Introduction:
In every business there are different environments, some are considered good and others are considered bad but for a good business a good environment is definitely required. This essay will be discussing one of the most important factors to create a good business which is business ethics, the importance of business ethics and why it’s considered so important for the business. Another aspect of the discussion is the responsibilities of a business toward the society and the last discussion is the term of consumer rights and how does help to protect the consumer.
Q1
Definition of business ethics:
Business ethics can be described as the study of how we ought to conduct business; the study of what makes certain actions within the
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The ethics influence and contribute to employee commitment , investor and customer loyalty and confidence , legal problems and penalties , customer satisfaction the ability to build relationships with stakeholders , cost control performance , reputation and image , leaderships ethics and ethical organizational culture . These elements are part of the ethics in the organizational without the ethics business it cannot working in smooth way. The ethics between the all stakeholders are important, and it will tell you what to do or what do not to do what the ethical and what unethical like be honest with your customer and do not but your employees under pressures. The ethics very important it organized the …show more content…
You will get trust and a good reputation are some of your company’s most valuable assets as well it will attracts and retain staff and it will increased employee commitment performance and job satisfaction.
Customers are attracted to socially responsible companies: Developing innovative products that are environmentally or socially responsible adds value and gives people a good reason to buy from you.
Corporate Social Responsibility attracts investors:
Investors and financiers are attracted to companies who are socially responsible. These decision-makers know this reflects good management and a positive reputation.
Corporate Social Responsibility encourages professional (and personal) growth:
The staff can develop their leadership and project management skills it makes well designed CSR.
THIS is simple a term building exercises and motivating the staff to form strong relationships with people that is not normally meet.
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BTEC LEVEL 3 DIPLOMA IN BUSINESS UNIT 37: Understanding Business Ethics Assignment Title: A Study of a selected company Learner’s Name: Maha Fatima Learner’s ID : 20156341 Submission Date: 16/3/2016 Task 1: This gives evidence for P1, M1 and D1 P1: The ethical issues a business needs to consider in its operational activities & M1: Asses how the business could improve the ethics of their operation (Merged) My selected company is NIKE.
Modern day businesses have to be socially responsible; actions are taken to satisfy customers who might have a cause that they care deeply. Social responsibility occurs when a person or a company acts in an ethical and sensitive way towards important social issues of the day such as economic, environmental, and cultural concerns. Many businesses have a section of their website or business literature dedicated to social responsibility. Companies proudly detail the steps they are taking to address concerns that people have with the environment and economic issues. Having companies act in a socially responsible way is necessary because their actions have a tremendous positive impact on society.
Ethics plays an integral role in promoting the well being of individuals in the society. Early scholars, though with different perceptions of the idea, emphasized the need for an ethical based community or society. Each community has various ethical guidelines, which its members are supported to follow. The same actually applies for organizations, whether public or privately owned. This demonstrates that the idea of ethics is homogeneous and that provides the optimum level where behavior, whether individual or institutional, can be regarded as right and not in violation of societal norms or organizational expectations.
Toms shoes are made from environment-friendly materials like natural and organic vegan substance, including the packaging that is made from 80% recycled waste. Going further on the path of social corporate responsibility, the company can broaden the range of their products and services and explore additional sustainable materials to create their products. Internal Environmental Factors: Strengths 1. Mega Brands Inc. sells a wide range of products like puzzles, building blocks, construction sets, and activity craft-based games. Due to the variation in type of the products they sell, consumers have more options to choose from.
Corporate Social Responsibility (CSR) relates to the actions of an organization and the effects on the environment and social wellbeing. It is about the way that the company assesses its actions and takes responsibility for this. (Investopedia, n.d.) CSR is a management concept whereby companies integrate social and environmental issues in their business operations and interactions with stakeholders . The company aims to achieve a balance of economic, environmental and social objectives, while also listening to the needs of stakeholders.
Trying to ignore the social responsibilities might stain an organization’s image and reputation. Thus, performing social responsibility is not simply a choice; it is a need of any corporation. In the twenty-first century, businesses are in the bottlenecks where globalization, science and technology advancement and integrated knowledge are taking place in today’s society (Chan, n.d.). To gain a foothold in this economy, image and reputation play an important role to differentiate a company from one another. With good reputation, it helps firms to create competitive advantage in the business environment.
1.0 Introduction Business ethics refers to what is right and wrong, good and bad, harmful and beneficial regarding decisions and actions in organizational transactions (Weiss, 2009). So how to identify the unethical business practices? It is very easily. For example, which are company use child labor, produce tainted products, false advertising, infringement, polluted environment and etc.
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.
This statement is supported by Bennett (2014) wherein ethics clearly defines what is the right and wrong things and shapes what kind of behavior the business should act on. For the sense of business according to Joseph (2013), ethics are constructed and decided by each business and underpins decision that an employee makes. When it comes to the business’ environment, a well-constructed ethics is a key for a considerate and responsible decision making in a business (Bennett, 2014). Business Ethics is very important inside the company, it will show the moral standards that a company or business have whether it is right or wrong and good or bad.
Business ethics also referred to as corporate ethics can be considered as either a form of applied ethics or professional ethics. Its purpose is to analyse ethical principles and also moral as well as the ethical problems that might arise in a business environment. Business ethic is applicable to all parts of business conduct and also takes into consideration the conduct of individuals and the business organizations as a whole. Business ethics can be divided into normative and descriptive discipline. For the purpose of this assignment, the Nestle Company has been chosen.
Corporate Social Responsibility (CSR) relates to the actions of an organization and the effects on the environment and social wellbeing. It is about the way that the company assesses its actions and takes responsibility for this. (Investopedia, n.d.) CSR is a management concept whereby companies integrate social and environmental issues in their business operations and interactions with stakeholders. The company aims to achieve a balance of economic, environmental and social objectives, while also listening to the needs of stakeholders.
If a company undertakes CSR then it helps to build a positive image in the market and it ultimately leads in benefits earned by the company. CSR activities not only help the companies to grow, but also due to social welfare the most disadvantaged group of a society gets a fair share in the world
Ethics Program for 2015 Task 2 Erica Young Western Governors University – Missouri Table of Contents Code of Ethics…………………………………………………………………… .03 Acceptable Use of Electronic Mail………………………………………….. 03 Acceptable Use of the Internet ……………………………………………... 03 Acceptable Employee Conduct …………………………………………….. 04 Acceptable Dress Code ……………………………………………………..
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. The culture of an organization, or else we can call it as the philosophy of an organization which is related with ethics have a great relationship with the performance of a business in long and short term. As a business is manage by human being, the people who manage a business
1.1 Task 1, P1. Under this task I will explain the ethical issues of KFC Company needs to be consider in its operational. Ethics Ethics can be defined as moral guidelines which govern good behavior, so to behaving ethically is what deemed to be morally acceptable. Business ethics: It is a form of applied ethics or professional ethics observes ethical principles and moral or ethical problems that arise in the business environment. It applies to all aspects of professional behavior which applicable for the behavior of individuals and entire organizations.