According to the study discussed in this article, expensive running shoes are not better than the cheaper shoes. A website called runrepeat.com studied the correlation between price and quality for running shoes. Shoes should be priced higher if made of a higher quality. Runrepeat.com found that the higher the price, the lower the ratings. The article shared that the reason big named shoe brands are raising their prices is to have more money for their advertising. The quality of shoe most likely is just the same as cheaper running shoes or sometimes worse. The top brands that have a fair price to quality ratio include Skechers, Saucony, and Vibram FiveFingers.
“As for Vibram FiveFingers, well that’s a shock, too. The company agreed to pay $3.75 million in refunds after settling a lawsuit that claimed there was no scientific backup for the assertion that the converted boat shoe reduced injuries and strengthened foot muscles. (Skechers paid a much larger refund, by the way, in a similar situation) (Bernstein).”
Basic business virtues according to philosopher Robert Solomon include honesty, fairness, trust and toughness. Honesty is the first virtue of business life but so often advertising companies aren’t being honest. The quote about Vibram FiveFingers and Skechers at the end touches on two lawsuits the companies had to face for false advertising. Sketchers had to pay a $40 million dollar fine because false claims they made about their toning shoes, promising weight loss, toning lower body muscles and even combat heart disease (ElBoghdady). A very similar situation happened with Reebok and they had to pay a fine of $25 million. These companies need to follow business virtues and be honest to their audience. This can build trust with their customers. Trust is an attitude mixed with experience and judgment. The study from runrepeat.com is an example of companies failing with the business virtue of fairness. If the price of running shoes is going to be extremely high, the quality needs to be as high as well. The high price conveys the idea of a high quality which is a lie to costumers. It is not fair if they end up buying a high priced shoe and not getting the high quality they anticipated from the high price or the advertisements for the product.