Describe the Social Implications of Business Ethics Facing a Selected Business in Its Different Areas of Activity

What is importance of ethics in business? Provide examples with theoretical answers. (Maximum of 500 words)

Tesco Plc is a Public Limited Company who securities and shares are included in the stock exchange and list of different countries. In UK, companies like Tesco Plc are registered under the companies Act 1980 and its shared are offered to public in regards of limited liability. In addition, Tesco is associated with retail sector that carries out a majority business of the company and contribute their share in country’s economy to a huge scale. Apart from the retail sector, Tesco Plc faced tough competition all over the world from companies like Wal-Mart, Asda, Sainsbury, and others. Although, Tesco is not in dominating position in the current retail market in the UK, but the company is one of the biggest retail companies working in the UK, North America, Asia, Europe and other. The company

Under this task I will explain the ethical issues that business needs to consider in its operating activities and how a business they could improve the ethical of their operations and also I will evaluate the influence of stakeholders exert in one company.

Let us come to general meaning of ethics. It is much dependent on individual’s inner voice, individual’s conduct of what is great or awful and senses make use of right or off-base. Presently apply this as business definition, the ultimate goal of the company is to make profits and there can be either positive or negative Impact by the company on operation of business. Simply business ethics is the behavior of the business in accordance with the society or community [1].

Trading fairly- these are the rules the businesses need to follow which include; the business needs to run in an open manner, competition can only happen in between companies that belong to equal parties and making sure their customers are satisfied and are feeling secured with the business’s products and the quality of the products. All businesses need to make sure that they are honest to their customers and are describing their products as it is to their customers so that they do not get angry by getting the wrong information. Sainsbury’s use many products that are organic and make many fair-trade products such as; fresh fruits. They need to make sure all their products are traded fairly and are paying their suppliers and employees fairly and make sure they are now paying them below the national minimum wage. They cannot cheat on their employee by providing them with the wrong information about the product or charge their customers extra for the product. All businesses need to follow all the rules and regulations in order to run ethically.

1. Discuss the market system and the need for ethics in business and distinguish it from the law and concepts of virtue and morality.

The problem to be investigated is the application of business ethics. In the business world, ethics are extremely important. Ethics are prime elements that help a business to grow and to become more productive. It is by applying proper business ethics that a business can operate in a moral or ethical business environment and managed to conduct all activities in a manner that maximizes profits while not compromising all other non-economic concerns(Schwab, 1996). Businesses have over the years failed to nurture business ethics in order to fulfill shareholders' interests and to have a culture that is oriented towards profit maximization and high performance(Jennings, 2012; Sims & Felton, 2006). This has led business to have gray areas in their activities. Gray areas are those situations or problems that do not fit exactly into any ethical analysis. These are the activities which may be represented to be immoral as a result of lying and false representations on the part of the business.

This will be an over view of ethics as it relates to business in our society. Concepts from Philosophy will seek to describe the correlation between actions that are classified as morally right or ethical in our dealings with each other as human beings. Clear and concise examples will be given as well as ways in which to improve upon business ethics.

Also the importance of understanding ethics in a business is away of collecting lacking information of employees involved, like power or to helping to harm the employees, customers and everyone involved in the company. One of the most positive ethic roles a company is practicing giving to charity donation each year is practicing ethical behavior. The benefit of the company can allow additional taxes, and send a positive message. Therefore, the business can bring in a lot more customer’s, and increase a positive image towards the relationship with the business to allow the firm to bring in more new employees. Also business and personal ethics is a learning experience for young and through adulthood, is a practice through our daily lives. Some business give their employees information that contain statements, policies, and other responsibilities that all employee should follow. While these effects are if the employee refuse to respect the organization by following the business guidelines.

Business Ethics is a set of moral principles applied in the commercial world. Business ethics provide guidelines for acceptable behavior by organizations in both their strategy formulation and day-to-day operations. An ethical approach is becoming necessary both for corporate success and a positive corporate image. Following pressure from

Governments establish many rules and regulations that guide businesses. Businesses will normally change the way they operate when government changes these rules and regulations. Government economic policy and market regulations have an influence on the competitiveness and profitability of businesses. Business owners must comply with regulations established by federal, state and local governments.

Ethics are very important factors in everyday life. They can be thought of as blueprints of life that give the directions on how you should relate with others. The success of any company or business is dependent on a variety of factors which include, its product line, the quality of its employees, the proficiency which it accomplishes its business goals and many others but it is the overall ethical workforce that determines its success. Ethics are the foundation for the success of any organization. Analysis of ethics in terms of business aims to first discuss the nature of the ethics themselves and find out how they relate to business. describes ethics as the principles of conduct governing an individual or a group. In terms of a workplace ethics can refer to standards that are used to decide conduct which also involve the question of morality. Good ethics are therefore the building blocks of a successful company.

Trade unions are organizations that represent people at work. They consist of workers and union leaders, united to promote and protect their interests.

What are trade unions? We hear about them all the time and yet very few people know about them and what they have to offer. A trade union, also known as a labour unions, are organizations of workers who have chosen to unite together to be able to achieve common goals such as protecting the integrity of its trade, achieving well deserved higher pay, increasing the number of employees an employer hires and obtain better working conditions. Through its leadership, the trade union is able to bargain with the employer on behalf of members and negotiate labour contracts with the employer. The well known purpose of such associations is to maintain or improve the conditions of their employment. This can include the negotiation of wages, work rules,

“As a branch of ethics the field of business ethics is interested in how judgments of right and wrong, good and bad, moral obligation and responsibility, rights and duties, and the like, are made and justified” (Gill, David). As a descriptive enterprise, business ethics is an analytical exercise in understanding and explaining how people and businesses make their ethical judgments and decisions. If your business does not carry the proper ethics it cannot thrive. It takes the necessary steps within the business management to enforce these ethics upon their business. The field of business ethics is interested in more than just social and environmental responsibilities but those are certainly critical component areas.