: marketing should provide controlled awareness, product friendly, and awareness to the
people
But marketing can expand and use a lot of cost to makes the other product products unfriendly
This is the dark side of marketing that it gives awareness to make other product unfriendly
QUALITY OF LIFE AND NEED SATISFACTION
In Pakistan there is 40% people who are below poverty line, but they are influenced by aggressive
marketing
The marketing department changes the perception of people which is the dark side of marketing
Marketing do segmentation but they also satisfy the need of every people
When quality of life increase, people celebrate need not fulfill needs
When you are in aggressive market life your quality of life increases: then you have to shift your demand
curve to high in order to live the quality of life becomes market does not compromise the quality of life
Marketing ethics is the area of applied ethics which deals with the moral principles behind the operation
and regulation of marketing. Some areas of marketing ethics overlap with media ethics.
Unethical practices in marketing – examples:
Irresponsible issue of credit cards and the irresponsible raising of credit limits
Deceptive advertising
Copying the style of packaging in an attempt to mislead consumers
Counterfeit goods and brand piracy
High pressure selling
“Bait and switch” selling
Encouraging people to claim prizes when they phoning premium rate numbers
Pricing lack of clarity in pricing
Q2
In order to solve this case study from leftist perspective first we have to understand what leftist actually
is:
Leftist people are against the capitalist economy
There are two types of economies. Capitalist and non capitalist
1. Capitalist (MCM)
In capitalist economy people always think about money not things
Product maximization is the fundamental objective
There are two types of markets; in this economy- financial & good and services
2. Non- capitalist (CMC)
Non capitalist market is capacity to commodity
People struggle for commodity, they survive for commodity
There is only one market in this economy money is just medium of exchange
So, leftist are against the capitalist economy. They say that the shape of this economy is triangle
and there is only two types of people in this economy
- Have ones
- Have not ones
POINTS FOR CAE STUDY
Ben and jerry homemade ice-cream quickly caught the attention of investors because their aim
is to create the quality product with natural ingredients but not to earn the profit
When they start earning revenue they realize that they should donate some amount of their
profit to the society by doing good work for the public
Ben and jerry also donates 7.5% of its pre-tax profits to environment and other causes which
means their aim is not to just earn profit but they do moral work as well
When government lower the price of milk, Ben and jerry decide to continue paying to its dairy
suppliers
They said that they refuse the profit off the misfortune of our dairy suppliers due to some
misguided federal things
These all things shows that they are morally good and their aim is to do moral works and not to
profit maximization
