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Importance of ethics in business or organization
Importance of ethics in business or organization
Ethical consideration of marketing
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Recommended: Importance of ethics in business or organization
Ethics are very important to all business people. Yet, many neglect ethics as an important concept that has a major impact upon a person's success as an entrepreneur and investor.
Consider something as simple as sales. Many would-be entrepreneurs actually hate the sales process, which is a serious disadvantage, given that generating sales is a company's most important activity.
In Flying Solo: How To Start An Individual Practitioner Consulting Business, Stuart Walesh says new consultants often associate negative connotations with marketing. No doubt this comes from associating marketing and sales with pushy sales people who want to make a sale whether or not the sale is really in the customer's best interest.
Walesh writes: "To the extent you learn to view marketing as earning trust and meeting client needs... you may conclude that not only is it an ethical process, but also a very satisfying and mutually beneficial one."
Walesh divides consultant marketing into three parts--Ethos, Pathos, and Logos. Ethos means trust. Pathos means empathy and understanding. Logos means logic.
To be successful in sales and marketing, Walesh emphasizes that you need the three in order. First, potential clients must trust you and your reputation. Lacking this, they won't hire you or your company for a job. Secondly, to adequately fulfill the client's needs, you must listen to the client and learn what those needs are. Thirdly, and, finally, you must implement a logical and reasonable solution for the client, even if that means recommending another consultant or company.
Walesh says too many new consultants try to start at the end. They focus upon the 'logical' solution for a client before the client trusts them and before the client has had a chance to express the client's goals, desires, and problems.
The same sequence is also important in investing in smaller companies. If a potential investor doesn't trust the people running the company, any sophistication of the business plan or proprietary technology means little. Entrepreneurs seeking money must gain the trust of potential investors, and potential investors must evaluate the personal credibility of entrepreneurs seeking their money.
Company insiders will always be closer to a company's checkbook than investors and company insiders can always find ways to enrich themselves at the shareholders' expense. Monitoring sales and expenses and having an adequate accounting system help, but, by no means, makes oversight flawless.
Consider the recent and widely-publicized bankruptcy of Enron. While employees were prevented from selling their shares and investors were fed flawed accounting, high-ranking members of the management team found clever, and not so clever, ways to enrich themselves as the company sank.
The general public in today’s society only see’s the outside appearance of the world’s big companies instead of looking at the inner exterior of all corporations. For example Enron a United States exchange Corporation collapses in 2001. The energy exchange company went into bankruptcy after being established since 1999, the company’s executive selected an accountant that in the end dishonestly inflated Enron’s profits. Many leaders inside on Enron’s corporation were stealing large amounts of money over a period of time. This dilemma was seen as a bad performance of an unstable business corporation.
Do you agree with Schmeltekopf that business schools are not preparing students well for the for the ethical challenges they will face in the workplace? Why or why not?
...ancy as “demons”, “thieves”, destructive to organizations. Consultants that make claims of being experts or promising the ultimate solution and do not deliver deteriorate the creditability and trust of consultancy in general. The out-of –the-box solution does not work for every situation and when it does not work the consultant lacks the external resources (or knowledge) to support the need. A clear and concise process with the necessary resources to support the consultant’s claim is essential to being successful for the client and themselves. Building a relationship based on trust and creditability is as equally important as follow thorough and honesty (Zipursky, 2014). Until organizations hiring consultants spend more time validating the creditability before hiring (to weed out the weak) and the consulting industry sets standards, anecdotes will continue to exist.
Explain the connection between the economic model of corporate social responsibility and “free market” or “neoclassical” economic theory.
In organisations, clients look to consultants for advice to solve problems and improve the company. From the survey in 2006 by management consultancy Association 66 per cent of the c...
Treviño, L. K., & Nelson, K. A. (2007). Managing business ethics: Straight talk about how to do it right Fourth ed., Retrieved on July 30, 2010 from www.ecampus.phoenix.edu
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.
The field of ethics (or moral philosophy) involves systematizing, defending, and recommending concepts of right and wrong behavior (Fieser, 2009). Many of the decisions one faces in a typical day could result in a multitude of outcomes. At times it can be hard to determine whether or not the decision you are making is an ethical one. Many philosophies have been devised to illustrate the different ways of evaluating moral decisions. Normative ethics focuses on assessing right and wrong behavior. This may involve reinforcing positive habits, duties we should follow, or the consequences of our behavior (Fieser, 2009). Of the many normative philosophies two stand out to be most accepted; teleology and deontology. Although they oppose each other in how actions are evaluated, they uphold many similar characteristics under the surface.
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
Marketing professionals create, manage and/or enhance brands in order to create or bolster demand for the product. A successful marketing plan will help assure that consumers look beyond just the price or function of a product when making a purchasing decision, in part, a well planned marketing effort will create a “feel good” association about the product the consumer is about to purchase (Petty) A key part of a career in marketing is to understand the needs, preferences, and constraints that define the target group of consumers or the market niche corresponding to the brand. This is done by market research. This is accomplished through market research, essentially using survey techniques, statistics, psychology and social understanding to help gather information on what consumers want and/or need, and then designing products, or services, to hopefully meet ...
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
Business ethics are a set of moral rules that govern how a business operates, how people should be treated within an organization, and how business decisions are made. They are a crucial part of employment and in managing a sustainable business, mainly because of the serious consequences that can result from decisions made with a lack of regard to ethics. Even if you don’t believe that good ethics don’t contribute to profit levels, you should realize those poor ethics have a negative effect on your bottom line in the long-run. Every business in every industry has certain guidelines to which its employees must stick to, and regularly outline such aspects in employee handbooks.
Every “true” entrepreneur knows that there will be never enough time or money to make things right when starting a new business. So it’s vital to focus on the most important thing, which is the customer. To understand the importance of knowing customers, imagine an entrepreneur with a flawless and innovative product but doesn’t have enough customers to sustain the business and the opposite is true. For entrepreneurs to be customer-focused they need to understand customers needs rather than focusing on great products or wonderful services. This is what I did on my final project; the idea behind my business is to offer customers who live in a very hot area of the world cold treats but in a different and new way. This point is should be clarified in the “customers” slide in the pitch to show that the owner knows who are the customers and the show why they might be interested in the product or the service the owner is planning to
The Facts: Kermit Vandivier works for B.F. Goodrich. His job assignment was to write the qualifying report on the four disk brakes for LTV Aerospace Corporation. LTV purchased aircraft brakes from B.F. Goodrich for the Air Force. Goodrich desperately wanted the contract because it guaranteed a commitment from the Air Force on future brake purchases for the A7D from them, even if they lost money on the initial contract.
Ethics is the study of right or wrong and the morality of the choices that individuals make. That basicly means the set of morals or responsibility that a person, group, or field have. Ethics can also be classified as code of morals. In business there are ethics that portray to business. These are called business ethics, business ethics just happen to be the application of ethics, morals, into the business field. Some examples of business ethics are obeying all rules and regulations even when nobody 's looking, which is pretty self explanatory, you shouldn’t be breaking rules. Even if it is as simple as washing your hands after you use the restroom or straight up lying to your customers, they are the ones making you money so if they find out