Ethics play a role in everyday business. Many company executives in an attempt to build a profitable organization and build individual wealth are confronted with ethical decisions daily. Penn Square Bank and Dow Corning have both made decisions in their business that started out making millions of dollars but ultimately cost them more than could have been imagined. Unethical decisions cause more than just cash to an organization, the loss of reputation could be even more detrimental.…
There are several factors that account for the changes in the way business is conducted today. Factors such as increased global competition, economic conditions, technology, electronic commerce, workforce diversity, and ethics have all play a significant role in how business is conducted. How a company conducts itself as a business and a corporate citizen is critical to its success.…
Ethical issues are situations or problems that calls for a person to choose between two alternatives. In marketing and advertising ethical issues can arise when advertising weakens or undermines personal autonomy. Also, it promotes consumption as way of…
In conclusion, I believe that the current state of business requires clarity now more than ever. Technology is advancing at an incredible rate, which requires companies to not only innovate much faster, but also to be able to make decisions faster. As observed by Martin Marietta and the defense industry in general, without an ethical framework to guide companies in their decision making process, fraud, waste and—more importantly—unnecessary mistakes are inevitable. A company’s ethics program is a rudder to steer them through uncertain business conditions. To use an analogy, had many of the companies that issued subprime mortgages had an ethical framework in place to prohibit loans to people that clearly could not afford them, the world would not be in this current economic downturn. The fact is that there were no laws preventing such business decisions. If these companies would have had a relevant ethics program—one that incorporated the tenants of corporate social responsibility, perhaps we would have avoided the…
Ethical behavior is a corporate issue that affects the company’s bottom line. How do ethical issues impact organizations and operations? Include an example seen in the workplace, in the news, etc. that relates to real-life situations. Your initial post should be at least 200-250 words.…
Whether made in business, politics, science, or sports, most decisions are judged as either right or wrong, ethical or unethical. Regardless of what an individual believes about a particular action, if society judges it to be unethical or wrong, whether correctly or not, that judgment directly affects the organization's ability to achieve its business goals. For this reason alone, it is important to understand business ethics and recognize ethical issues.…
| An ethical issue is a problem, situation, or opportunity that requires an individual, group, or organization to choose among several actions that must be evaluated as right or wrong. Stakeholders determine whether specific business actions and decisions are perceived as ethical or unethical.…
Ethical thinking involves the intricate process used to consider the impact of our actions on the individuals or institution we serve. While most decisions are routine, we can unexpectedly face an ethical dilemma when unusual situations occur suddenly for which an immediate response is needed. The foundation of ethical decision-making involves choice and balance, it is a guide to discard bad choices in favor of good ones. No matter the size of a company, unethical behavior can cripple the company's ability to attract customers, be approved for credit or maintain business partnerships. Different organizations and jobs may have different ethical issues arise and require a set standard of ethics.…
The first thing to figure out is what is considered an ethical issue and what is considered a moral issue. The best way to answer that is an ethical issue is one that sets a standard or code, that affects society, and a moral issue is one that defines who you are as a person, or your character. For example, a fellow employee is stealing and you know what they have done. How do you handle this situation? The ethical view would be to view it as many would; “This person is stealing, I know it, others may know it, the act is wrong and against the code of conduct. I must turn them in because this is wrong.” A person that takes on the moral issue in a biblical sense would say; “This is wrong and the bible says thou shall not steal.” Although many of us do not think in biblical terms, we do still have a conscience that helps us determine what is right and wrong. Our families may teach us the differences and hold us accountable. This can be carried into our careers but we need to keep our moral ethics in line with what is more important for the company as a whole; this includes the public.…
As society has seen over the last few decades, ethics had not been at the forefront of organizational decision-making and change processes as it should have been. Unfortunately because of the actions or lack of actions by the few, many lives have been devastated and society’s view of corporate organizations has been severely damaged. Between government interventions, and organizational realizations, ethics seem to have become a focal point during the decision making and change processes. Most organizations realize that changes must occur to maintain, sustain, and grow, and the inclusion of ethical considerations is imperative to sound decisions and implementation.…
Cited: Donaldson, Thomas, Patricia H. Werhane, and Margaret Cording. Ethical Issues in Business. 7th ed. Upper Saddle Rivery: Pearson Education, Inc, 2002.…
In my own opinion ethical issues are a major concern because of the people trying to sell products. They have to build trust and integrity with their employees and consumers about their product. According to Knicki & Kretner, “ethics involves the study of moral issues and choices” (Knicki & Kretner, 2009, pg.23). Knicki & Kretner states that “Moral implications spring from virtually every decision, both on and off the job”. Managers are challenged to have more imagination and the courage to do the right thing to make the world a better place. (23).…
Donaldson, T, & Werhane, P.H. (Eds.). (2002) Ethical issues in business: A philosophical approach (7th ed). Upper Saddle River, NJ: Prentice Hall.…
1. What decisions need to be made when an individual discovers that he/she is working in a company and industry with many ethical issues?…
The difference between ethical issues and moral issues can be significant, subtle, or can sometimes appear the same. Ethical issues is a problem or situation that requires a person or organization to choose between alternatives that must be evaluated as right (ethical) or wrong (unethical) (Business Dictionary, n.d.). For instance, an ethical issue would be businesses ignoring unethical practices by its suppliers, such as use of child labor and forced labor, production in sweatshops, violation of the basic right of workers, and ignoring health, safety and environmental standards. According to McDougall (2008) "In 2008, UK clothing firm Primark fired three Indian suppliers, after an investigation from the BBC's Panorama and The Observer uncovered children laboring to produce some of its cheapest garments."…