The Challenges Of Values And Ethics Based Business Decision Making

852 WordsNov 17, 20154 Pages
The challenges of values and ethics based business decision-making in the current global market place is creating a positive corporate culture that requires a strong conviction by its members by offering corporate values and ethics which are essential in running an effective business (Henle, 2006, p. 347). Additionally, due to the differences in cultural ethics globally organization ethical standards can be transferred universally when they are deemed as trustworthy, credible, economical, and reliable (Manroop, Singh, and Ezzeden, 2014, p. 79). Therefore, it is essential for an organization to ensure everyone is embracing these important concepts that a system of ethics built on openness and honesty be conveyed in their communication by providing full disclosure, for instance, by not hiding the truth can avoid legalities and other ramifications down the line with their products and services. Ultimately, an organization that have displayed and have garnered success with their corporate ethics and values would be IKEA. This organization successful entry into the global market consisted of their ability to identify a specific market division that consisted of youthful and modest income leveled consumers whose needs were not being addressed in the furniture retail market; in which, IKEA took the initiative to distinguish themselves from their competitors by providing and selling good quality furniture at lower prices. In addition, another basis for IKEA’s successful
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