Friedman’s view is egoistic, whereby acting to promote the greatest impact for the company compared to adopting a utilitarian approach which focuses on achieving the greatest good for the majority (Beauchamp and Bowie, 2004). Organisational performance is evaluated on three factors; economic prosperity, social justice and environmental quality (Elkington, 1997), emphasising the significance of companies adopting an ethical stance in the modern business world. This assignment will address the role ethics and CSR play in organisations through applying case studies to examine whether companies adopt CSR for the enhanced reputation and competitive advantage or the social and environmental impact. The role of regulation within CSR will be investigated due to corporate scandals and environmental disasters which raise concerns over the ethical perspective of companies. Companies should embed CSR within the core values of a company.
The loss of success occurs based on several factors that influence the promotion of the brand and its perception by the customers. One of the problems that are highlighted in the article is the inappropriate targeting of the consumers and the markets, which leads to the loss of success. The raised in the article problems also concern the strategies of the company's in terms of promoting the brand and products. Not considering the market research tends to result in the negative outcomes for the company, in particular in the loss of clients and business position. Besides, the brand always needs promotion to win the consumers and the markets.
Importance of ethics and values in business sustainability Morals concern a singular's ethical judgements about good and bad. Choices taken inside an association may be made by people or gatherings, however whoever makes them will be affected by the society of the organization. The choice to act morally is an ethical one; workers must choose what they think is the right blueprint. This may include dismissing the course that might prompt the greatest transient benefit. Moral conduct and corporate social obligation can bring huge profits to a business.
BUS 311 The concept that “business ethics is an oxymoron” is a topic that at first may seem like a contradiction. This refers to the “apparently inherent” conflict between morality and the pursuit of profit (Transcript: Ethics: Business an Oxymoron?, n.d.). The implication is that if a company has to choose between profits and doing the right thing, the business will choose profit because that is what businesses are all about. However, this notion comes from a point of view not familiar with how businesses actually operate. There are more benefits and incentives for a business to act ethically than to act unethically, and that is what this essay tries to prove.
Ethics are the values of a person’s sense of feeling of what is good or bad or what the law requires them to do Profit is the main backbone of a business .If it does not make profits it will fail and not survive. Ethics and profits are mutual for success. Ethics therefore plays an essential role in customer relationship management (Gundlach & Murphy, 1993; Ruiz, 2005). As with other professional disciplines, understanding and upholding ethics is very important in the accounting field. Small-business investors and leaders consistently rely on the ethical collection and delivery of financial information, and are sometimes placed at risk if accounting ethics are not preserved.
This breach has resulted in the formation of an ethical issue as it has caused the corporate social responsibility of the business to be in disrepute. Corporate social responsibility refers to ‘the obligation of organisation management to make decisions and take actions that will enhance the welfare and interests of society as well as the organisation.’ (Samson and Daft, 2012) There is potential for a culture of theft and fraud to be created as well as a breakdown in the ethical structure of the company ... ... middle of paper ... ...lak, S., Clayton, M., & Pill, J. (2011). A Guide to Forensic Accounting Investigation (2nd ed.). Hoboken, N.J.: J. Wiley.
Written Case – Body Shop, pp. 72-73 1) Is Anita Roddick correct when she claims that it is possible to run a business in a very ethical and socially responsible manner and still “give shareholders a wondrous return on their investment”? Answer: I think her statement is probably correct and I appreciate it too. However, I would noted that the natures of environmental concerns and considerations for the people in third world countries are somehow contrary to the stockholders’ satisfaction. If people have no more interest on how Body Shop concern humanity or if there are any news that dishonored Body Shop contributions (just like what happened in the case), it would be a crisis for its stock price.
• Attract investors and keep the company's share price high, thereby protecting the business from takeover. Business ethics is important because it is concerned with right and wrong and how conduct should be judged to be good or bad. Business ethics is a form of applied ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It is also a standard principle that helps protect the rights of both the consumer or clients, and the business itself along with the staff it consists of. It’s also important because if one is dealing with others he/she wants to feel that the persons one deals with have a certain degree of scrupl... ... middle of paper ... ...ratic, democratic, paternalistic and laissez-faire.
Personally, I believe ethical business conduct refers to businesses with certain ethics and morals operating in a rightful manner in tough and controversial situations. However, one must not only focus on what ethical conduct the business does externally, for example, the way it treats customers or performs business functions, but also internally within the business, for example, the way individuals treat each other within the firm. ii. The arguments for and against seeking to promote ethical business conduct Ethical business conducts, whether it be promoting for or against, will ultimately affect the company’s abilities to make profits. In the end, it all comes down to the ability for the company to juggle the two different perspectives o... ... middle of paper ... ...cally and be of benefit to the community, they will influence their employees to work ethically as well, which increases employee productivity, ultimately helping the business to grow sustainably in the future.
In recent years ethical consumerism has risen to create a new type of consumer market. Where ethics and corporate responsibility are now surpassing quality and price when it comes to consumer trends. Therefore, since the rising impact on consumer behavior due to ethical issues involving companies, businesses today are purposely promoting corporate responsibility due to its impact on their profits or losses. Metrics that used to define brand equity are no longer effective because they ignore business ethics and the perception of its corporate responsibility, which are now prevalent. The effect on various businesses has been immense, not only do business now engage in ethical consumerism to avoid losses but also many actively use ethical branding