The concept of business ethics arises from the tensions that exist between the different stakeholders of business. One of the central ethical questions of business is "In whose interests should firms be managed?" (Moriarty, 2016). There are different perspectives to this issue, usually perspectives of different stakeholders. For example, Milton Friedman's famous view that business exists to increase its profits is, more or less, adopting a view that only shareholders matter as stakeholders, and that managers have a sole responsibility to the interests of the shareholders, and further that the interests of shareholders are narrowly defined as increasing wealth. But there are other perspectives as well, and the stakeholder approach reasonably looks at these other interests – of employees, of customers, of communities and of the environment. Where these interests are unaligned, there is often tension and from this tension arises ethical dilemma. Thus, many businesses create guidelines for ethical conduct within their company. They do so for a variety of reasons. In some cases, it is merely covering of backsides, but in other cases, codes of ethics and ethical guidelines exist to legitimately outline what behaviors are and are not accepted when someone acts as...
These codes must be centrally defined because different people have different ethical standards, and different countries do as well. This gives rise to multinational corporations seeking to strike a balance between what can be very different ethical norms in different countries (i.e. with respect to bribery, for example).References
Moriarty, J. (2016). Business ethics. Stanford Encyclopedia of Philosophy. Retrieved March13, 2018 from https://plato.stanford.edu/entries/ethics-business/
STARBUCKS Evaluation a Business Code Ethics the purpose assignment assist refining problem-solving capabilities organizations possesses business ethics applications. This paper a structured, objective format called a system inquiry. Starbucks code of ethics Starbucks' mission The Starbucks Corporation has its origins in a small chain of coffee stores that was designed to replicate the European coffeehouse experience for American consumers. At the time of its birth in Seattle, most Americans' experience of coffee was confined
Business Code of Ethics Evaluation of Business Code Ethics Over the last several years, the issue of ethics has been increasingly brought to the forefront. This is because a wide variety of organizations have been facing some kind of high profile scandal involving an ethical dilemma. To address these issues, most firms have implemented a code of ethics for everyone to follow. The problem is that most people are not aware
Business Law Ethics Special Directions for Cases 1 -- 5: The following cases have been carefully chosen to represent several of the most pressing ethical dilemmas facing American business today. When answering the questions at the end of each case, consider the ethical character trait or traits that would guide your decision-making. Avoid the theory of subjective ethics. Be less concerned with the "right" answer and more concerned with applying the
Business and Ethics The business ethics checklist Organizational Decisions-Making on Substandard Products Unaccountable products from companies or manufacturers are often regarded dangerous, unsafe and substandard, both by the target consumers and government. Unfortunately, toy products stand among the most affected group of items within the field of production. Sub-standard products are those that do not meet the legal and safety standards and/or qualities set by the pertinent authorities. Such products may result due
There is no mention of any higher level ethical ideals and is composed primarily of transactional or procedural items. One item of interest found in the employees ethical code published by Wells Fargo, is that they have established what they call EthicsLine. This allows employees to contact an investigator (employed by Wells Fargo) to report any violations of the ethics code. The line is anonymous under most circumstances; only reports
Ethical Problems in Business PRINCIPLE: Ethics may be termed as the inner guiding moral principles, values and beliefs people use to indicate and identify what is acceptable and appropriate behavior whilst straying away from the opposite (Jones, 2007). However each individual may perceive different behaviors as acceptable and appropriate depending on the individual's own self-interests, attitudes, beliefs and values. To dig further into the aspects of business ethics, it is primarily a notion for
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