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The Importance Of Code Of Conduct In Business

831 Words4 Pages

• Business ethics can be referred to as the moral value set by the business and society as a standard for correct behaviour in the business environment and can be described as the study of principles and personal values are applied in a business environment which means there has to be a code of conduct in the business which means that the code of conduct is a more specific concept which regulates the expected behaviours for proper business practice such as honouring contracts, treating staff and clients with respect for their views and opinions and management is complex and each person brings their own personality, experience and abilities to the job and need to act ethically at all times to set a good example for other employees in the business. …show more content…

Businesses have to take into account the needs and requirements of all their stakeholders. For example, bad publicity can have a negative impact on the business and harming the environment may affect the long term sustainability of the business so in doing so the business has to take in account their stakeholders needs and wants. Eg of stakeholders: The owner who contributes capital towards the business venture. Employees of the business at all levels have an interest in the financial performance of the business as this impacts on their remuneration. Suppliers may include suppliers of raw materials, capital goods or even financial re(banks). Consumers have an expectations in terms of good quality product that should be available at a reasonable price. Competitors may include businesses selling other brands or substitute …show more content…

In the context of deregulation businesses need to demonstrate that they can act as responsible citizens without being forced to do so therefore in the interest of businesses to introduce ethical programmes to ensure that they can continue to operate without external interference.
5. Increased globalisation leads to businesses operating across national boundaries and in these global transactions it may often become difficult to fall back on shared cultural or religious values to ensure acceptable behaviour which means the business has to take into consideration the beliefs of other countries and not focus on their own as this will insure that people across the border wants to become part of the business.
6. The only responsibility of a business is to maximise profits based on principles of demand and supply. If this is the only responsibility of the business there will be obvious negative implications and businesses should incorporate mechanisms to regulate the impact of their actions on society which means that if the business wants to make money they must consider the needs and wants of the communities in which they operate in order for it to be given a good name which will attract a lot of customers which will make the business a lot of

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