Warren Buffet Code Of Conduct

We as business owners, management and or in a role of authority must set, address and comply with a solid foundation of ethics. “A code of conduct is the single most important element of your ethics and compliance program. It sets the tone and direction for the entire function. Often, the code is a standalone document, ideally only a few pages in length. It introduces the concept of ethics and compliance and provides an overview of what you mean when you talk about ethical business conduct.”

Explain why has a code conduct (or a code of ethics or behavior) for the organization.

Business ethics is the application of right and wrong, good and bad in a business setting.

Brigham and Lesson (2010) stated, “over the last three decades, the percentage of a company’s value attributable to tangible assets has dropped from 90% to just 25%.” However, intangible assets, reputation included, make up 40-60% of a business’s capitalization. An industry like Big Pharma relies heavily on its reputation. An organizations actions, choices, behaviors, and consequences will influence a stakeholder’s perception. This is a roundabout way for an organization to help determine its own reputation. Word of mouth, past experiences and media coverage will always influence reputation of corporations. In his article in Nature Biotechnology, Mark Kessel (2014) explains, “For companies in the pharmaceutical sector, how stakeholders view companies is influenced primarily by the lay professional media (through print, TV, radio and online) and the internet (blogs and social

Ethical behavior is behavior that a person considers to be appropriate. A person’s moral principals are shaped from birth, and developed overtime throughout the person’s life. There are many factors that can influence what a person believes whats is right, or what is wrong. Some factors are a person’s family, religious beliefs, culture, and experiences. In business it is of great importance for an employee to understand how to act ethically to prevent a company from being sued, and receiving criticism from the public while bringing in profits for the company. (Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in an business environment, or by a business. There are many

Business ethics is the principles and standards that define acceptable behavior in business organizations which is determined by customers, competitors, government regulators, interest groups, and the public, as well as each individual’s personal moral principles and values (Ferrell, Hirt, & Ferrell, 2013). Every business should present with ethical performance and socially responsible for the public.

Business Ethics are believed to be the “study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination,

The first category of stakeholders in this case are the executives and managers. Their consideration is that the business strongly relies on partners helping them in the provision of the best value products to their customers. Retailers become increasingly dependent on strong managerial relationships in providing the best quality products within their customers’ optimal price points. The second category of stakeholders are the Medicare, Medicaid, and VA patients. These are the main cutomers of PharmaCARE. They are mainly interested in quality customer service as well as top-range products to address their needs (Jennings, 2010). For this reason,

Over the past couple of decades, a sudden change has started to take over the way business is done. The time when no rules applied, and anyone could do what they pleased at the cost of others or the environment is rapidly ending. Instead, companies today have become aware that it is essential for them to employ ethics and morality in their actions, if not they will be heavily scrutinized and rejected by the public. This way of thinking also applies to the pharmaceutical industry, which over the past century has been rapidly expanding. Do to the fact that this industry can determine the health and lives of millions of people, it is imperative that this industry follow an ethical and moral path.

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.

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

Business Ethics are defined as “moral principles that guide the way a business behaves” (Businesscasestudies, 2017). In order for any business or individual to act in an ethical

It has been said that, “one bad apple can spoil the bunch.” The same is true about a company’s reputation. The most important thing for a company is the people responsible for their reputation. Company’s look at the people they are thinking about hiring based off of what type of image the company wants to portray. If the company hires the wrong individual that could ruin their reputation. Company’s spend a lot of time make sure they have the right people in the right places for these reasons. For one miss quote to the press or something that is said on the internet could lead to a very big problem. According to Warren Buffet, “If you lose money I will forgive you. But you lose my reputation I will be ruthless.” With that statement Warren Buffet

Codes of conduct are policies including rules such as maintaining honesty, attitude, and respect (Traveler, 2009) for co-workers, the organization and customers. Only by separation of personal ethical choices in the work place, will an organization succeed and flourish. It is never appropriate for any employee, management or otherwise, to conduct business for personal gain. The people who become harmed lose trust, confidence, and the expectation of themselves and of the people who chose to put their personal ethical choice before the needs of the customer and business.

In their personal and professional lives, people can and, unfortunately, sometimes do go against their moral and ethical standards. Ethical standards are what it means to be a good person, the social rules that govern our behavior. Ethics in business is essentially the study of what constitutes the right and wrong or the good or bad behavior in the workplace environment. A business is an organization whose objective is to provide goods or services for profit. The organization has a group of people that work together to achieve a common purpose. The moral challenges that these men and women face each day along with a whole range of problems that could occur, are why ethics plays such an important