Preview

Business Ethics

Good Essays
Open Document
Open Document
677 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Business Ethics
Business Ethics and Customer Satisfaction Issues & Challenges

All of us would have heard an old saying “It’s all fair in Love, War & Business”. I am not sure about love and war but not everything is fair in business as today’s civilization is sensitized and present to how the business is conducted.
All big business houses today have an ethical code of conduct or value system in place which guides them on how to function or how to take business decisions which confirms to their ethical code of conduct or framework of value system and beliefs.
Customers want to be associated with the brands/ organization which are ethical and organizations are constantly working towards building their value systems and ensuring that they are perceived as ethical company in the eyes of external world as its one of the key essentials of business.
Business ethics are moral principles that guide the way a business behaves. Acting in an ethical way involves distinguishing between “right” and “wrong” and then making the “right” choice. It is relatively easy to identify unethical business practices. For example, companies should not use child labor. They should not get involved in copyright infringements or they should not engage in bribery.
But it’s not very simple or easy to determine what’s right “As what right for you might be wrong for others”. For example mission statement of an organization can be “to give a competitive returns to the shareholders of the company” which is perfectly ethical but they should ensure that it’s not done at the cost of harming the society, environment or communities.
Hence it’s the value system of the organization that sets the standard of Ethics. Companies are constantly working in getting the value system to be imbibed in their employees as the employees of the organization interact with their external customers and their actions should ensure that the value systems are being followed.
Hence once the value system becomes the DNA of the
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Task 310.2.1-05
    • 675 Words
    • 3 Pages

    Task 310.2.1-05

    Business ethics can be defined as “written and unwritten codes of principles and values that govern decisions and actions within a company.” (Love to Know, n.d.) Behaving ethically is extremely important for businesses in order to cultivate an image of responsibility and grow a loyal customer base. Companies have a moral obligation to help the communities from which they profit to grow and prosper.…

    • 675 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    PHL 323 Week 4 System of Inquiry Paper
    • 655 Words
    • 3 Pages

    PHL 323 Week 4 System of Inquiry Paper

    Each business should have a framework for ensuring ethical behavior. The structure, format, and scope of codes vary depending on the company’s business. An oil company's code, for example, would probably have different criteria and emphases than a healthcare provider's code of ethics. Sometimes, codes of ethics are called by other names, such as an employee code of conduct. A code of ethics, though, should be differentiated from standard good operating practices.…

    • 655 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Ethical Behavior Analysis of Bernie Madoff & Enron
    • 919 Words
    • 4 Pages

    Ethical Behavior Analysis of Bernie Madoff & Enron

    Ethics, ethical values, and social responsibility should all work in unison in a corporate business structure. These key traits are better defined as maintaining overall good business morals, obtaining employees who possess personal ethical values, and finally to behave ethically and with sensitivity toward social, cultural, economic and environmental issues. For a business to better ensure these quality business traits a code of ethics should be adopted by the business. In the cases of Bernie Madoff and Enron, the most well-known financial scandals in history, I feel, gave a major hand in pushing business all across America to have and enforce the code of ethics.…

    • 919 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Paper MAN3063
    • 630 Words
    • 2 Pages

    Paper MAN3063

    The mission statement of an organization is a snapshot of what the company is and whom they serve. It is a vital guide in communicating an organization’s daily focus to its employees. It is critical that the organization’s ethics and values tie into that mission statement. By incorporating an organization’s ethics into the mission statement, it will provide a base of principles that everyone can easily identify and follow.…

    • 630 Words
    • 2 Pages
    Good Essays
    Read More
  • Better Essays

    Building an Ethical Organization Part 2
    • 1868 Words
    • 8 Pages

    Building an Ethical Organization Part 2

    An ethical organization is not only best for the people it serves but also best for the organization. Being able to describe the organization is key to helping others understand what it is that the employees are trying to accomplish. A mission statement helps to keep the ideals or the organization in mind, as well as establishing what target population they would help. A values statement help the organization to communicate its moral side with potential clients and others. A code of ethics helps the organization’s personal to know what is and what is not acceptable within the workplace and outside of it but while representing the organization. An organizational culture needs to be determined for the organization and the community around it to know what is expected and accepted from the organization, in terms of cultural needs.…

    • 1868 Words
    • 8 Pages
    Better Essays
    Read More
  • Good Essays

    Ethics Paper MGT/498
    • 852 Words
    • 4 Pages

    Ethics Paper MGT/498

    The primary purpose of ethics and social responsibility is imperative to the way we do business and live amongst society. Ethics most commonly know as the rights and wrongs are principles and standards that establish what is know as acceptable conduct within an organization. Organizations have moral and legal duties to implement ethics when developing a strategic plan while considering stakeholders and consumers, they do not want to be lied to or cheated into buying a false product. Unethical companies will use aggressive sales tactics and mischievous ways, of doing business to sell, promote and profit from vulnerable consumers. Unethical organizations believe in these tactics not realizing that ethical and honest companies tend to be more profitable, reputable and operate amongst less stress from employees to managerial position. Social responsibilities are just as important as ethics but pertain to a greater scale; it’s an organizations obligation to make a positive impact rather than a negative one on society and the environment.…

    • 852 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Business Omm 640
    • 2882 Words
    • 12 Pages

    Business Omm 640

    In a small business, a code of ethics is usually based on the business owner’s personal morals or values. As the business grows and expands, the ethical values can be implemented into the business' organizational mission or values statement. This statement helps provide companies with a compass to guide the organization through the business environment. Companies often refer to the mission or values statement when guidance is needed regarding questionable situations.…

    • 2882 Words
    • 12 Pages
    Powerful Essays
    Read More
  • Best Essays

    Code of Ethics Design
    • 1990 Words
    • 8 Pages

    Code of Ethics Design

    Ethical values that are held dear often become endangered, threatened, disagreed over, and or conflicted. The Standards of Business Ethics Behavior Policy states the values to which we entrust and embody the ethical responsibility of the individual professionals employed in this corporation’s environment.…

    • 1990 Words
    • 8 Pages
    Best Essays
    Read More
  • Good Essays

    Ethical Paper
    • 723 Words
    • 3 Pages

    Ethical Paper

    Ethics are developed at all stages within a company from the first time you hire an employee up until the company releases an IPO and goes public. The first step to ethical behavior occurs when you are conducting a strategic plan. The company has to realize the role of ethics and social responsibility to implement a positive plan. Ethics have a lot to do with the company’s vision and how they perceive themselves within the marketplace. There are three questions that every company should ask when they are integrating ethics into their business; what do we stand for? What is our purpose, and what values do we have? The…

    • 723 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Ethics Paper Wk.2
    • 673 Words
    • 3 Pages

    Ethics Paper Wk.2

    The purpose of this paper is to explain and define the role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas. This paper will include an example of a corporation overstepping ethical boundaries for stakeholder agendas, and what type of preventative measures were used to avoid to the situation.…

    • 673 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Business Ethics
    • 1334 Words
    • 6 Pages

    Business Ethics

    Answer: Business ethics refers to the study of proper business policies and practices, with regards to the potential controversial issues such as corporate governance, discrimination, bribery among others (Madsen & Shafritz 1990). Business ethics are often guided by law and at times they provide a basic framework that businesses can choose to follow in a bid to acquire public acceptance. They are implemented so as to ensure that a particular required level of trust is in existence between consumers and the different types of market participants with the business entities. For instance, a portfolio manager has an obligation to give a similar consideration to the portfolios of family members and small individual investors. Such acts ensure public equality.…

    • 1334 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Northcentral
    • 1600 Words
    • 7 Pages

    Northcentral

    Business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations (Free Encyclopedia). The term business ethics is used in many ways, and the history of business ethics has varied based on how a person or company conceives of the objects under discussion. In a wide sense ethics in business is just the actions or applications of everyday ethical or moral norms and or decisions in business. Construed broadly as moral reflection on commerce, business ethics is probably as old as trade itself. If law, is a rough guide to widely-held moral intuitions (Goodin, R.1985).…

    • 1600 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Ethics on Smoking Industry
    • 1817 Words
    • 8 Pages

    Ethics on Smoking Industry

    Ethics in simple terms means set of moral principles or list of rules, which can determine whether particular action undertaken is ‘right’ or ‘wrong’. All the activities undertaken by society are based on ethics. Ethics can be personal as well as professional. Personal ethics are based on individual’s values, beliefs, attitudes and actions while business ethics are based on certain principles or code of conduct to guide individual or a group in accordance with societal expectations. Business ethics can be defined as “study of business situations, activities and decisions where issues of right or wrong are addressed”(Crane, A& Matten ,D, 2007,P.5). Thus, ethics helps in making decision and is a key for solving problems. Today, society is facing considerable increase in number of ethical issues such as fraud, exploitation, misleading advertisement and increasing pollution.(Birt, Chalmers, Beal, Brooks, Byrne, Oliver, 2008, P.65).…

    • 1817 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Good Essays

    Business Ethics
    • 7229 Words
    • 29 Pages

    Business Ethics

    Ethics is a branch of philosophy and is considered as normative science because it is concerned with norms of human beings. Business ethics has evolved through time and across disciplines into a discipline that is one of the most important topics in the field of business. business ethics from a managerial perspective can be defined as ‘decisions about what is right or wrong (acceptable or unacceptable) in the organizational context of planning and implementing business activities in a global business environment to benefit: organizational performance, individual achievement in the workplace, social acceptance and approval of peers and coworkers in the organization as well as responding…

    • 7229 Words
    • 29 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Business Ethic
    • 481 Words
    • 2 Pages

    Business Ethic

    Before we understand business ethic, we should first know what is ethic. Ethic is about how we behave, about the standards we hold to ourselves. It’s about how we treat each other even we don't know them. Ethics concern an individual's moral judgments about right and wrong. Decisions taken within an organization may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to behave ethically is a moral one; employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit. It is relatively easy to identify unethical business practices. For example, companies should not use child labor. They should not unlawfully use copyrighted materials and processes. They should not engage in bribery. However, it is not always easy to create similar hard-and-fast definitions of good ethical practice. A company must make a competitive return for its shareholders and treat its employees fairly. A company also has wider responsibilities. It should minimize any harm to the environment and work in ways that do not damage the communities in which it operates. This is known as corporate social responsibility.…

    • 481 Words
    • 2 Pages
    Satisfactory Essays
    Read More

Related Topics