Public Policy & Marketing

zero sum game
what satisfies one can’t satisfy another at the same time
negative externalities
case where negative effects spill over to third parties not directly involved in the transaction
positive externalities
case where positive effects spill over to third parties not directly involved in the transaction
tragedy of the commons
individual self-interest collectively serves to harm the common good
belling the cat
group benefits can only result from significant sacrifices by few individuals
free rider effects
individuals benefit from collective action, but a few holdouts achieve unique benefits without harming the common good
network effects
collective action benefits everyone in a cumulative fashion
socialist perspective
marketing and capitalism are harmful and dangerous to society
free market perspective
marketing and capitalism represent positive forces which are essential to societal well being and economic growth
things not meeting expectation
invisible hands
when individuals act in their own interest, they serve to improve the welfare of society overall
positional goods
goods that define social status among individuals
caveat emptor
the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made; buyer beware
caveat venditor
the person selling goods is accountable for providing information about the goods to the seller; seller beware
risk compensation
phenomenon where individuals adjust behaviors in response to perceived changes in risk
search attributes
can be evaluated prior to purchase
experience attributes
can be evaluated only after purchase and consumption
credence attributes
cannon be evaluated even after consumption
1906 Food and Drug Act
prohibited interstate commerce in misbranding and adultered foods, drinks, and drugs; eliminated patent medicines
Sherley Amendment
prohibited labeling medicines with false claims
Gould Amendment
requires that food and package contents be plainly marked
Federal Food, Drug, and Cosmetic Act
set of laws passed by Congress in 1938 giving authority to the FDA to oversee the safety of food, drugs, and cosmetics
Oleomargarine Act
requires prominent labeling of margarine vs. butter
Bill of Rights
addresses consumer rights to safety, choice, information, and to be heard
Fair Packaging and Labeling
requires all packaged food be honestly labeled
Nutrition Labeling and Education Act
requires all packaged food bear nutrition labeling and all health claims for food be consistent with terms defined by secretary of health and human services

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