1. INTRODUCTION
Business ethics can be defined as a key set of moral values of a company to make good decisions to maintain high ethical standard (Small Biz Connect, n.d). It helps the company to gain high profits for its external as well as internal stakeholders (Small Biz Connect, n.d). In this essay, I will do a situational ethics decision to earn maximum profits for my Sydney based company Seize The Day. Seize The Day is a cotton products international company and want to process its cotton in Alderan because of cheap labour costs, but Alderan is not truly democratic. Bribery is common in Alderan as the whole power of the country is in the hands of Jacob Mayfield’s family. On contrary, Australia is a common wealth country where bribery
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Accepting this option means giving bribery which is common in Alderan, but it is illegal in Australia. Bribery came under the Criminal Code Act 1995 in Australia (Williams & Meagher, 2014). This situation is using the utilitarian ethics which states that consequences of any action are responsible for the standard of right or wrong (ICAEW, n.d). This option will allow Seize The Day to process its cotton on lower cost which will give it competitive advantage in Australia. It will increase the benefits to all its stakeholders. This option also includes some of the risks …show more content…
In this type of situation, it is better to forgo with some intermediate way which will keep the both parties happy. After analysing the whole situation, I preferred to sign a short term contract with the recommended company in Alderan because saying no or yes leads to financial loss to company and its stakeholders. Rejection will also close the doors of Alderan for Seize The Day. This intermediate way will develop the trade relationship between Seize The Day and Alderan. In future, it will open new gates of success for Seize The Day in Alderan when it will use more labour for its more production operations. Alderan country will also prefer to trade with such companies which are creating jobs for their people. This option is not a full support of bribery as it was a short term and requirement of the situation. After some time when company has its goodwill in Alderan and is will become familiar with the system, then it will again start its new contract with someone else. To make Jacob Mayfield’s family for better options is the main issue which can be sort out by negotiation or acceptance of recommended
The movie “Glengarry Glen Ross” presented a series of ethical dilemmas that surround a group of salesmen working for a real estate company. The value of business ethics was clearly undermined and ignored in the movie as the salesmen find alternatives to keep their jobs. The movie is very effective in illustrating how unethical business practices can easily exist in the business world. Most of the time, unethical business practices remain strong in the business world because of the culture that exists within companies. In this film, the sudden demands from management forced employees to become irrational and commit unethical business practices. In fear of losing their jobs, employees were pressured to increase sales despite possible ethical ramifications. From the film, it is right to conclude that a business transaction should only be executed after all legal and ethical ramifications have been considered; and also if it will be determined legal and ethical to society.
Ferrell, O.C., Fraedrich, J., & Ferrell, L. (2009). Business ethics: Ethical decision making and cases (7th ed.). South-Western College Pub;
Ferrell, O.C. "Business Ethics." Ethical Decision Making and Cases. Michele Rhoades, Joanne Dauksewicz. Mason: South-Western Cengage Learning, 2011. Print.
Incorporating ethics into everyday decisions in the business world can greatly reduce the scandalous behavior that has as of late has run ramped. Obviously, we have seen the results and consequences of business conducted absent any moral or ethical boundaries. When decisions are made without the consultation of ethics there is no direction from the moral compass and surely consequences will follow. Choices contemplated by managers may often seem difficult, but assessing the options against ethics can assist the manager in making the best decision.
Ethical behavior is behavior that a person considers to be appropriate. A person’s moral principals are shaped from birth, and developed overtime throughout the person’s life. There are many factors that can influence what a person believes whats is right, or what is wrong. Some factors are a person’s family, religious beliefs, culture, and experiences. In business it is of great importance for an employee to understand how to act ethically to prevent a company from being sued, and receiving criticism from the public while bringing in profits for the company. (Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in an business environment, or by a business. There are many situations that can arise in which a person is experiencing an ethical dilemma. They have to choose between standing by their own personal ethical standards or to comply with their companies ethical standards. In some instances some have to choose whether to serve their own personal interests, or the interest of the company. In this essay I will be examining the financial events surrounding Bernie Madoff, and the events surrounding Enron.
Jennings, M. (2009). Business ethics: Case studies and selected readings (6th ed.). Mason, OH: South-Western Cengage Learning.
Seawell, Buie 2010, ‘The Content and Practice of Business Ethics’, Good Business, pp. 2-18, viewed 22 October 2013, .
Ferrell, O., Fraedrich, J. and Ferrell, L. (2011). Business Ethics: Ethical Decision Making and Cases. 1st ed. Mason, Ohio: Cengage Learning, p.327 -336.
Ferrell, O., Fraedrich, J., & Ferrell, L. (2011). Business Ethics. Ethical Decison Making And Cases (pp. 72-74). Mason: South-Western Cengage Learning. (Original work published 2008)
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2011). Business Ethics: Ethical Decision Making and Cases. Mason, Ohio: South-Western Cengage Learning.
Ethics are the driving force behind good business. Every ethical choice made by a professional can and will have a much different outcome than any unethical choice. Bad ethics can ruin many aspects of a business and as (Gaye-Anderson, 2007) states how quite easily the lives and professional reputation of the employees can even be severally damaged (para. 3). Everything from morale to motivation can be severely affected by poor ethical choices. Customers will take their business elsewhere. Employees will abandon ship. Other, competing businesses reap the benefits of the bad moral choices. Ultimately, the entire business can be brought down by one poor ethical choice.
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases: 2011 custom edition (9th ed.). Mason, OH: South-Western Cengage Learning.
In the business world there are many fundamental aspects and situations that can lead to several issues. In order to find an optimal and professional solution, business decision makers need to apply moral and ethical standards. And it is at that moment in which business ethics perform its role. Business ethics, which is in charge of examine how companies and individuals should act in business situations, is very essential in order to reach a common agreement and to work within the laws of business and solve an arisen dilemma. Working of the hand of ethical business companies, employees, investors, directors, and even individual officers can be beneficiated and obtain most favorable outcomes.
Jennings, M. (2009). Business ethics: Case studies and selected readings (6th ed.). Mason, OH: South-Western Cengage Learning.
Throughout this essay I will be arguing if unethical behaviour can make a business fail, this will be done by analysing various case studies such as Ford, Starbucks, Fashion Café and Volkswagen. I will also discuss how corporate social responsibility links in with ethical behaviour.