Essay on Ethics The Foundation of Good Business - 686 Words

According to the Hutchinson Unabridged Encyclopedia business ethics is the moral principles defining how businesses and business professionals should act toward each other, employees, and the public. Some professions such as law and medicine clearly have defined codes of professional ethics. In other areas appropriate behavior has been established over time by practice. Business ethics involves the role of a company in our society. Complex and contentious areas of business ethics would include the effect a petrochemical companys actions have on the environment or the obligation of a pharmaceutical company to make its drugs available to developing countries. As lobbyists and pressure groups become more powerful, companies are being†¦show more content†¦This trend is having a profound effect on my community. Many women who have children, are unemployed because there are very few companies that are accomodating to their situations, and have no other choice but to stay at home. Older employees who are force to take early retirement, are also having difficulty getting another job because of their age, having to take roomates to assist financially, with living expenses. Conflict of Interest In today’s business environment conflict of interest arises frequently in the private and public sector of our local communities. Conflict of interest occurs when a situatiton with an individual of an organization who is involved in multiple intersts that could be viewed as corrupt or inappropriate based on the circumstances sorrounding the issue. In my community, public officals oftens give huge contracts to companies that they have a personal investment in, which would be profitable for them. In most cases the spouse or a family member may be on the board of the company receiving the contract, and the public official would benefit in some way. This level of corruption have caused many people in my local community to have mistrust in their elect officals and local companies in my area. Customer Confidence Issues These issues are usually confidentiality, product safety and effectiveness, and truth in advertising. In today’s businessShow MoreRelatedEthics And Its Impact On Business Ethics1339 Words   |  6 PagesBehind every successful company there is a strong foundation of ethics. Their vision, mission, behavior as a company, beliefs, and convictions all stem from their ethics. Not all companies have this foundation. To some, it is not believed to be essential for success. Ethics is important in business because our day-to-day life involves these businesses. The places we go to buy clothes, food, cars, computers, and services are all different kinds of businesses that we support financially. How many ofRead MoreEssay about Legal and Ethical Considerations of Marketing1697 Words   |  7 PagesFirst of all, the first stage was covered up until the early years of the 1920’s, in the United States, called the ‘production era’. Goods were s carce and buyers were willing to accept virtually any goods that were available and make do with them. The ‘sales era’ picked up right after the early 1920’s to the 1960’s, where manufacturers found they could produce more goods than buyers could consume and competition grew. In the 1960’s American firms relied on marketing because it became the motivatingRead MoreBusiness Ethics : Ethics And Business943 Words   |  4 Pagesdiscussions in Business is Ethics. Some people believe that the decisions businesses make in interest of the business has no place in ethics and that they are essentially amoral. These businesses believe that their main objective is to simply make a profit and that it does not affect the success of the business. Whereas some businesses believe that they have to take ethics into consideration, in order for their business to be a success. Richard T. De George (1999) states that ethics and business do notRead MoreThe Role of Ethics and Law in Creating and Maintaining Efficient Markets 1856 Words   |  7 Pageseducate future business leaders on actually how to run a business in a manner that contributes towards modern day concepts of sustainability and protection of natural resources around the world. The global business leaders of tomorrow will need to be flexible and able to incorporate all aspects of good decision-making in an increasingly complex global business environment. (Berenbeim 2005) Ethical leadership has become vital to the future of American businesses as they mold the foundation for these developingRead MoreEthical Decision Making : Business Ethics And Social Responsibility1295 Words   |  6 Pages Ethical Decision-Making De’Ambre Zanders OMM640: Business Ethics and Social Responsibility (MOH1616A) Instructor: Dr. Maja Zelihic May 1, 2016 Abstract In any type of business, ethical decision-making is usually at the forefront of company operations. It shapes the foundation of a company and gives employees a moral compass as to what is expected of them ethically. Ethical-decision making prevents individuals from profiting from their own personal methods, while representingRead MoreBusiness Ethics and Rules Essay1231 Words   |  5 Pagesfundamentals are a good moral foundation for a business. â€Å"Business ethics is the study of what constitutes right and wrong (or good and bad) human conduct in a business context.† (p25) From the lecture, we know that ethics matters because â€Å"how organizations behave have important implications for how they fulfill their social and economic roles† and â€Å"their success as well as the success of their employees, customers, etc.† Thus, running a business ethically is good for business. Applying Solomon’sRead MoreCode Of Ethics And Ethics Essay727 Words   |  3 PagesCode of Ethics A code of ethics/conduct is an important part of an organization. It clarifies the organization s mission, values and principles, linking them with standards of professional conduct. According to CSUGlobal.edu (n.d.), ethics is the study of good and bad behavior and a person is acting ethically, they are doing what is right. Additionally, ethics require that a person conforms to a higher standard of behavior than the law requires. A code of ethics is an open disclosure for the wayRead MoreEthical Analysis : Ethics And Ethics909 Words   |  4 PagesConsumers today want to do business with reputable companies that are led and managed by ethical decision makers. Ethical decision makers look to partner with other companies that share similar morals and values. In other words, the public and other companies want to associate with an organization that will make ethical judgements. Ethical decisions are not always obvious nor are they based on what is right or wrong or what is good or bad (Gonzalez-Padron, 2015). They are choices made by managersRead MoreEthics And Product Consumption Of Coca Cola1320 Words   |  6 PagesEthics and Product Consumption Marketing is only one intricate facet for any company sustainability. There are six components for the marketing code of ethics, also known as â€Å"the six pillars† of marketing (6PM). The 6PM components includes: 1) caring, 2) citizenship, 3) honesty, 4) fairness, 5) responsibility and 6) respect. All these components separately play a significant part in the marketing code. Understanding how each element pertains individually and collectively to the success of a businessRead MoreHow Can an Emphasis on Ethics and Social Responsibility Improve Profits and Benefit a Business?1243 Words   |  5 PagesON ETHICS AND SOCIAL RESPONSIBILITY IMPROVE PROFITS AND BENEFIT A BUSINESS? Introduction Until a few years ago, most companies had not cared so much about ethics and social responsibility. They only focused on cost and margin to increase their profits. However, nowadays, many successful companies and businessmen have their own foundation and do some good things, for example, the Ford Foundation has allocated millions of dollars for cancer research and the Bill amp; Melinda Gates Foundation has