Business Ethics

Topics: Business ethics, Corporate social responsibility, Ethics Pages: 13 (4360 words) Published: October 13, 2014
HND Business and Finance
Unit 45: Business Ethics
Lul Mohamed

The concept of business ethics applied in Pfizer, M&S and Shell Global Plc.

Name: Lul Mohamed
Student ID:
Assessor:
Date: 12/10/2014
To: Pfizer Managers/Directors,
From: Lul Mahamed
Subject: Ethical perspective and corporate responsibility of Pfizer, M&S and Shell Global Plc. Date: 12/10/2014
Pfizer pharmaceutical company
According to recent studies, Pharmaceutical company that provide and innovate biopharmaceutical as a medicinal business such as Pfizer are subject on their ethical behaviour. Likewise, Pfizer is a Pharmaceutical firm that have recently been question on their ethical behaviour and standards. The organisation was unsuccessful on their takeover bid on British company AstraZeneca, due to their recent scandals on animal testing, testing drugs on children and bribery issues to resolve their illegal activities (paying 60 million to settle their charges). Each businesses should take into consideration their ethical standards and corporate social responsibility (CSR) . Therefore, it is inevitable to maintain sustainability in order to achieve good public image and reputation within their stakeholders. This report will examine the ethical behaviour including the Corporate Social Responsibility of Pfizer, M&S and Shell Global Plc. Pfizer primary mission is to improve the health welfare of each of its stakeholders needs and wants (Pfizer, 2007). The company uses science as a mechanism to create ways of establishing standards on their safety, quality and values which results in ways of expanding and producing medicines. The vision of the company is to prevent the wellbeing of its stakeholders and prevent illness through consistent research of bringing up treatment and cures. Historically, the firm existed more than 150 years cooperating with government, healthcare worker and local communities to support and develop and acquire inexpensive and dependable healthcare throughout the globe (Pfizer, 2007). According to the company website, Pfizer main objective is to "strive to set the standard for quality, safety and value in the discovery, development and manufacture of medicines" (Pfizer, 2007). The company Mission Statement is therefore to become a market leader in terms of their patients, customers, colleagues, investors, business partners, and the communities where they operate. In other words, it is the firms objective to strive, achieve and sustain its leading place as the world's premier research-based pharmaceutical company. According to Business Organisation and Environment study, ethics is known as the moral judgements about right and wrong that can affect a firms decision making policy (Business organisation and environment, 2014). Behaving in an ethical manner brings significant benefits towards any com[any which includes Pfizer. For example, they may: Increases the attraction of the firm's products due to added value, thereby boosting sales and profits. Good reputation towards its main stakeholders, i.e. good public image with their customers. Employees are likely to stay with the business, reduce labour turnover and therefore increasing productivity. Attracting new employees to work for the business, thereby reducing recruitment cost and facilitating to recruit most talented employees. Avoiding legal institutions charges and huge fines such as Greenpeace, politicians and environmental groups. Improves external Audit Reporting; hence, attracting investors which keeps the firms share price high, thereby protecting the business from takeover. In a mission objective Pfizer indicated that the company is dedicate to humanity's quest for longer, healthier, happier lives through innovation in pharmaceutical, consumer, and animal health products (Pfizer, 2007). Yet, reports showed that the firm were not in absolute achieving their mission objective. To achieve these mission objective set by the company,...
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