Good business ethics should be a part of every business. There are many factors to consider. When a company does business with another that is considered unethical, does this make the first company unethical by association? Some people would say yes, the first business has a responsibility and it is now a link in the chain of unethical businesses.
Many global businesses, including most of the major brands that the public use, can be seen not to think too highly of good business ethics. Many major brands have been fined millions for breaking ethical business laws. Money is the major deciding factor.
If a company does not adhere to business ethics and breaks the laws, they usually end up being fined. In US Many companies have broken LAW, ethical and environmental laws and received fines worth millions. The problem is that the amount of money these companies are making outweighs the fines applied. Billion dollar profits blind the companies to their lack of business ethics, and the dollar sign wins. A code of ethics is often a formal statement of the organization's values on certain ethical and social issues. Some set out general principles about an organization's beliefs on matters such as quality, employees or the environment. Others set out the procedures to be used in specific ethical situations - such as conflicts of interest or the acceptance of gifts, and delineate the procedures to determine whether a violation of the code of ethics occurred and, if so, what remedies should be imposed. The effectiveness of such codes of ethics depends on the extent to which to management supports them with sanctions and rewards. Violations of a private organization's code of ethics usually can subject to termination of employment.there are business companies which have there set of code of ethics which they follow like in a company called “Levi Strauss & co.” started in 1850 which have there own values like Empathy, Origionality, Integrity-doing the right thing and Courage-to stand up for what you believe.
These ethics or principal core values of a company act as fundamentals of success like in this company. They are the foundation of the company, define who the company is and sets them apart from the competition. They underlie the vision of the future, their business strategies and their decisions, actions and behaviors. They live by them and hence that is there mantra of SUCCESS. Business management is all about making the right decisions. Ethics is all about making the right decisions. So what is the difference between the two? Management is concerned with
How decisions affect the company, while ethics is concerned about how decisions affect everything. Management operates in the specialized context of the firm, while ethics operates in
the general context of the world. Management is therefore part of ethics. A business manager cannot make the right decisions without understanding management in particular as well as ethics
In general. Business ethics is management carried out in the real world. This is why business managers should study business ethics.