Ethics acts as a countering factor to this need for what is externally known to success. Entine and Jennings allude to the financial aspect and its importance as a means to stability versus standards. For example, if a company chooses to market and sell a product that is free of antibodies and hormones, looking out for the customer, as opposed to selling those products that are not free of antibodies and hormones - placing monetary substance first – what is the validity of this business ploy as it relates to ethics? It would seem to adhere to capitalism based on external value in contrast to social economics; contrastingly, European countries do not inject by-products as an end to profitability. However, and in contrast to socialism, the common dominator as Entine and Jennings speak to is the relevancy of the “stakeholder”. What is the bottom line? What does it take to get there -- ethical or not. The other side of the coin, though, is what is the validity of the stakeholder to each company? If executives and managers dictate productivity via merchandise, the “stakeholder’s” causation then becomes limited and the power remains in management’s hands. Ethical value is applicable in this regard due to the fact that without conformity based standards, business opportunities remain…
Arnold, D. G., Beauchamp, T. L., & Bowie, N. E. (2013). Ethical Theory and Business (9th ed.). Upper Saddle River, NJ: Pearson Education…
The case study of Lillian Fok, Sandra Hartman and Kern Kwong in 2010 about differences and similarities in business ethical values has been done to examine ethical values that underlie business decisions in the U.S., China, and Jamaica. China transforms from a socialist based, command economy to a free market economy. Because of the transformation, China needs to change their mindset or probably their ethical values to adapt to the change. On the other hand, Jamaica has been already a capitalist country but it struggles to build the economy because of its colonial status from Great Britain (Fok, Hartman & Kwong, 2010). This paper will discuss how ethics plays a role in decision making for financial, environmental, and cultural issues, how positive and normative economics reflect in the case study, and how market efficiency, economizing and the market system affect the ethical values of the three countries: U.S., China and Jamaica.…
It seems as though that whether an action is ethically right or wrong is not the driving force that governs a business’s practices. It seems that some businesses today don’t use morals and ethics to gauge their actions. Instead, it seems some entities rely primarily on the legal system to legitimize their actions.…
Donaldson, Thomas, Patricia Hogue. Werhane, and Zandt Joseph D. Van. Ethical Issues in Business: A Philosophical Approach. Upper Saddle River, NJ: Pearson/Prentice Hall, 2008. Print.…
Good business ethics is just one of many ingredients necessary for a successful business. You cannot have a successful business if you take advantage of stakeholders that support and have a vested interest in your business. History has shown time and again that, when the opportunity to grab quick profits presents itself, ethics can all too readily take a back seat to the entrepreneurial spirit. Incidents or abusive behavior, harassment, accounting fraud, conflicts of interest, defective products, and bribery and employee theft can happen at any business. Corporations have a social responsibility, an organization obligation to maximize its positive impact on stakeholders and to minimize its negative impact. Wal-Mart and PETCO were both founded in the early 1960s’ and today have stores nationwide providing goods and services to millions of consumers. The steps taken by these two companies’ in regards to address and correcting allegations of unethical issues greatly impacted their reputation and sustainability.…
i. The economy is part and parcel of human activity and precisely because it is human, it must be structured and governed in an ethical manner.” Indeed, every economic decision has a moral dimension because every economic decision carries with it a moral consequence. This moral dimension extends not only to the activity of service providers, manufacturers, and financiers, but also to consumers who must recognize that purchasing is always a moral and not simply economic act. (page 994-995)…
TL Beauchamp and NE Bowie Ethical Theory and Business (5th Ed Prentice Hall Upper Saddle River NJ 1997) 34-35…
Becker, P. A. (Vol.1 No.1 2008 ). The Ethical Challenges for Enterprise and Risks to Consumers of Large…
Chiat uses strong, vivid word choice throughout his essay to give his readers a precise image of the schemes used by today’s advertisers. Chiat’s words “unrelenting”(213) and “24-hour-a-day drumbeat”(213) allow his readers to imagine how advertisers are constantly hammering their ideas into the heads of the viewers. Words such as “robs us”(213) allow Chiat to make the point that advertisers rob Americans of their view of life, replacing it instead with an “illusion”. Chiat also uses “seductive”(214) to give his readers a further understanding of what advertisers are seeking. Chiat is using words such as “seductive”(214) to enlighten consumers to the idea that…
Cited: Donaldson, Thomas, Patricia H. Werhane, and Margaret Cording. Ethical Issues in Business. 7th ed. Upper Saddle Rivery: Pearson Education, Inc, 2002.…
Michael Spinelli (2009), The Differences Between Kant and Aristotle [online] Accessed on 27/11/2012 Available at http://voices.yahoo.com/the-differences-between-kant-aristotle-3632521.html?cat=38…
Penny’s actions in this instance present some clear ethical issues. First, looking at Aristotle’s principle of “virtue ethics,” it must be determined whether the actions made by J.C. Penny are just, or fair, to their customers. Clearly, it is unfair for a company to deceive their customers into believing they received better deals then they actually did, and based on that analysis, Aristotle would have most definitely concluded the behavior of J.C. Penny to be unethical. Further, considering Immanuel Kant’s theory of the “categorical imperative,” and making decisions based off of the question “what if everyone did this?,” it is fair to assume that he would have determined this behavior unethical as well. If every company were to trick their customers similar to how J.C. Penny did here, it would be difficult to instill trust into the pricing methods of any business, which would slow the economy. Looking at Ross’s Prima Facie duties and the duty of beneficence, J.C. Penny’s decisions were not made to enhance the well-being of others. They purposely defrauded their customers in order to increase sales, which Ross would surely find unethical. The only theory that would consider the actions of J.C. Penny ethical is that of Utilitarianism. Bentham and Mill believed in making decisions based on what would affect the “greater good.” Here, J.C. Penny’s actions benefit its employees, shareholders, and suppliers by increasing their profit, in turn providing jobs for its employees…
Different people have different understandings of what constitutes ethical behavior. There are laws that help define what is legal and what is not, but the differences between moral ethics are not always clear. These types of moral ethics often lead to ethical dilemmas. According to Trevino & Nelson (2007), “it might surprise many people to learn that there were few laws protecting consumers before the 1960s. At the turn of the last century, consumers didn’t even have the right to sue a manufacturer for defective equipment.” (p. 217) No matter what type of business is run, there are ethical and moral dilemmas attached and in some cases, legal issues arise from unethical-based…
Donaldson, T, & Werhane, P.H. (Eds.). (2002) Ethical issues in business: A philosophical approach (7th ed). Upper Saddle River, NJ: Prentice Hall.…