One of the arguments in support of self-regulation is that it provides greater incentives for compliance. For instance, if rules are developed by the industry, industry participants are more likely to perceive them as reasonable (Carroll & Buchholtz, 2011). In addition, it is argued that self regulation is more flexible as compared with the government regulations. It is easier for a trade association to modify rules in response to changing circumstances. It is argued that industry is better able to determine when a rule may be changed to result in better compliance (Feintuck & Varney, 2006).
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Additionally, self-regulation includes efficiency, increase flexibility, increase incentives for compliance and reduced cost. In contrast, there is a big question about adequacy of enforcement in self-regulatory regimes. It is not necessary that industry could enforce its self regulations willingly (Carroll & Buchholtz, 2011). Additionally, self regulation can facilitate anticompetitive conduct in promotion of product & services. Self regulation can raise antitrust issues, and agreements.
In order to increase governmental regulations, the government should control on advertisement of harmful products like, foods including high in saturated fat, trans-fatty acids, free sugars, or salt. The government should also ensure the protection of public interest and avoid conflicts of interest (Feintuck & Varney, 2006). They should make policies & regulations to control on cross border marketing.
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In addition, the government should also develop industrial promotional policies. Along with this, government should prepare advertising proposals reflecting government priorities and recommendations. With the help of these practices, the governments can increase the governmental regulations (Carroll & Buchholtz, 2011).
