Unfair Business Practices

Full Video Transcript

It is important to be aggressive and to compete for customers if you own a business, otherwise it can be difficult to survive. However, your pursuit of potential customers must adhere to fair business practices, or you could lose everything. All businesses must be careful to avoid common unfair business practices that violate antitrust laws, including: price fixing, you cannot conspire to set prices with other businesses in your industry; organizing boycotts, you cannot join forces with other businesses in your industry to boycott a competitor or a supplier for the purpose of furthering your own business; creating a monopoly to exclude competition; and making an agreement with competitors about dividing customers or markets. Your customers, not you, should decide which business to frequent. Remember, it is illegal to conspire to set prices or to restrain free commerce. Even small businesses can be found guilty of antitrust violations if they manipulate the marketplace in these ways. The best way to promote your business is to provide the best quality service at a reasonable price, and that will keep your customers coming back without violating the law.