Cultural Relativism (Page 439-446)
Cultural relativism is a social problem that is yet to be addressed in our society today. This is because each culture has their own moral code of what was passed from different generations and was accepted as morally right by every individual. Judging other people’s culture negatively or viewing one’s culture to be superior is wrong as there is no single acceptable international norms that can define whose moral codes are right and whose are wrong.
However, some cultural practices practiced by different societies in the contemporary world are punitive and should be abolished. The dilemma that therefore exists today is whether to criticize or not to critic other people’s culture and way of behavior since if we were to adhere to cultural relativism strictly practices such as slavery and female genital mutilation would still be taking place and no moral progress will have been experienced.
Fingerhut’s Price Strategy (Page 490-496)
The strategy employed by Fingerhut was a segmentation of their target market risk competitors would not want to venture into as the target market for Fingerhut was comprised of low-income families. Fingerhut’s strategy was to offer the low-income tier group with other shopping options such as paying for goods in installments that were made over a given period of time. This enabled low-income households that in normal circumstances would not have access to as they were deprived of access to services such as credit cards due to limited information on their credit behavior.
Fingerhut utilized this opportunity gap by giving goods on credit and they would, in turn, pay in small installments. This move enabled Fingerhut to collect information pertain their customers including buying patterns, things they were likely to buy and their credit behavior and helped them to further segment their business and create a niche in the market by sending the catalogs so that they had a wide range of products to purchase. This move developed a unique customer-seller relationship that drove their business. While other competitors were outdoing each other on price wars Fingerhut’s strategy was on customer service relationship hence they did not need to lower prices of their goods so as to attract customers.
The Competition 497-499
The value of the good is also indicated as not based on the price, but offer as explained by Fingerhut’s. This is seen as a challenge to low-income families in making a choice. The availability of credit is also seen as a factor for low-income earners in making a decision where to buy. However, the underlying issues have led to a lawsuit. The approach is seen as being not good in terms of competition.
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