Ethical Pricing involves examining what restriction are needed on the pursuit of market share when the actions of a company affect others adversely.
We all know that price is one of the key components of your shopper's purchasing decision. Undoubtedly price is a very potent tool and you would be mad to ignore its significance on your customers' buying habits.
If you have not priced right then your customers will soon abandon your in droves.
It is both unlawful and unethical to mislead your customers and you should always be transparent about what they are getting for the price they pay.
A spokeswoman for the Department for Business said it was a criminal offence to mislead consumers on prices, including special offers:
"If consumers believe supermarkets are advertising misleading deals, they should raise their concerns with their local authority Trading Standards officer, who enforces the law," she said.
Unless you abide by the rules on prices then you are only going to open yourself up to more and more complaints from shoppers and if the incidents are not addressed immediately then you may face heavy penalties along with a loss of credibility and trust.
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