Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Moral philosophy also can take on a nonconsequentialist perspective, which is more "binding with moral rules or duties and consequences" (Smith, Kimmel, & Allan 19). As such, the moral action would have been to tell the truth; yet, Discover deliberately misled customers, avoided discussing fees, and sped through sales pitches in order to confuse potential buyers. Discover should have clearly notified all buyers of fees at the very beginning of the conversation. Finally, there is a third philosophy which would critique Discover's actions. From a Didactic tradition, it is important for a moral person to teach and express their morality in order to help inspire similar moral actions in others. Socrates was one of the most infamous teachers who aimed to help expand and model the examined life. His criticism here would be clearly based on the fact that Discover held a high respect within the banking industry. If it was using deceptive practices, it was only teaching other less responsible banks to do the same. So, not only did Discover harm its own clients, but it provided a model for other banks to harm their customers as well.
Recommendation
It is clear that Discover now has a lot of work to do in order to regain footing with the customers in today's already volatile banking market. Discover will have to adapt a new ethics code for dealing with its customers that ensures their safety from deceptive practices. This may also include reducing any commission that is involved in up-selling for add-on credit products. Additionally, Discover will have to retrain employees in order to provide them proper measures for explaining and walking the customer through the purchases of such products in order to not allow employees to continue on with bad habits. Finally, in terms of a marketing perspective, Discover should no refrain from using small print, as it can only increase customer...
Just the process of retraining sales employees will ultimately cost the company millions of dollars. They may also loose business when being more straight forward with advertising and marketing campaigns (Canada Competition Bureau 1). However, Discover has long relied on a stellar consumer reputation. Refusing to adjust practices to atone for their deception will only provide more consequences in the future.
Conclusion
Discover now faces a long, uphill journey. In an environment where consumers are already distrustful of banks, they have been caught deceiving their members. The company now needs to adjust its procedures and campaigns in order to attempt to regain a fraction of the good reputation it once had.
Works Cited
Canada Competition Bureau. "Misleading Representations and Deceptive Marketing Practices." Publications. 2011. Web. http://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/01224.html
Kim, Susanna. "Discover (DSF) Announces $200 Million Refund to Customers." ABC News. Web. http://abcnews.go.com/Business/discover-announces-200-million-refund-customers-deceptive-marketing/story?id=17310179#.UHTyfVFNuXk
Smith, N. Craig, Kimmel, Allan J., & Klein, Jill. Social Contract Theory and the Ethics of Deception in Consumer Research. Faculty & Research Working Paper. 2011. Web. http://www.insead.edu/facultyresearch/research/doc.cfm?did=39227
Stephenson, Emily. "U.S. Regulatory Fines Discover for Deceptive Marketing." Rueters. 2012. Web. http://www.reuters.com/article/2012/09/24/us-discover-fdic-idUSBRE88N0WJ20120924
Works Cited
Canada Competition Bureau. "Misleading Representations and Deceptive Marketing Practices." Publications. 2011. Web. http://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/01224.html
Kim, Susanna. "Discover (DSF) Announces $200 Million Refund to Customers." ABC News. Web. http://abcnews.go.com/Business/discover-announces-200-million-refund-customers-deceptive-marketing/story?id=17310179#.UHTyfVFNuXk
Smith, N. Craig, Kimmel, Allan J., & Klein, Jill. Social Contract Theory and the Ethics of Deception in Consumer Research. Faculty & Research Working Paper. 2011. Web. http://www.insead.edu/facultyresearch/research/doc.cfm?did=39227
Stephenson, Emily. "U.S. Regulatory Fines Discover for Deceptive Marketing." Rueters. 2012. Web. http://www.reuters.com/article/2012/09/24/us-discover-fdic-idUSBRE88N0WJ20120924
Mortgage Fraud If a rash of armed bank robberies swept across America next year, and if in these robberies criminals absconded with $30 billion dollars, one may be certain that a public panic would ensue. The banking system would likely be changed forever. If thousands of armed thugs went rampaging across the nation forcing people out of their homes, into the streets, and then destroying the properties, leaving the occupants homeless
Business Ethics Focus on Merrill Lynch According to Laura Hartman and her co-writer, Joe Desjardins in the work entitled "Business Ethics: Decision Making for Personal Integrity & Social Responsibility" philosophical ethics may be clearly differentiated from theological ethics because theological ethics attempted to disseminate the well-being of an individual on a religious basis while the ethics of an individual's philosophy is such that provisions of justifications that can be applied to
However, nothing can be done until the malware actually occurs. With all the different viruses, worms and Trojans, how can security managers possibly predict what malware will occur next? In contrast, a behavioral rule defines legitimate activity in a system. Any activity not matching the profile will cause the security product to be triggered. As rules are not specific to a particular type of attack, they can block malicious
Accordingly, arrogance is the only word to describe such a goof. KPMG served as the independent audit firm of several of the largest sub-prime mortgage lenders. Identify the advantage and disadvantages of a heavy concentration of audit clients in one industry or sub-industry. Citation: Danos, Paul. Eichenseher, John W. "Audit Industry Dynamics: Factors Affecting Changes in Client Industry Market Shares. Journal of Accounting Research." Institute of Professional Accounting. JSTOR.ORG. Vol. 20.
This is because this thesis has some limitations that should be observed when taking into consideration the importance of the thesis and its assistance. This thesis has concentrated on a subject that has been an extremely large and leading one, that is, the managerial impact on small businesses and the underlying reasons being reluctance shown by small business managers to make use of information technology and Internet. Undoubtedly, this
Internet Fraud The slashing of prices of Home PCs and explosive growth of internet has increased the number of net users over the years. The keenness to exploit the advanced features of internet to utilize in the field of education, entertainment, communication, business, scientific research increased to a great extent. The wiping out of the geographical barriers is the greatest advantage that is provided by the internet which impels the net