To some, the suggestion that an orderly and analytical process of decision making, not only on a personal level – but more so in business, should include the discussion of highly controversial ethical issues, about which honest differences of opinion are common and self-deceiving rationalization endless, is repugnant. Ethics, after all, encompass wider perspectives of human concerns ultimately affecting business organizations.
Ethics and social responsibility are important in the business world for a variety of reasons. Business is not all about making money. Social responsibility is considered the “obligation of an organizations management towards the welfare and interests of the society which provides it the environment and resources to survive and flourish, and which is affected by the organizations actions and policies” (Business Dictionary, 2010, par. 1).
Marketers consider the type of packaging appropriate for their products that must conform to ethical standards and environmental safety concerns. Most marketers veer away from packages which are not biodegradable and which can harm the environment such as using styropore or plastics. Plastic bags have effects which are endangering the environment at an enormously fast pace, most governmental environmental agencies have recognized the immediate need to take drastic actions to stop or minimize the use of plastic bags.
Firms ultimately recognize that abiding by ethical standards pay off in terms of better financial performance with employees exhibiting higher performance and productivity due to an environment of trust, employees are therefore more loyal contributing to low turnover, and a preponderance for higher investor loyalty, among others. Firms that incorporate policies on ethics and cultural diversity, social responsibilities, the concern for the environment and the community, achieve their organizational goals more efficiently with the support from their ...
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