The Ethical And Moral Nature Of Products And Services

917 WordsJun 16, 20164 Pages
Individuals who are familiar with the world of business may have noticed constant changes within industry along with increasing complex factors stemming from the altering dynamics of the society and culture. As a result, managers and stakeholders have to apply sophisticated quantitative and qualitative methods in trying to conjure up a business model that will incorporate all variables and lead to the best possible outcomes for sustainability and growth in a given sector. Some of the emerging issues relate to the ethical and moral nature of products and services that the businesses trade in a scientific research coupled with an explosion in innovational technologies has illuminated the adverse effects of products that were previously thought to be harmless. Technology has also made it easy to collect consumer feedback by relating to product preference, acceptance, and overall effect that would have been impossible to gather in the past generations. Furthermore, in this age of religious tolerance and intolerance, businesses have to factor in the ethical and moral implications of their businesses/products and subsequently have to employ ethical decision-making processes (McGarty, 2015). Applying different methodologies is the first step in emerging markets, but ethical business practices and decisions are guided by an organization’s perceptions of right and wrong. Unique perceptions are formed by the society’s senior leadership of an organization. Moreover, a company’s culture

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