Key Term and why you are interested in it Ethics is defined as “the discipline dealing with what is good and bad and with moral duty and obligation”. “Business ethics is defined as “the study of ethical dilemmas, values, and decision making in the world of business”, which is not considered as a “separate disciple from ethics, and international business ethics, “examines many practical issues that result from international context of business” (Satterlee, 2009). Ethics is an interesting term because it is a large concept and it has many variables to consider. There are issues that constantly test our ethics, and we make choices that will sometimes fall into gray areas. Ethics is also interesting because different cultures may or may not have different opinions as to what ethics is, or what is considered ethical conduct.
Not to follow this path would reap severe consequences upon the business that ignored the inherent responsibilities associated with corporate commerce. "The moral argument that helps managers choose among competing duties based upon the best consequences must inevitably oblige managers 'to do that which is best. ' Discussions about stock price movements, instrumental ethics, and shareholder wealth obscure the true moral argument" (Quinn et al, 1995, p. 22). Determining what constitutes values is the fundamental purpose of corporate social responsibility. Given the fact that all of humanity must coexist on the same planet, there has to be a modicum of consideration with regard to business values.
I discovered how sticking to one’s morals should be the topmost priority for everyone involved in business, whether personal or professional. Regardless of what the consequences may be, the intensity of the problem, and the complexities it may bring, sacrificing one’s integrity should never be an option, as integrity goes hand-in-hand with the morals of an individual (Duggan & Woodhouse, 2011). They further go on to say that having individuals take part in building a code of ethics that supports employee integrity, they will act ethically. Also, I believe that companies should place more emphasis on the moral behavior of their employees, and clear-cut policies should be set regarding such ethical situations. Furthermore, I realized how serving justice while making decisions really helps in the long run, and that opting to go for the ideal rather than they deserved is not always the best option, and could hurt a company in more than one
But this will lead to this world into a disastrous situation. Ethics without value is not only useless but also dangerous for a society. Thus today’s generation have to practice to ethics and values that will show the route of benefit for a prosperous world. Values generate individual behavior and help solve common human problems of survival by comparative rankings of value, the results of which provide answers to questions of why people do and what they do. Without personal ethical values, there would be no cultural reference against which to measure the virtue of individual values.
Week One Written Responses Ethics: Approaching Moral Decisions Some of the deficiencies in the way cultural relativism addresses moral problems, according to Holmes; are that they remain impractical, they are subject to change depending on where you live, and that people tolerate the different cultures. As a professional business person, I agree with Holmes analysis. Allowing others perceptions or beliefs to get away with our own personal beliefs would be contradicting ourselves. It is important to stand up for our beliefs, and help educate others on ethical issues. Over time we can make a difference in the world by modeling moral beliefs and ethics.
INTRODUCTION Ethics is concerned with the study of morality and the application of reason to elucidate specific rules and principles that determine right and wrong for a given situation (Crane & Matten, 2010). Since law does not necessarily cover the morality of many controversial issues, moral reflection ought to be performed on any action, regardless of its lawfulness. The growing power of business in today’s society has enabled businesses to significantly impact the world. Hence, business ethics is highly relevant as it could determine whether businesses contribute or cause harm to the society at large. Using ethical theories to guide moral reflection, business ethics can help businesses avoid scandalous conduct that could harm the society.
It may be noted that all legal actions need not be ethical. Hence, educating managers in understanding the difference between ethical standards and laws is essential in any business organizations. The good (or bad) outcomes of managerial decisions are not just reflected back to the individual who makes it, but is felt on the organization as a
This is important because we live in an era where global issues such as global warming, poverty, and agriculture are so continuing to become more germane. Environmental awareness is continuing to become more imperative. This starts the top (corporate social responsibility) down (individuals recycling). If information about social responsibility is proven and available, companies in industries with confirmed benefits will continue to increase their participation if not already doing so. And for those who do not, the government can focus on creating restrictions, mandates, taxes, fines, or public ridicules to gain their contribution.
The choice to act morally is an ethical one and workers must choose what they feel is the right gameplan when settling on choices and actualizing arrangements. This may include dismissing the course that might prompt the greatest fleeting benefit and rather utilize the course that is more moral. Great business morals pulls in clients and potential representatives and gurus to the business. Business impact on morals: All organizations create a society whereby workers will make their moral and non-moral choices in the corporate world. Moral choices vary on all people and how they see the moral issue.
In particular, stakeholder theory, which stresses the importance of all groups that affect or are affected by a firm, has been proposed as a more adequate theory of the firm for studying business ethics. An important benefit of business ethics research conducted within such a framework would be a narrowing of the gulf between business ethics and the fields of financial economics and corporate law. Business ethics is widely dismissed as irrelevant by researchers in these fields because of its failure to recognize the existing financial and legal structures of the corporation, which are built largely on a contractual foundation. Hence, a common framework could increase the relevance of business ethics research and create a mutually beneficial dialogue. As a framework for identifying and analyzing many common business ethics problems, the contractual theory focuses our attention on the need to provide adequate safeguards for each constituency's interests.