The Need for Professional Ethical Codes Arises, According to Arrow

question 45

Essay

The need for professional ethical codes arises, according to Arrow, because of the imbalance in knowledge between the professional and the client. Why does he find a mutual benefit in this situation? Do you agree with Arrow on this point? Why or why not? Explain your answer.

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Definitions:

B2B

Business-to-Business, a model that involves transactions between businesses, such as between a manufacturer and a wholesaler, or a wholesaler and a retailer.

C2C

Customer to Customer, a business model where customers trade with each other, typically facilitated by a third-party platform.

Creating Value

Refers to the process of enhancing or adding features to a product or service to increase its perceived worth to consumers or stakeholders.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically summarized as product, price, place, and promotion.