Explain two reasons as why is it important that businesspeople study business ethics?
The business ethics are the base for a successful and efficient working enterprise. The reasons why a business person needs to learn about the business ethics are given below:
Improves Business Reputation
The business ethics helps the business owner to make the reputation in the market in a positive manner. The business and the business man both enjoy both in working in a positive goodwill in the market. The ethical working of the business makes the parties and other related associated members will be retained in the business. The customers and investors will be inclined towards the business. The most prominent and knowledgeable employees will also be retained and will be working in the business.
Prevents from Future Risks
Business with good and responsible ethics brings in the legal and free from the environmental risks. The ethical working keeps the organization error free and away from the legal penalties which can occur due to the lack of attention. If a business is working ethically the enterprise will be morally true and hence risks can be mitigated.
Compare and contrast the stakeholder and shareholder models of corporate governance
Shareholders can be called as the stakeholder, but shareholders cannot be called as the stakeholders of the company. A shareholder is the member of the company which also owns the public company in the market, but whereas a stakeholder is only limited to the efficient working of the operations and the financial performance of the company. Any person who is interested in the financial operations of the company can be a stakeholder like a financial analyst, a potential customer, any investor and any other external body who disowns the company. But for the condition of owning shares in the company is the basic requirement to be fulfilled. A company can make a stakeholder be converted into shareholder by selling a share to the individual.
Moreover the duration of the interest of the stake holders is more than that of a shareholder in the company. The interest of the stakeholder last beyond a particular event while a shareholder is interested until the hold of the shares.
Why is corporate intelligence important to business? When does it become unethical?
Corporate Intelligence makes the working environment in the corporate sector more reliable and accountable to work with. The employees need to be intelligent and work on the basic tasks with a innovative way. This will enhance the work quality and improves the technique to perform the assigned task in a new and interesting manner. The inputs of corporate intelligence make the business and organization both more profitable.
The corporate intelligence in the business creates a chaos within the acquiring more of the knowledgeable and skilled people around. There generates a greed and thus the companies are forced to recruit the workforce in the organization with the unethical practices. The supply of the human resources exceeds the actual demand of the employees in the organization. Hence with the greedy nature the corporate intelligence becomes unethical in nature.
Describe two (2) ethical issues affecting consumers and society as a whole which are created by unfair competition?
The two most important parties which are directly concerned with the business are owner and the customers. The business operates for the customers and by the earnings received by the customers. The other is the society in which the customer lives in; a healthy and positive society is favorable to the business.
The ethical manner guides the business owner to do the function following the ethical principles from the production unit till the product is being delivered to the consumer in the market. The product should be safe for the use in the general and usable terms. The product should be non-hazardous and if the product is hazardous in nature it should be clearly mentioned on the product.
The waste is the by-product of the manufacturing unit a company should not exceed the permissible limit laid down by the government. The waste generated by the company should be managed in a way such that the customers and the society are not adversely affected. The waste produced not only harms the environment but also cause several disease which degrades the quality of healthy people.
Describe and demonstrate some of the similarities and differences between principles and values. Why are principles and values important normative considerations in ethical decision making?
Values are the personal beliefs which are against and favor of certain things and are rigid in nature. A principle is the truth on which a belief is based on. The values are not easily changed, as when compared to the principles laid down by the individual or group.
The values are based on qualities whereas the principles are based on the rules. The objective of the rules is to help the principles, and the principles are based on the values and also promote the values.
Basically, the values and principles give a common ground to work on a common agenda and are based on the progress and the development at organizational and individual. The value gives a reflection to grow and develop to stay focused to the quality and the personality of the company and employees. The values and principles when are integrated together builds the customer loyalty, retains the good and efficient employees, it also develops a positive and workable environment, which also jeeps the moral and motivation in the employees high.
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