Evaluating the Consumer
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Hi, I need some assistance with the following business questions. I am not too sure how to approach all of these exactly. Any help would be appreciated.
Questions:
1) What is the agency issue between a private practice accountant, as most of us will be, and their clients? What are the related ethical challenges?
2) What is the accountant agency relationship with their clients? What are the related ethical challenges and how might they be overcome?
3) What are the ethical ramifications of consumers who confuse needs with wants? Does this affect demand or equilibrium?
4) How does this affect consumer rationality and thus buying (or demand) decisions? Does utility change frequently and thus create volatility away from equilibrium, and what are the ethical ramifications of being fickle consumers?
5) If the consumer is defined to be rational, what is the affect of strong marketing actions? In other words, if most consumers are deemed to be rational, why do so many succumb to advertising and other marketing strategies?
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Solution Summary
The expert evaluates consumers. The agency issues between a private practice accountant, as most of us will be and their clients. The ethical challenges are provided.
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1) The primary agency issue between a private practice accountant and their clients, is the possible conflict of interest between the accountant providing for the needs of their clients as effectively as possible, and the need for the accountant to serve their self interest in relation to profiting as much as possible from this relationship with the client. One of the major ethical challenges related to this issue, is the challenge of the private practice accountant ensuring that they act in accordance with what is right and just in carrying out their duties towards their clients to the utmost of their abilities, in lieu of serving their self interest. Another ethical challenge is ensuring that all pertinent accounting information is presented accurately to the client, when it may be in the best interests of the accountant to withhold some information.
2) The accountant agency relationship with their clients is a relationship in which accountants are to ...
Education
- Criminal Justice, Elizabeth City State University
- Master of Public Administration, North Carolina Central University
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