The Pros And Cons Of Ethics In Business

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Recommended: APPLY CONCEPTS AND PRINCIPLES OF BUSINESS ETHICS

Ethics in business has many aspects to it. Ethical businesses can be hard to manage if the entity, management, or employees are unethical in their practices. Due to this it can cause undue stress on others who want to do right by the customer. There are many pressures on individuals who own, operate, and are employed by businesses. Our text book examines five of these pressures.
The first pressure of business is customers. Customers expect low prices and the service it to be top quality as well as the product. This effects the cash the company accrues through sales. If the customer isn’t happy with the product they will find another business to frequent. Customers expect lowers prices and if the company doesn’t deliver then usually there is a competitor close by, so the consumer can and will go to another business to get lower prices. Customers also look at the company 's reputation in the community and how they treat their employees. Our text explains that "customers, in expecting low prices, limit the amount of cash entering a company" (Drafke, 2009. p. 143). These are all factors that influence the customer and where they choose to shop.
Employees are the second pressure in business. Our …show more content…

As our text explains, "The action of competitors exerts pressure to put more money now into marketing, research, and product development" (Drafke, 2009. p. 143) it is truly a never ending competition. Therefore, there are many aspects that affect the resources a business has to work with from prices of product, operating costs, payroll, and many more. The business world uses all its resources to stay on top of the competition. . That is why any business must stay on the forefront of technology, as this is a huge asset in the world today for any business. It must use technology help in managing time, cost containment, and product in order to compete in this world of overabundance

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