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Business & Marketing
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Topic:

Price Gouging. Business and Marketing Assignment.

Essay Instructions:

There are two videos posting for you to look at regarding price gouging. Price gouging is defined as: a term that refers to the practice of raising the price of goods, services, or commodities, to an unreasonable or unfair level. Such an increase in price is often a result of a sudden increase of demand and shortage of goods, such as in the event of a natural disaster or other crisis, and it is illegal in most jurisdictions.
The first video is a defense of price gouging that occurred during a hurricane. The second video is a much more recent story involving a Tennessee man who traveled to several states and purchased over 17,000 bottles of hand sanitizer.
Watch both videos and then answer the following questions:
Had stores like Walmart been allowed to raise their prices for hand sanitizer when demand started to peak, would it have made more sanitizer available for those who now cannot find it?
Is there an ethical difference between what the man did purchasing the generators after the hurricane and what the man did who purchased the hand sanitizer? Why or why not?
Youtube: Hixson man has nearly 18000 bottles of sanitizer he can't sell
https://www(dot)youtube(dot)com/watch?v=18wybjhCqg8&feature=emb_logo
YouTube: Price Gouging
https://www(dot)youtube(dot)com/watch?time_continue=1&v=_2STbdWkgyg&feature=emb_logo

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Price Gouging
The underlying principle in a free market is in allowing the forces of supply and demand to play their natural role rather than interfering with them. Consumers are motivated by more when the prices of goods are low while supplies are willing to increase their production when the prices of commodities rise (Buechner 73). If Walmart was allowed to raise the prices of sanitizers, producers would be motivated to increase their production rate to cater for the demand. However, this situation is unsalable since there will be higher production costs at the same profit margins. Other case studies highlighting the essence of ethics in business are predicated on the two gentlemen who were keen to take advantage of a disaster. No ethical differences between the two as their primary goal was profit. Ethics refers to what is morally prescribed as righ...
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