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Week 6 Assignment Template
In the land of free trade, the public does not view all industries as equal. Do you believe that is ethical? Do you believe that some industries are unfairly targeted? Should it be consumers’ choice to partake in products that are not healthy for them, or do those companies have an ethical obligation to protect people?
In this assignment, you will choose one of the following industries to frame your paper:
The pharmaceutical industry.
The payday loan industry.
Cloning for medical purposes.
Once you’ve gone through the worksheet and answered all the questions you will take that information and write your paper. It will basically be a transfer of information from the worksheet to a paper format.
Do not just turn in the worksheet. It will be sent back for a rewrite.
1.
Choose an industry. The payday loan industry
2.
Will you be an advocate for the consumer or the industry? I will be an advocate for the Consumer. 3.
Develop 3 reasons why you support the consumer or the industry.
Reason 1. Debt cycle o
Payday loans are easily accessible, however, if you are unable to pay them back it could cause you a lot of debt. In most cases, consumers take out other loans to pay a current loan, causing more debt.
Reason 2. High-interest rates o
Apr rates for payday loans tend to be very high making it difficult for consumers to repay the loan.
Reason 3. Bad collection practices
o
Payday loans use aggressive collection processes. They send threatening letters, and phone calls and even show up at your home/work. 4.
Is it possible for a company to cater to both its best interest and that of the consumer simultaneously, or does one always have to prevail? This is possible however it is complex in the payday loan industry.
Reason 1. Transparency o
If the payday loan industry was more transparent and honest about its policies and procedures it could prevent consumers from falling into default on payments.
Reason 2. Reasonable interest rates
o
According to CFA (consumer Federation of America) loans typically cost 400%
APR or more. This is very expensive and is catering to the business versus its consumers.
Reason 3. Customer satisfaction o
Customer satisfaction helps drive consumer loyalty to the company. If the consumer is satisfied, they will come back and use word of mouth to tell others about the business. Use at least two
quality references. Note
: Wikipedia and similar Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
This course requires use of Strayer Writing Standards (SWS)
. Please take a moment to review the SWS documentation for details.
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