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Business Ethics

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Introduction

Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed. It is worth that stressing that by 'right' and 'wrong' we mean morally right and wrong. For example commercially, strategically, or financially right or wrong. Moreover, by business ethics, we do not mean only commercial business, but also government organization, pressure groups, not-for-profit businesses, charities and other organization. Business ethics has been claim as an Oxymoron. By an oxymoron, it mean that bringing together of two apparently contradictory concepts, such as in 'a cheerful pessimist' to say that business ethics is an oxymoron suggests that there are not or cannot be ethics in business which state that business is some way unethical such as business that is inherently bad, or that it is at best amoral which are such as outside of our normal moral considerations. Examples are such as in the latter case, Albert Carr (1968) notoriously argued in the article 'is business bluffing ethical' that the game of business was not subject to the same moral standards as the rest of society, but should be regarded as analogous to a game of poker where deception and lying were perfectly permissible. Business ethics is currently a very prominent business topic, and the debates and dilemmas surrounding business ethics have tended to attract an enormous amount of attention from various quarters. For a start, consumers and pressure groups appear to be increasingly demanding firms to seek out more ethical and ecologically sounder ways of doing business. Besides, the media also constantly seems to be keeping the spotlight on corporate abuses and malpractices. And even firms themselves appear to be increasing recognizing that being ethical may actually be good for business. There are main reasons that show why we think that a good understanding of business ethics is important: 1.) The power and influence of business in society is greater than ever before. ...read more.

Middle

* Regards the law or legal standards as impediments it must overcome to accomplish what it wants. * The operating strategy of immoral management is to exploit opportunities for organizational or personal gain. An active opposition to what is moral would suggest that managers would cut corners anywhere and everywhere it appeared useful to them. Moral management * At the opposite extreme from immoral management is moral management. Moral management conforms to high standards of ethical behavior and professional standards of conduct. * Strivers to be ethical in term of its focus on, and pre-occupation with, ethical norms and professional standards of conduct, motive, goals, orientation toward the law, and general operating strategy. * In contrast to the selfish motives of immoral management, moral management aspires to succeed but only within the confines of sound ethical precepts- that is, standards predicated on such norms as fairness, justice, and due process. Moral management would not pursue profits at the expense of the law and sound ethics.Indeed, the focus would be not only on the letter of the law but on the spirit of the law as well. * Requires ethical leadership. It is approach which strives to seek out the right thing to do. Moral management would embrace what Lynn Sharp Paine (1994) has called an "integrity strategy". An integrity strategy is characterized by a conception of ethics as the driving force of an organization. * Ethical values shape management' search for opportunities, the design of organizational systems, and the decision-making process. Ethical values in the integrity strategy provide a common frame of reference and serve to unify different functions, lines of business and employee groups. Organizational ethics, in this view helps to define what an organization is and what it stands for. Amoral management > unintentional amoral managers * Neither amoral nor moral but are not sensitive to, or aware of the fact that their everyday business decisions may have deleterious effects on other stakeholders (Carroll, 1995). ...read more.

Conclusion

It may take a very long time to recover the losses, but at least the company did the right thing. Having an ethical business partner would also mean that the company is able to set a good reputation with its shareholders, staffs and customers. When customers know that this particular company is ethical in its business conducts, they would prefer to support it. Customers nowadays not only judge the company by the quality of the products sold by the company but also the way the company conducts its business. Another importance of being ethical in business is that the company would not have to worry about running against the law. When the company has any businesses, it would not have to worry about hiding anything from the law as they are not doing anything unethical, therefore there is nothing to hide and nothing to be afraid of. By being ethical, it would help the managers in having lesser things to worry about. They would not have to worry about where to hide the bribes taken or the embezzlement of the company's capital. They can then solely focus on the main goal of the company. When a company sets its goals and visions, there will always be a moral aspect of its vision. It would either be to not accept briberies or to conduct businesses in an ethical way. By setting up a vision as such, it would make staffs be aware of the surrounding that they are working for, in which it is an environment that is against unethical conducts. Staffs who do not adhere to the ethical conducts of the company would be given a few warning letters before being asked to resign. With this in mind, it would then cause staffs to be ethical in their conducts whether it is when they are working or not working. It will cause staffs and shareholders to want to live up to be a company with integrity. Hence, as a conclusion, it is very important to be ethical in the business sector. ...read more.

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