An Informative Report for Owners, Managers and Leaders of Organisations in Emerging Markets
Table of Contents
1. Executive Summary 3 2. Introduction 4 3. Approach and Methodology 5 4. What is Business Ethics? 5 5. Why is Business Ethics Important? 6 6. The Approach to Business Ethics 7 7. Conclusion 8 8. References 9
1. Executive Summary
There are many factors to consider when a company does business with another. Many global businesses give very little regard to one of the most important aspects. There emphasis is making money and profit.
There is nothing wrong with making money and profit, but the manner in which you make it raises the questions of “Business Ethics.”
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5. Why is Business Ethics Important?
Today, business is not just about making money or profit. Although there’s nothing wrong with it, but the reality is, business are expected to live up to various standards of responsibility when dealing with the outside world.
Normally these expectations come from the various role players within the organisation, but can also be from external factors like, suppliers and customers and society.
According to Rampersad (2004), every organisation has an ethical duty to its shareholders, employees, customers, suppliers and the community at large. In the same do everyone have to contribute to the values of the organisation.
The effectiveness about this type of ethical behaviour is if everyone meets the highest ethical standards and values of the business it will provide benefits to all.
Businesses who adopt the characteristics of creating an ethical environment are likely to make decisions which promotes social responsibility than profit seeking motives. This can influence other organisations or employees entering the organisation for the first time with unique values that promotes the common good of the business.
Organisations also have an ethical duty towards it suppliers and customers. This duty can be to buy in the best quality goods from its suppliers and inform customers what type