Business ethics are important in conducting business transactions. There are several reasons for this. First, a firm that behaves ethically in conducting its business transactions reduces the cost of business transactions. For example, in conducting a business transaction, there is always a gap between order entry by the customers and shipping of the products by the company and payment made by the customers. The gaps between these different stages of business transactions are likely to create an unethical situation for the completion of the sale, because either customers can hold the company hostage by not making timely payment or the company can make the customer hostage by not delivering the products. If this situation becomes prevalent, the convenience for the customers and the firms who behave ethically will be still reduced in monitoring each of transaction step. Or let us take another example, where small mom-and-pop's stores do not accept checks from their customers because of the anticipation of the insufficient funds in their accounts. This example shows...
This, in turn, increases the cost for the store for confirming that customers have sufficient funds and it may also increase the inconvenience for customers as the store might refuse to accept the checks. Similarly, customer theft is a major problem that a business encounters in keeping the costs of its products down for all the customers. Unethical behavior of some of the customers increases the cost of doing business because the store requires elaborate security systems to monitor the workplace.
Business Ethics and Its Importance How is the notion of business ethics important for management, work and organisations? Business ethics is a form of professional ethics guiding the moral conducts of business organizations. Business ethics applies to all aspects of business process relevant to the conducts of employee and the entire organization. In a contemporary business environment, a corporate organization is being viewed as a responsible corporate citizen. Building a strong ethical
ETHICS plays an important role in many areas of our business world. Take direct selling, for instance. How can you tell the difference between a legitimate business and a disguised pyramid scheme? To answer this question, we need to back up and look at what "ethics" are all about and, why they are important. Then we will look at the legitimacy of the two direct selling methods. What are ethics? Here
Ethics Imagine that it's your responsibility to select an ethics officer for your organization. What qualities, background, and experience would you look for? Why? Would you ever be interested in such a position? Why or why not? An ethics officer plays a significant role for an organization. In the selection of the right ethics officer for my organization, I would have to consider several major factors such as the personal qualities, background
Declaration of Helsinki In this article the author emphasizes that having a code of ethics is still as important as it has always been but this new code includes the idea of informed consent and how to deal with those that are unable to provide it. The author goes on to address how important human subjects are to the area of medical research but stresses that this importance does not outweigh
Professional Ethics for CPABrowning, Levin & Wolod is a large accounting company that recruits college graduates. This accounting company engages in college job fairs throughout the country with the purpose of hiring the best accounting graduates every year. The firm only hires recent graduates with an excellent understanding of AICPA�s Code of Professional Ethics. As part of the recruitment process, the firm invites candidates to provide a writing sample demonstrating
D.). When a company deals with its purchasing in unethical ways, it cannot suppose its suppliers to be trustable associates and guarantee business continuity. If one doesn't align with something, they shouldn't expect others to do it either. This weakens the entire value chain making it less aggressive in the market. Hence it is important for both buyer and supplier to connect in ethical dealings in their transactions (Ethical Buying or
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