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Business Management Unfair Product Pricing - Essay Example
Author : aufderharjaniya
Pages 2 (502 words)
Trust is important for business on many levels. It is important for customers to trust the businesses they choose to engage when purchasing products and services. It is important for employees to trust that their company will provide a safe and secure work environment that will continue to provide them with a sustainable livelihood…
It is an ethical concerns that becomes particularly urgent in the case of life saving drugs.
Trust is closely related to ethical behavior. In fact, the two concepts are inextricably intertwined. Without ethical behavior on the part of a person or entity, it would arguably be impossible to gain the trust of others, who otherwise would have no concrete basis on which to extend that trust. Trust implies a confidence in someone else that they will generally do the right thing and exercise sound judgment when presented with various types of circumstances. Doing the right thing is the essence of what it means to be ethical. In the business context, that means sometimes sacrificing increased profits in order to avoid harm to people or the community. Thus, pharmaceutical companies should consider steeply discounting drugs that can help save lives, particularly for the poor.
Such trust can go a long way toward promoting long term goodwill for the business. This can be a key ingredient in establishing long term profitability. Thus, fostering trust by acting ethically is an important long term business strategy for any organization. ...