Ethically Produced Products

Ethically produced products are typically manufactured under three conditions: First, the firm should attempt to have positive stakeholder relations; for example, a commitment to diversity in hiring and installing safe production practices. Second, it must use sound environmental practices, such as using ecofriendly products and technology. Finally, it should [Page 132]also demonstrate concern about human rights by not employing child labor or forced labor in factories located in the developing world.

In an experiment that tested consumer willingness to buy ethically produced products, results showed that premium consumers would pay an additional $1.40 per pound for fair trade coffee

Source: iStockphoto

The market for ethically produced consumer products has soared over the last decade, and sales are expected to reach $57 billion by 2011. Research has shown that ...