Ethical Challenges Of Ethical Business Practices Essay

2. Laws must be static and unyielding in order to provide stability for a society.

4. Read The Merck and River Blindness Case at the end of Chapter 9 of your text.

Business ethics are more than just words used to improve the image of a corporation; they are the very foundation of success. Business ethics should be applied at every moment the business has its doors open. According to chron.com, the term "stakeholder" covers a huge range of groups that have an interest in the organization. An interest does not have to be a formal relationship where the other party receives financial compensation or a product, but an informal relationship with someone who could be affected by the business. For example, a citizen who does not buy a company?s product or its shares can still be a stakeholder because the business?s actions affect his community. By employing people and paying taxes, the business?s presence could indirectly benefit

One issue of ethical business would be in regards to company loyalty. An employee that sees a fraudulent practice and then reports the wrongdoing to the general public or an authority figure is known as a whistleblower. Sissela Bok states that “whistleblowing makes public a disagreement with an authority or a majority view” (Bok, pg. 412). An example of whistleblowing in the real world would be in Bok’s Case C. In Case C, a newly hired assistant director of admissions has heard rumors of tampered transcripts and surrogate test takers specifically for student athletes.

There should be no monopoly in matters to do with ethical challenges in companies. These challenges affect all kinds of organizations, be it governmental, for-profit or non-profit. Some of these challenges can end in illegal defilements or civil liability for misrepresentation, fraud and misappropriation of properties. Other common ethical difficulties consist of actions that include conflict of interest, inadequate accountability and transparency, or misallocation of resources (Rhode and Amanda 28-35).

Ethics are what people think are right and wrong things to do. Ethical values can change from one person to the next. There are many businesses that have good morals- making them ethical; but there are also many businesses that have make unethical decisions in order to gain more money. Unethical businesses can hurt that community and environment. Businesses that have been recognized for being ethical include: Costco, Starbucks, and UPS. Although many businesses are ethical many have been recognized as unethical include Phillip Morris and Chevron.

32: List and explain Nash’s, Drucker’s, Buffet’s, Blanchard's and Peale’s comprehensive approach for resolving ethical dilemma

While each business has a unique culture, environment, and business structure leading to the success of the company, there is always an ethical way of conducting business. We live in a domain where change is the only constant; new businesses are being created, businesses are expanding, growing in monetary value and stakeholder integration, and currently lead the success of a thriving economy. The businesses that stand apart from competitors

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

Every year in the United States there are many business’s that shut down due to unethical practice. There are many people who run a small business or even a multimillion business that don’t know exactly what ethics are. Ethics are rules which I will go into detail later. There are many reasons why we should follow those rules, how it effects the reputation of the company, what are the outcomes of ethical actions, and what are the outcomes of unethical actions.

In this essay I will be answering the question; Are businesses that act unethically destined for failure? It’s no secret that many, if not the majority, of the world’s most famous companies have been accused of acting in an unethical manner; but the unasked question is why do so many get away with acting unethically. The definition of the ethics is “the study of practices and policies in business, to determine which are ethically defensible and which are not” (Jennifer Jackson 1996 page one)

(Panza & Potthast, n.d.) Ethics is very important to a company’s success. Ethical behavior can bring benefits to a business. They can attract customers, which can lead to a boost in sales and profits. It can attract the right employees and increase productivity. It can also attract investors and keep the company’s share price high. Unethical behavior on the other hand can damage a company’s reputation and make it less appealing to stakeholders. It could also result in lower profits.

2. Ethical Issues in Business. It seems that every day in the news we are hearing of new company that has acted at least unethically and possibly illegally in the operation and financial reporting of their company's business dealings. There are many ethical issues in business. One major issue that we see is over and under reporting net income. Companies like to show that every quarter the net income of the business has an increase or profit. In order to show this they adopt unethical or illegal means in the operation and financial reporting. One such method is the indiscriminate use of stock options for employees that enable companies to take employment costs off balance sheet and inflate earnings. With the recent ethical issues we have

Every organization also has a profession responsibility to conduct business honestly and ethically. Our readings reported, “Experts estimated that U.S. companies lose about $600 billion a year from unethical and criminal behavior” Kinicki and Kreitner (2009). The organization could avoid having ethical issues by meeting the

Ethics is the branch of philosophy that deals with the principles correlated to human behavior concerning the rightness and wrongness of specific conduct, and to the good and bad that influences and ends those actions (Ditonary.com, 2011). In other words, ethics is the choice people effect in regards to a decision they need to achieve. Without ethics directing the choice an individual makes, moral preferences of what should or should not be done becomes irrelevant. While ethical decisions are made every day there are two different regions in which these choices are made.