Nurofen, the pain-relief medication is made by Reckitt Benckiser Australia, a multinational company. The company was found misleading customers for all its specific range that contained the same active ingredient ibuprofen lysine 342mg and was seen to have same effect. The product was advertised the products as been targeting back pain, period pain and tension headaches. The Company was fined $1.7m for misleading customers on range of ‘specific pain’ relief contravening Australian Consumer Law has been brought forward by ACCC. The ACCC had asked federal court to impose $6 million fine. Various representations on website were found too which lead in misleading representation. The customers were misleading to buy the more expensive
Social responsibility of business has been a debated topic for years. The ideas of different businessmen have had effects on the direction of business in this period. This essay analyses two texts, which have Milton Friedman’s arguments about social responsibility of business and John Friedman’s ideas about Milton Friedman’s, by comparison and contrast method and includes this writer’s evaluation.
It is essential for individuals and those representing an organization to understand what is an ethical dilemma. Wells Fargo financial corporation was involved in a dramatic ethical issue due to millions of unauthorized bank account openings. As explained in The PLUS Ethical Decision-Making Model, “many organizations battle to develop a simple set of guidelines that make it easier for individual employees, regardless of position or level, to be confident that his/her decisions meet all of the competing standards for effective and ethical decision-making” (n.d). The Wells Fargo scandal is evident prove that employees lacked ethical judgment and management supervision. The seven ethical decision-making steps foster straightforward thinking that
Unethical behaviors in business affect everyone since you either work in the field or are a consumer of its services. Unfortunately, almost every company usually has individuals who act unethically whether it is for their personal benefit or for the sake of the company they work for. Unethical behaviors in business might be as simple as using company property or funds for personal gain to inside trading and financial fraud. According to The Chartered Institute of Management Accountants, nearly one third of business professionals feel pressured to compromise their ethical standards and are increasingly pushed towards unethical behavior. Moreover, “misconduct is common and accepted by business services professionals, the integrity of entire economic systems is at risk”, states Jordan A. Thomas, partner and chair of the Whistleblower Representation Practice at Labaton Sucharow law firm. In fact, making money at any cost is all what matters, while doing what is right and abiding by the law is not. That said, as a corporate finance student and a business administration major, it is as interesting as important for me to learn about what is considered as unethical in business, in addition to who is enforcing the federal securities laws, proposing securities rules, and regulating the securities industry.
1. I think what needs to be the focus on is Bernie Ebbers ambitions and greed to be one of the world’s most powerful individuals in the communication industry was ultimately his downfall. Ebber ability to falsely represent a transformational leadership style and his ability to persuade others to follow him was his strength. His country boy cowboy style and appealing personality made a bigger than life character. He was deemed someone that can do no wrong, in short, he was idealized by those who knew him. Ebber projected a very powerful persuasiveness. (Kark, hamir,and Chen (2003). Bass 1995 and Avolio and Bass 2000 study on transformational leadership is a perfect example. Ebber possessed the traits associated with transformational leadership, individualized consideration, intellectual stimulation, idealized influence, and inspirational motivation.
The false accounting records were unethical because it means management was enriching themselves. They were getting earnings based on the false availability of funds. They also did this to keep their jobs. When a company is not performing financially well the top positions are the ones usually at risk of being retrenched, as a result of implying the company was financially stable they were protecting their jobs.
The following essay will approach the workplace philosophies of Howard Gardner and Mike Rose and attempt to apply them to real-world work-related problems and situations. First, before proceeding any further, it is necessary to provide a brief overview of the basic. Gardner, in his book Five Minds for the Future, identifies five mind that people can apply to their jobs and their work environments: the disciplinary mind, the synthesizing mind, the creating mind, the respectful mind, and the ethical mind (Gardner 3). For the creating mind, as Mike Rose redefines the intelligence in his book The Mind at Work, he believes the blue-collar workers are as creative as other white-collars. Besides the creative mind related to the physical workers, Mike
Ethics play a huge role in the global business field, since considerations have to be made on moral practices, values, and judgments that govern the direction and overall success of the company. Consequently, over the progression of history, managers, entrepreneurs, and stakeholders at the helm of organizations have always had the mandate of making moral resolves on matters of ethics. According to Hunter (2003), such an approach to ethical behavior prompts a substantial growth in the organizational corporation, as well as maximizing business profits, and creating a reputable company image (Cutler, 2004). Notably, the overall performances of organizations that take part in unethical
The key ethical issues that were presented in this case study were quality control, lack of customer care, responsiveness, and harming the customer. The Johnson and Johnson case may have been seen as a turning point due to many things the company did right. However, there were many ethical issues in this case which will be explored more throughout this paper.
The virtue theory, which pursues virtuous principles, strategies and actions, can lead companies to understand their values, including mission, purpose, profit potential and other objectives. Virtuous employees tend to perform their roles consistently and competently in the direction of the company's goals. Virtues are the kind of thing you allow someone to take action to appreciate. Business people increase their likelihood of reaching their values and goals when they reach Objectivist virtues. Virtues emphasize the importance of each employee's valuable contribution. The virtues that are valid to explain what a perfect manager, leader, manager or employee mean necessary. The virtue theory argues that ethnicity is a natural part of the work
Globalization is a fact of Economic Life – Carlos Salinas De Gortari. Globalization is not a new thought. This process of interaction and integration among the companies, people and government of different countries is happening from ages. Technology has been the major driver of globalization. Economic life has been transformed dramatically by the advances in information technology. However, globalization is controversial. The proponents of globalization claim that it gives an opportunity to the poor countries to grow and develop economically. On the other hand, opponents claim that free market has benefitted multinational corporations at expense of the local people, culture and enterprises. The management concepts create a significant
Basically, ethics are at their essence which is it is the moral judgments about what is right and what is wrong. Business ethics is focusing on examine the policies and conduct within the context of commercial enterprise in an organizational as well as in an individual level. In business, the ethics in business is an applied ethics where professionals and researchers use principles and theories to solve any ethical problems that exist in business. At the quarter of the 20th century, as technologies like internet have made world business or international business all more viable, the business ethics domestically have grown in importance along with the power and significance of major businesses. So that, international business ethics take center stage as a major concern of the modern era. The earlier opinion stated that a business cannot be ethical, but this opinion is not used anymore in the modern business. Today business has belief that they must be responsible for social since they live and operate within a social structure. The key factors that make business ethics is important at the quarter of the 20th century are corporate social responsibility, corporate governance, and globalized economy.
This task analysis the issue of ethics in accounting and finance as discussed in the International Journal of accounting and finance. Currently, ethics of any firm is an important topic due to the numerous scandals that have taken place in different countries which have resulted in damage to the economy and society. These scandals have made the morality of accountants and businesspeople. The main contributors of business ethical standards are the accountants. The accounting profession has a duty to play so as to reduce the corporate scandals. They should make sure that there is proper financial management, quality audit, ethical standards improvement and that the governance regimes are strengthened