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1) Describe any experiences you have with business ethics and/or public policy:
— I work in the marketing department for a company that manufactures liquid herbal extracts in the nutraceuticals industry. The company produces natural products and nutritional supplements under its brand name, as well as is a private labeling contract manufacturer. Businesses with strong ethical standards place a high priority on employee health and safety. Machinery and raw materials in a production setting make safety precautions legally and ethically required. Running manufacturing lines can injure workers or produce unsafe products. Legal requirements demand rules, procedures, and regulations by law to limit risks. FDA registered, and QC-approved facilities the manufacturing company is cGMP certified. A cGMP certification ensures that a product was created in an FDA-approved facility, but more importantly, this is an indication that the manufacturer is taking all the essential QC measures and necessary steps in procedure to provide safe and effective products to their customers and other consumers.
But, meanwhile working in marketing department, as a digital marketer it is crucial that when marketing(brand imaging, labeling, packaging ) basically all of the verbiage copy displayed on the products image and advertised online or through traditional print and/or digital media that these dietary supplement products must be ensured as legally safe and ethically labeling accurately according to regulations/laws provided by the FDA, FTC, DSHEA, and others federal government agencies that us as a company have properly without misleading verbiage copy on all of the products IFC packaging and all labelings + SFB along with any othr materials included for the purpoes of marketing and advertising these products before the company(“we”) can realistically sell them. This is to ensure they meet all FDCA, DSHEA, and FDA rules. The FDA can take action against dietary supplements that have been altered or mislabeled. Before making structure/function claims, you need to be able to prove that the claim is true and not misleading. If a structure/function claim is made, the following disclaimer must also be included:
“This statement has not been evaluated by the Food and Drug Administration.” This product is not meant to diagnose, treat, cure, or prevent any disease.”
And, if a producer of dietary supplements products makes a claim anywhere on the label or packaging and any other materials whether online or traditional marketing and advertising collaterals, it must be a structure/function claim. If a product claims to cure, mitigate, treat, or prevent disease, the FDA may deem it unapproved without the proper legal proof of documentation of making the claim. This applies to the product labeling, packaging, literature, brochures, catalogs, website, even possible website links to or about the product, and all other verbal communications during product demonstrations or trainings. In several of these instances, the FTC also has authority to control product recallings. According to the FDA, it’s illegal to sell modified or mislabeled dietary supplements and ingredients.
2) Describe the particular knowledge you hope to get out of this class:
— The business world is influenced by every aspect of society, from politics and the law to culture and the economy. A company’s performance can be influenced by a wide range of factors, including political climate, legal framework, cultural norms, and economic conditions. My goals are expanding my knowledge of the role that business plays in society, particularly as it relates to market, economic, and policy concerns. In this course, I hope to get a deeper understanding of the interplay between the market system, the democratic process of creating policy decisions, and business in the development of laws and regulations.
Focusing on the market, economy, and policy issues to get a broader corporate perspective. Learn how to effectively evaluate and convey information on major ethical and policy issues affecting business, their personnel, clients, suppliers, investors, regulators, governments, and the economy as a whole. Examine how businesses are impacted by varying institutional settings, and how the firm’s many market activities interact with the needs of its stakeholders.
3) What do you think is the proper balance between business interests and policy?
4) In what ways, if any, do we need more or less regulation within the market? How would you structure these relationships?
— The health of economies and social systems primarily depends on adequate regulation. They establish general principles by which individuals, organizations, and institutions operate. They support markets, safeguard citizens’ rights and safety, and assure the supply of public goods and services.
Regulation by the government is vital for ensuring the public’s safety, market fairness, and the level of competition in the marketplace. Consumers are protected from potentially dangerous pathogens, for instance, by regulations governing food quality and safety. The government can reduce the prevalence of food-borne illnesses by passing legislation to that effect. Even if these rules are essential, they must adhere to the Constitution. Among other constitutional rights, producers and consumers have the right to possess and utilize property.
5) What is the most interesting idea or concept you encountered in this week’s assigned readings?
— Instead of trading “freely” on impersonal markets like “publicly held” firms, shares in “closely held” corporations are held by a small number of people. Due to transfer restrictions, only a small number of people hold or can sell the company’s shares.