Author Course Tutor Date Business ethics This study will analyze the concept of business ethics by giving a definition of the term and the various levels of business ethics. In addition, the study will focus on the importance of business ethics to any business…
Business ethics is defined as the rules that govern the operation of an organization. Every business operates with a view of making profits. A business that adopts an ethical approach to their operations are more profitable than those that lack a clearly stipulated code of conduct (Weiss 72). Therefore, it is necessary for those businesses aiming to raise their profits to adopt and set an ethical approach that will govern the conduct of the employees and their mangers to enhance discipline and integrity. The levels of business ethics Business ethics is classified into the following three classes; the macro level, the individual and the corporate level. The macro level of business ethics defines and stipulates the role of business in the international fraternity. It further elaborates the different political and social systems like the free enterprise, centrally planned economies among others. The business tends to differentiate between ethical and unethical; this is usually called the proper behavior at this level. Finally, this level defines the international ties and the role of business on the international scale (Weiss 74). The corporate level brings out the corporate social responsibility (CSR). This is usually defined as the obligations that different companies and business have in society, for example, education, health and others. This level also discusses the ethical issues facing individual and corporate entities (both private and public) when formulating and implementing strategies (Weiss 75). At this level, the behavior of employees both inside and outside the business is also checked. This is done to avoid mistrust, abuse of office and the separation of ownership within the management team, which is checked against business and personal interest. The individual level looks at the behavior and actions of individuals within organizations. An individual’s business ethics may be reliant on the personality, peer pressure, and the socio-political environment in which the person is exposed to. Importance of business ethics Business ethics can be regarded as an essential factor in the world of businesses. Ethics apply in all stages of development, starting from the production of a product, sales and marketing, customer handling, and finance. The role played at every stage is crucial in enhancing business success and gaining of corporate social responsibility. Therefore, it is critical for every business to adopt some ethics in its operations (Weiss 75). Every business strives to maintain the integrity in the face of the customer in an effort to build loyalty and respectful clientele relationships. It is also crucial to maintain goodwill of the business and to control the returns or try to maintain those returns, which in the long run bring the lasting solutions of the business success. The ethics also define the way the customer’s issues are handled, especially in the case of complains and seeking professional advice (Weiss 75). The customer tends to be influenced more by the services than the product a business is providing; therefore, handling such issues becomes a crucial issue for the business. When this is done ethically, the business creates a customer base, which is not easy to achieve without business ethics. It is essential for every wing or department to adopt an ethical strategy in various business responsibilities. This should extend to the various stakeholders including shareholders, employees and the community at large. Sometimes, it is hard ...
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4. Enhancing and developing skills of moral judgment, reading, persuasive speaking and writing. 5. Formulating practical; frame work for any decision making 6. Enhancing proper knowledge on hoe to encourage and maintain ethical, corporate climates. Business ethics defines the application of an ethical value to all business behavior ethics is not an ethereal abstraction and is a practical aid to business problem solving.
The increasing focus on stakeholders therefore have helped institutionalization of ethics into modern businesses as firms now increasingly view a diversified group of consumers, suppliers, employees, shareholders, government etc. as their stakeholders. This view therefore gives much credibility towards the buying decisions of consumers as one of the most important stakeholders of the firms.
In the contemporary business society, globalization has taken center stage with firms expanding their business operations to various parts of the world. In effect, a firm that effectively manages its operations in a manner that is effective and efficient manages to maintain a competitive edge over its competitors, which ensures that the firm achieves success in its operations.
Business practice is the study of policies and the management of controversial and critical issues. These include issues such as insider trading, corporate governance, corporate social responsibility, discrimination, fiduciary responsibilities and bribery.
That is how firms can create a true value for them. Schulman (2006) argues that ethics need to be a "part of the company's mission statement, long-term strategic plan, public pronouncements, and codes of conduct." He categorically emphasizes to follow some essential cardinal principles and some of them can be described as per the following.
In other words, businesses, in their quest for profitability are neglecting the negative impact they have on the environment. It can be said that many responsible organizations have taken notice of the fact and many are even doing their best to
ing on the Robert Nardelli’s personal attributes in leadership including personality and physical characteristics, values, and competencies (Baack, 2012).
However, there are limitations to the trait theory. In Robert Nardelli’s case, there was a possibility of being
The approach that the author will take to research this subject will include a myriad of companies that have employed corporate social responsibility within their frameworks. He will focus on the state of affairs in controversy-stricken global businesses and highlight the importance of a dominant brand name in pulling the company out of the controversy.
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