What is Business Ethics? Business Ethics is the behavior that a business adheres to in its daily dealings with the world. The ethics of a particular business can be diverse. They apply not only to how the business interacts with the world at large, but also to their one-on-one dealings with a single customer. In the body of the essay will get into the importance of business, weaknesses of a business, and 5 strengths for a business and how to make the strength better (Center 2012). Ethics concern an individual's moral judgments about right and wrong. Decisions taken within an organization may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to behave ethically is a moral one; employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit.
Ethical behavior and corporate social responsibility can bring significant benefits to a business. For example, they may: attract customers to the firm's products, thereby boosting sales and profits, make employees want to stay with the business, reduce labor turnover and therefore increase productivity, attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees, and attract investors and keep the company's share price high, thereby protecting the business from takeover(Macrothink 2012). Unethical behavior or a lack of corporate social responsibility, by comparison, may damage a firm's reputation and make it less appealing to stakeholders. Profits could fall as a result. Along with good corporate governance, ethical behavior is an integral part of everything that a business does. Ensuring that employees understand the company's corporate values is achieved by the statement of business principles' which makes clear the behavior it seeks from employees. Businesses can have two types of...
Please join StudyMode to read the full document