In the 21st century of business, there are number of factors apart from the financial figures that play a vital role for the success story of the business corporations. These factors include the culture adopted by the business, philosophy of the management of the company, code of ethics and standards followed by business. The presence of all of these factors in the business’s ethical guidelines has a significant impact on the ability of the business organisations to perform well on the long term basis. In this report the Samsung Electronics’ ethical issues are studied along with the importance of the business ethics and Corporate Social …show more content…
Figure 1. Components of QBL concept 2.1.1 Profit
It is essential on the part of corporate organisations to frame the ethical standards so as to achieve the profitability of the business because the capacity of business corporations to earn profits to a large extent depends upon the ethical behaviour of the business organisation towards society and stakeholders. Maximizing profits of business should not be viewed as financial goal because it will not count business on the path of following moral standards rather the main objective of the business organisations should be more towards the increasing stakeholder’s value which automatically bring profits for corporations as well. Nowadays the definition of profitability in all reputed organisations is changed and it is viewed in context to the fair treatment of stakeholders in the organisations which is viewed to be in the best interests for the success story of the company. Furthermore, the corporations can portray their ethical behaviour by attracting consumers towards firm's products, thus improving sales and profits of the business (Akrani, 2011).
The importance of the business moral standards can also be well judged from the