Write an analytical business report on what ethical consumerism means Coursework

Write an analytical business report on what ethical consumerism means for businesses (CO-OPERATIVE BANK) - Coursework Example The ethical consumerism concept is characterised by customers’ patronising products that are sold by society-friendly companies (Berman, 2011). The same concept includes the customers’ buying services that are sold by environment-friendly. Likewise, the concept emphasises shying away from products that wreak damage or unfavourable effects on the environment or on society (Langen, 2012). For example, the ethical customers must avoid lead-tainted canned food products. Lead contaminates the canned products. The contaminated canned products may trigger unhealthy effects on the uninformed current and future customers (Bertagni et al., 2010). Further, ethical consumerism is grounded on morality (Devinney et al., 2010). Morality is the object of ethical standards. Consequently, ethical consumerism can be described as consumers incorporating their own ethical standards in the purchasing or using of certain products or services. For example, companies should not intentionally sell defective products to customers. The consumers include both the current and future customers of the companies. Ethical consumerism may include the implementation of fair trade processes. Fair trade is synonymous with the laissez faire economy. Under this type of economy, all entities and individuals can freely join their chosen market segments. All competitors in the same market segment are given equal opportunities. Policies that favor one entity or group should be prevented. Furthermore, equal opportunities include equal possibilities to be the top net profit performer in the same market segment. Equal opportunities may include giving all entities the same sustainability chances. All entities and individuals are given the same chances to achieve one’s prescribed goals, objectives, missions, visions, and other previously defined targets (Guido, 2009). Consequently, the ethical consumers act responsibly in their use or purchase