Importance Of Ethics In 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.

Business ethics refers to the consideration of moral decisions and responsibilities in the process of operating a business. Business ethics, practiced throughout the deepest layers of a company, become the heart and soul of the company 's culture and can mean the difference between success and failure. Values drive behavior and therefore need to be consciously stated, but they also need to be affirmed by actions. Ethical business environments are created with foundations of integrity, accountability and commitment.

There is an augmented interest in the business ethics for the past ten years. This escalating interest and desire to understand better ethical performance and decision making led to the development of many models research hard work especially about the ethical environment and ethical cultural concepts. Many models concerning these concepts refers that ethical environment in effected by the individual characteristics and appropriate factors like values, codes, rules, organizational form etc. One of the most important factors in the organization explicit factors regarding ethics is leader behavior because leaders are seen accountable for motivating moral values and ethical standards in their subordinates (Dickson et al., 2001;

The argument of whether or not “values”, ethics, and social responsibility should be included in the business world is a fiercely debated subject. Some are completely against including ethics within the business sphere and that in order to stay competitive, a company should do whatever it takes to survive in the dog eat dog world. The proponents of keeping ethics separate from business would claim that going for profit in perfectly competitive markets will work so that society will be served in a way that benefits the most. Milton Friedman would argue that the only social responsibility that a business should have is to increase its profits. Others argue that some system of values need to be included in the world of commerce, especially in the wake of huge financial scandals such as Enron and claims of inhumane factory conditions and child labor in third-world countries by major multi-national enterprises such as Nike and GAP. By focusing solely on shareholders and increasing profits, businesses may start out with small unethical actions that gradually grow larger and larger as they slide down the slippery slope of deceit. Ethics should not be treated as a side note to be considered after generating profits, but integrated into the foundation and basis of business. The question that needs to be addressed is which values need to be incorporated into the foundation and goal of actions and decisions. The values selected need to be chosen not because “we thought they

Starbucks is a global household name known for its quality and consistency. The company was established in 1971 and has since been thriving focusing its efforts on their community and their employees. Starbucks brand involves its commitment to ethics, sustainability, and most importantly “people first, profit last”(Ferrell p.399). One social responsibility that sets Starbucks above the rest is their care for their employees. Starbucks offer one of the best health care programs in the coffee shop industry. Unlike most companies they consider their employees as business partners and provide all partners that work at least 20 hours a week with a fulltime comprehensive benefit plan. The company spent more in its employee insurance health benefits than on the raw materials for brewing the coffee. This gave the employees a sense of security and satisfaction to their job. Starbucks strives to keep their employees enthusiastic and active. This is created by providing a great encouraging work environment. They treat each other with respect & dignity.

In general, personal ethics can be described as the moral guidelines each of us uses in our daily lives. It is these guidelines which govern how we behave including how we speak and act towards others in our everyday interactions no matter if they are face to face, by way of telephone or in writing. Much the same can be said for ethics in business. Business ethics are the moral philosophies and written rules of conduct which govern how the business treats not only its own employees but also how the business handles its daily dealings in everything ranging from bookkeeping and accounting to advertising and customer relations. Our text for this class, Marketing, The Core describes ethics as “the moral principles and values that govern the actions and decisions of an individual or group” (pg.69), and refers to ethical business practices many times throughout the book.

Julia Shaw & Hillary Shaw (2010) describe that the need for ethical business managers and practices has never been greater. Recent financial scandals have exposed issues in the management decision-making process, suggesting a need to develop the necessary analytical and empathetic qualities so future corporate leaders may be moral managers (Julia Shaw & Hillary Shaw, 2010). This recent pattern of business misconduct (Michaelson, 2015) and single-minded pursuit of profit has made the promotion of ethical values a key concern for modern business organizations (Julia Shaw & Hillary Shaw, 2010). This paper will discuss how literary fiction (i.e. novels, literature, narrative, fiction, drama, comics) can help organizations develop ethical managers by discussing (1) the growing importance of ethical business managers (2) the benefits of a novel approach to business ethics, and (3) the moral value of literary fiction to business.

Business ethics administers the conduct that relate to what is right and what is not. They refer to moral standards that guide the way a business conducts its activities (Casestudies, 2015). The same rule that determines a person’s activities also applies to business. Acting in a moral way includes recognizing right and wrong actions and after that making the morally right decision. People often view ethics as a set of principles that they should all follow and in the business environment, the principle does apply. This concept of a set of principles that all individuals should follow relates to the Kantian moral idea. The basis for the ethical worth of an activity is the determination of whether it follows a universal principle that

Before explaining the importance of ethics and values in business, we have to define the following:

While the rise of globalization has brought about a great deal of opportunities for corporations, with it has materialized a new complexity in business transactions. Ethics relies heavily on the norms of one’s culture. Different ethical standards can reside not only within a country, region, or community; but also in a person-by-person basis. Therefore, there is no such thing as a strict protocol that a corporation can adhere to. The ability to adapt to situations in a case-by-case scenario is vital for the success and longevity of any international businessperson.

Many authors in business industry have provided different definitions for business ethics. Moreover, definition varies for different people and different organizations. In general, Business ethics:--

. According to Velasquez, an ethic theory is one that evaluates the moral standards of a society. In other words, it evaluates whether actions are right or wrong. An ethical theory is developed within an individual while he or she is growing up. Furthermore, that child will develop moral standards of how to behave, talk and communicate because of the influence of his family, his religion and his community (13).

Business ethics can be defined as the critical examination of how people and institutions should behave in the world of commerce. There are many subcategories that we may look into when speaking of business ethics, in this essay I will be writing about advertising ethics. Advertising is practically unavoidable in today 's world, we see it in the streets, shops, magazines, television, on the internet, hear it on the radio. In this essay I will describe two ethical issues in advertising, show why business leaders need to remember to launch ethical campaigns and also have and look into some examples from the business world.

Business ethics is essential for the long term sustainability of the organization as it act as a core structure in the private as well as public organization.It gives an idea about the organization to run successfully with the help of employees and stay away from the detrimental situation.

Ethics is the branch of philosophy that deals with the principles correlated to human behavior concerning the rightness and wrongness of specific conduct, and to the good and bad that influences and ends those actions (Ditonary.com, 2011). In other words, ethics is the choice people effect in regards to a decision they need to achieve. Without ethics directing the choice an individual makes, moral preferences of what should or should not be done becomes irrelevant. While ethical decisions are made every day there are two different regions in which these choices are made.