Business Ethics Chapter 1 Saq
AIMST UNIVERSITY
BUSINESS ETHICS
Chapter 1 (Individual)
NAME: LIM EU JIN (1000121)
INTAKE: BATCH 8
SEMESTER: YEAR 2 SEMESTER 1
PROGRAMME: BSc. BUSINESS & MARKETING
LECTURER: MR. R. RAVINDRAN
BUSINESS ETHICS(CHAPTER 1)
Short Answer Questions
TELEOLOGICAL FRAMEWORKS
1. Compare and contrast the Ethical Egoism and Utilitarianism frameworks.
Ethical Egoism, from the viewpoint of a business entity, maintains that companies should act strictly in line with their own interest. While this sounds like the direction that companies currently take anyway, pure pursuit of Ethical Egoism opens up a host of problems that deserve discussion. For example, under pure Ethical Egoism, companies would essentially disregard product safety, ethical business practices good corporate citizenship, environmental respect and the like, as the pursuit of profit, market share, or any other strategic goal would be the only concern.
Utilitarianism, in contrast to Ethical Egoism, from a business ethics standpoint, would be defined as the ultimate pursuit of whatever it is that the goal of a given business might be, ranging from maximum profitability to largest possible market share to industry award. Overall, the main consideration is not the ethical, legal or moral consequences of the strategies and tactics undertaken by the company in question, but is the end result-whatever is gained in the process. Along these same lines, the utility of a business activity can be evaluated in terms of the benefit it provides versus the damage that it can cause to others along the way. 2. Is Sidgwick’s Dualism really a middle ground between Ethical Egoism and Utilitarianism.
Sidgwick’s Dualism of the practical reason is the idea that since egoism and utilitarianism aim both to have rational supremacy in our practical decisions, whenever they conflict there is no stronger reason to follow the dictates of either view. The dualism leaves us with a practical problem:
BUSINESS ETHICS
Chapter 1 (Individual)
NAME: LIM EU JIN (1000121)
INTAKE: BATCH 8
SEMESTER: YEAR 2 SEMESTER 1
PROGRAMME: BSc. BUSINESS & MARKETING
LECTURER: MR. R. RAVINDRAN
BUSINESS ETHICS(CHAPTER 1)
Short Answer Questions
TELEOLOGICAL FRAMEWORKS
1. Compare and contrast the Ethical Egoism and Utilitarianism frameworks.
Ethical Egoism, from the viewpoint of a business entity, maintains that companies should act strictly in line with their own interest. While this sounds like the direction that companies currently take anyway, pure pursuit of Ethical Egoism opens up a host of problems that deserve discussion. For example, under pure Ethical Egoism, companies would essentially disregard product safety, ethical business practices good corporate citizenship, environmental respect and the like, as the pursuit of profit, market share, or any other strategic goal would be the only concern.
Utilitarianism, in contrast to Ethical Egoism, from a business ethics standpoint, would be defined as the ultimate pursuit of whatever it is that the goal of a given business might be, ranging from maximum profitability to largest possible market share to industry award. Overall, the main consideration is not the ethical, legal or moral consequences of the strategies and tactics undertaken by the company in question, but is the end result-whatever is gained in the process. Along these same lines, the utility of a business activity can be evaluated in terms of the benefit it provides versus the damage that it can cause to others along the way. 2. Is Sidgwick’s Dualism really a middle ground between Ethical Egoism and Utilitarianism.
Sidgwick’s Dualism of the practical reason is the idea that since egoism and utilitarianism aim both to have rational supremacy in our practical decisions, whenever they conflict there is no stronger reason to follow the dictates of either view. The dualism leaves us with a practical problem: