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Importance of ethics in business and society
Importance of ethics in business and society
Importance of ethics and values in business
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Text Synthesis Chapter 1 The Nature of Business Why do we study Business? Many people study business because it offers so many career opportunities in general and plus everything that we deal in today society has to do with business. Think about the clothes, shoes, etc. you wearing today and then think of what business made it very possible for us to be wearing those merchandise and top of that it satisfied the sellers that’s buying the product this is called tangible and intangible good that provide satisfaction and benefits of its product. The of field business itself offer us a variety interest and challenges career opportunity throughout the world, such as marketing, managements, finance production and many more that you could think of, thinking about all those processes and people begin to understand about what business studies is all about. Business is a big major part of everyone life and anybody who has good idea how businesses work are at an immediate advantaged in the future. If you have some knowledge in business, it will help you to become a more conversant consumer and to market yourself well while looking for a job and also help generate profits that essential. Chapter 2 Business Ethics and Social Responsibility Why is it so important to understand the importance the ethics role in business? Business ethics and social responsibility are creating obligations for corporation to do more in the business than just obey the law. The acceptability behavior found in business is not only determined by the organization but like the stockholder, costumers, competitor, government and etc. Recognizing Ethical Issues in Business Ethical issues in a business is an identifiable Chapter 3 The Role of Int... ... middle of paper ... ...ility to deal with people, costumers inside or outside of work. You have to be able to communicate with people and understand their needs. People skills are very important specially working in a hospital, airline companies, banks and other organizations. Where does mangers come from? Good mangers are not born, they are made. Different organization’s acquires mangers in three ways. The first one is promoting the employee from within the organization, second hiring managers from other organization and lastly hiring mangers straight out universities. Promoting people within the organization tends to increase motivation by something employee the concept who work the hardest in the company. Promoting can sometime be bad to because the new manger have practice the policies from the previous manger that was in charge. Chapter 7
Business ethics are a the codes of conduct and company lays out so it's employees follow a righteous moral compass that's in the same direction as the company's.
Ethics or being ethical in any business is very important. Business ethics, especially in retail, usually means three things, avoid breaking criminal law and labor laws, avoid action that may result in civil law suits against the company and avoid actions that are bad for the company image. Businesses are especially concerned with these three things given that it involves loss of money and company reputation.
(Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in a 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 complying with their companies ethical standards. In some instances, some have to choose whether to serve their own personal interests, or the interests of the company.
Therefore we can understand the link between ethical behavior and corporate social responsibility through a thorough analysis of the two concepts discussed above. A business having strong values like integrity and honesty will behave in a way that benefits not just them but the entire society and everyone who is related to the business. Successful businesses have “ethics” at the core of their heart and they consider themselves fully responsible towards their stakeholders.
For people in the business world ethics are a huge parts as it is for every other occupation in the world too. For business though ethics are the obligations a company has to their employees, venders, and customers. The individuals themselves to the organization as a whole can apply business ethics to all parts of the business. No matter where a person may go if they work for themselves or for fortune 500 companies, you will be working for a business and it is always good to have moral ethics and be able to see the importance in them. (Moral) For example when a person takes action on behalf of a business, that person exemplifies the business ethics to community and
“I am a great believer in luck, and I find the harder I work the more of it I have.” –Thomas Jefferson. A Business degree is a very common and widely chosen major. People that have chosen Business as a major have different reasons for picking it, but, all have the same outlook, work hard and make money. In a Business degree, there are some specific areas that target different aspects of the business world such as: Marketing, Accounting, Finance, International Business, and Economics. This degree should be thought of if someone is undecided, not only because it helps you for find a job, but also helps open many entry-level roles upon graduation, make a lot of money, and could potentially help the US grow and develop.
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
Any managers in an organisation would need skills that enable them to understand and get along with other people while getting the most out of them, for instance, their subordinates or colleagues in order to be able to get the jobs done and attain the organisational goals and these involves human skills.
The skills that I am referring to are Oral and Written Communication, Interpersonal, and Teamwork skill. These sets of skills have been identified US dept of Labor and other universities and learning Centers as the essential skills every person needs.
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.
1. Corporate Law for Ontario Business (2012). Farah Jamal Karmali 2. Business Dictionary (2010). http://www.businessdictionary.com/definition/separate-legal-entity.html
In order to bake the perfect cake, you need a great recipe, quality ingredients, and the optimal baking conditions, and even then perfection isn’t guaranteed. Live is uncertain and there is always a probability of failure regardless of the method. This definitely holds true for business as well. You can be the most able entrepreneur, with a great idea, and many resources, but your business could still under. However, preparation and a thorough understanding of the situation immensely increases the rate of success. “Strategy a View from the Top” by John A. Pearce Cornelis A. de Kluyver, reveals several techniques and aspects to consider when formulating a business plan.
“Ethics can be defined as moral principles that govern or influence a person’s behaviour and values are the context in which an organisation or society’s norms are established and justified” (buzz text book).Ethics are the guidelines helping us tell the difference between the is wrong and right. Most people are encouraged by ethics to normally do the right things. Ethics and values are based on individual beliefs and standards in society that one if from, they vary from person to person. Leadership is the authority and capability for one to lead people in an organization in order to achieve goals. They are the main role players in all the organizations and are crucial to their success. Ethics in a business means taking the precise way’
Business ethics and social responsibility are two concepts many individuals believe go along together for corporations in the business environment. Business ethics are the moral values a company uses to ensure all employees action in a standard manner when completing business functions. Social responsibility is typically a conceptual theory that governments and the general public hold, believing that businesses should not conduct themselves in a manner counter to cultural or societal norms. The connubial of these concepts happens when companies introduce a written code of ethics to demonstrate that the company only acts in its greatest interest so long as it does not damage the company’s social responsibility.
A good employee must have good verbal skills and critical thinking skills. These pertain to the mental and emotional aspects of a person. Interpersonal skills cover an array of skills. They can be from being able to negotiate for a desired aspect to recognizing the moods and emotional stability of others. A person has to be reliable and be able to stand for what is best, not only for themselves but for others. Being assertive, being able to lead, being someone who can persuade others to a cause shows someone who is dependable and strong. After all, I have learned that if I do not stand for what I want, I could easily be led to a path where I despise myself. To be the best I can be, I have to be able to define my boundaries with others and myself. By doing so, I can not only be my most productive and successful self, but others will learn what to expect from me. A company will know what to expect from me and will be confident in their decision to hire me, knowing I will bring them results they can be satisfied