Business Ethics Essay - 2406 Words

A business is not one that lives in isolation; it can be an integral part in a community’s success or demise and has social responsibilities to; the community, stakeholders, and anyone who may be affected by a company’s actions. Corporate social responsibility is a term that is never used lightly and is a key role in the development of a successful and morally healthy business. â€Å"The objectives of a corporation are to outperform its competitors, presumably through preferred competitive strategies† (Joseph Heath 123). There are three main models by; Freeman, Friedman and Heath discussing corporate social responsibilities and all have distinct differences between their moral obligations, and the way they perceive business should be ran in a†¦show more content†¦Friedman’s argument that a companies only social responsibility is to make money is extremely flawed and immoral. Most people would agree that the main goal of a company is to turn a pro fit, and to be sustainable, this Friedman is correct in saying. Where he starts to be mislead is when he does not think that there are any social obligations of a company. Friedman says that businesses must â€Å"increase its profits so long as it stays within the rules of the game† (Milton Friedman 65). What are the rules of the game, many would say it is the law, correct? Would child labour be considered within the rules of the game for a North American based company? Most people would agree that child and slave labour is wrong and against the law for these companies. What if child and slave labour was used in a different country? If a company had product made in a foreign country and imported back to North America, this would be okay because it is legal in the manufacturing countries? This is something that Friedman overlooked when coming up with his argument, saying that you must stay within the rules. This situation would be considered in the rules but is it morally and ethically correct? They are maximizing profit, but are supporting slave labour and also moving North American jobs into other countries. An executive must have the power to intervene in this situationShow MoreRelatedBusiness Ethics Essay3440 Words   |  14 PagesThe Moral Compass essay Ethics relates to given principles that govern behavior and conduct of a human being. Business ethics on the other hand is the code of a conduct that a company or an organization abides to in the day to day operations with the public (Conjecture Corporation, 2011). Making profits and high volume sales should not be the only goal of a business, a good reputation to the public is also very important for the survival of a company. This has led to companies formulating theirRead MoreEssay Business Ethics1686 Words   |  7 PagesThe stockholder and stakeholder theories are two popular frameworks used to examine the purpose of business and its ethical obligations. With reference to the quote above, both theories seem rational and enjoy strong support. However, a common failing of both is typically how humans interpret and implement the theories in contemporary business environments. For instance, Enron was so focused on the raising the price of their stock that they â€Å"cooked the boo ks to produce fake profits†1. This paperRead More Business Ethics Essay1171 Words   |  5 Pages In today’s global society, a Code of Ethics policy is used to label established, acceptable behaviors among that industry’s business associates, potential investors, and the corporation’s executive officers and employees, and most important, the consumer (Ethics Resource Center, 2003). 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This area addresses numerous issues, problems, and dilemmas within the management of businesses. It does this through numerous perspectives and methods. Of course, in order to present the complexities of business ethics, we must explore the types of issues that business professionals are confronted with all the time. Business ethics not only portray to humans, but also to how businesses treatRead MoreEssay on Business Ethics779 Words   |  4 PagesKristine Martin Business Ethics Unit 3 Case Summary -China, India, and Wal-Mart: Issues of Price, Quality, and Sourcing:: Case Questions: 1. What are the ethical issues associated with Wal-Mart’s extensive sourcing of low-cost products from China? Wal-Mart pricing is too low. As the worlds largest retailer, Wal-Mart leverages its huge orders to convince factories to sell goods at low prices that are not sustainable. 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Of course, in order to present the complexities of business ethics, we must explore the types of issues that business professionals are continuously confronted with. To understand one must know the definition of corporate ethics as wellRead MoreEssay on Business Ethics1066 Words   |  5 PagesBusiness Ethics The statement has been made that ethics has no place in business and the implications of this statement and its inferring characteristics provide a complex issue in the operation of national and multinational corporations. Because ethical decision making is often not as profitable as choices that do not embrace ethical elements, the perspective has emerged that the nature of an effective business mindset inherently brings about unethical behavior. In order to considerRead MoreBusiness Ethics Essay944 Words   |  4 PagesUnderstanding Business Ethics Unit 37: National Diploma Assignment brief TASK 1: Scenario: Business ethics - a study of a selected company With growing interest among consumers regarding the business ethics of the businesses brands that consumers buy, Westminster council wants to conduct an independent review of some of the organisations that sell their goods and services in the borough. You have been asked to select one of the following brands and conduct research into their business ethics.