Essay on Business Law and Ethics

Words: 2377
Pages: 10

Business Law and ethics


The objective of this report is to highlight the importance and need of ethics, ethical leadership and organisation behaviour. The report is based on the speech of Michael Hackworth.

Leadership in fairness and honesty makes good business sense.

Organisation behaviours, culture, values, management style and ethics, all of them make a combination on which company success and failure depends. Every company in the world start by stating the mission, objectives, values, belief and structure. Every part of it influences each other. It is very difficult to maintain balance between them.
Michael Hackworth express that top management some time ignore the ethics and ethical boundaries which
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There should be appropriate understanding on the right of the customers. The possibility of utilization and explanation for it. Only the appropriate understanding between the seller and customer can reduce the exploitation between them.
Michael Hackworth, CEO of Aspirin Corp argued that when any company is trying to increase the profit, they also increase their prices of particular product into the market. Due to this exploitation came into existence. And the law states whenever any organization get unexpected profit. The competitor of the same product came in and decreases the prices of that particular product, resultant in below normal profit or even losses until the other company who is trying to exploit are vanished from the market. One another negative reason of exploitation of customer in order to get abnormal profits is customer move towards alternative products of same quality but with low prices from competitor. This is because companies who exploit for abnormal profits can lose their customer and also lose their believe among loyal customers which is ethically wrong for the overall health of business. Because customer loyalty of current and existing as well are potential customer is very important for business in order to reach into new heights and dimensions.

Exploiting Labour force

Child labour is bigger concern