Business Ethics Paper

“Business ethics is the application of general ethical ideas to business behavior” (Lawrence & Weber, 2017, p. 94), and it’s through these ideas that good, bad, moral, and immoral decisions are made based on the foundation and framework of how we view life.

What is business ethics? It is formally defined as the critical, structured examination of how people & institutions should behave in the world of commerce. Specifically, it examines self-interest and profits, versus moral values and ethics. The Ford Pinto was a new stylish car, which gave Ford an ultimatum.

In the business world companies will run into times that they have to make decision based on ethics. This outcome may not be illegal, but unethical, which is just as important when running a business. Business Ethics is the concept of distinguishing between right and wrong and then making the right choice. The right choice may not always be the easiest or best alternative for the organization financially, but it is the greatest option for the company and its shareholders overall. The idea of business ethics is important to create trust between consumers, the community, and others involved with a given organization.

When the stock market goes up one day, and then goes down for the next five, then up again, and then down again, that’s what you call market volatility.

Business ethics is the principles and standards that define acceptable behavior in business organizations which is determined by customers, competitors, government regulators, interest groups, and the public, as well as each individual’s personal moral principles and values (Ferrell, Hirt, & Ferrell, 2013). Every business should present with ethical performance and socially responsible for the public.

The same ethical issues in the business world have been around for a long time. In theory business ethics is a practical regulation that dictates moral activity of commercial interests. The history of business ethics is founded in corporate social responsibility (CSR).

A business is created to make money, it may originally be made to help people, but in the end the pocket book of stockholders and owners is what managers focus on, and what employees are hired to do for the company. This means to do whatever it takes to make money, however, you need to stay with in the law and in many cases be socially ethical in business practices. When you fall out of these boundaries you will find yourself on the front page with your stocks dropping and a loss of profits you have been trying to increase. It is understandable that social ethics is not a companies sole priority, however, when you forget you have a

According to textbook Bovee and Thill define ethics as, “Ethics are the principles and standards of moral behavior that are accepted by society as right versus wrong. Practicing good business ethics involves, at a minimum competing fairly and honestly, communication truthfully, being transparent and not causing harm to others” (Bovee and Thill 71). Ethics is dependent upon a person’s conscience and how it puts one in a dilemma. While social responsibility is self-explanatory it is clearly defined interchange in the outer world.

Business ethics is a form of applied ethics it deals with ethical rules and principles within a business or commercial context, the various moral or ethical problems that can arise in a business setting, and any special ethical duties or obligations that apply to people who are engaged in commerce, including workers and managers, customers and suppliers, and the larger group of people who have some interest in the business.

Business ethics includes the principles and standards that guide behavior in the world of business. The ethical behavior of a company is being judged and determined by its stakeholders. They may not always be right but their judgment affects the company’s reputation in society. There are several benefits of business ethics. Ethics contribute to (Ferrell, Fraedrich, & Ferrell, 2011, pp. 18-21):

Ethics refer to the study of right and wrong behaviors in our daily lives. Business Ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. Government ethics refers to a professional code of conduct for those working in and for government and involves protocols about behaviors for individuals and groups like elected leaders, congressmen, and public servants. The purpose of all governmental communication is to encourage an “engaged citizenry.” Principles must be developed as a guide on whatever platform develops in the future. Business ethics are important in creating a cohesive understanding of the boundaries within an organization and the standards set for interacting with external stakeholders. It can also assist in protecting reputations and legal standings in the event of a breach of ethics by individual employees.

Business morals is seen by examiners as "an arrangement of ethic standards" and it gives an arrangement of tools of practising decisions, moral attitudes and behaviors, components which facilitate a person in his nature of direct participation in the organization's exercises, to take the most moral choices. The organizational culture impacts the conduct of each worker, heading them either to a moral methodology of their work (a perfect circumstance for mindful organizations) or to softening the moral standards (case where the organization might suffer in its long run, its reputation being harmed). Incorporating the data specified above, we help the authorities' assessment that "there is a sure likeness between an organization's organizational culture and an individual's identity, which accumulates an arrangement of obvious and less noticeable viewpoints, yet which gives the vision, direction, and energy for the development of the organization".

Describe the social implications of business ethics facing a selected business in its different areas of activity.

Ethics are to do with what is right and what is wrong. Ethics plays an increasingly important role in business. A business is part of society and just as society requires a certain standard of behaviour from individuals; it also expects businesses to abide similar standards. Business ethics is therefore the application of ethical values to business behaviour. It applies to all aspects of business conduct from boardroom strategies and how companies treat their suppliers to sales techniques and accounting practices. Ethics goes beyond the legal requirements for a company and is therefore a matter

Well-formed ethical principles provide benefits to an organization. but besides benefits ethical wrongdoings harms business management in many ways. Some of These ethical violations can be listed as theft, misreporting of working time, sexual harassment, misuse of power and authority, conveying incorrect information to customers or employees, etc. Therefore such unethical behavior can impact any business in many ways such as lost in sales, higher profits, loss of customer relationship ,etc. Hence ethical approach is fundamental for good business practice.