Meaning of Business Ethics

Categories: Business Business Ethics

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1. Discuss why Ethics is important in business? 2. Do you agree with Milton Friedman that the only responsibility of business is to maximize profit? Why or why not? Discuss your answer. 3. What is philosophy? Do you have a personal philosophy in life? If so, what is your personal philosophy? 4. Explain the phrase “ the rules of are non-moral in character but the violations of the rules on etiquette can have moral implications” Cite a concrete example 5. How is Ethics related to Economics? To Education? 6. Answer this Case: ETHICS vs PROFIT.

A large American company participates in a highly competitive industry.

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To meet the competition and achieve profit goals, the company has chosen the decentralized form of contribution, market penetration, and return on investment. Failure to meet the objectives establish by corporate management for these measures is not accepted and usually results in demotion or dismissal of a centre manager. An anonymous survey of managers in the company revealed that they felt pressured to compromise their personal ethical standards to achieve the corporate objectives.

For example, certain plant locations felt the pressure to reduce quality control to a level that could not ensure that all the unsafe products would be rejected.

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Also, sales personnel were encourage to use questionable sales tactics to obtain orders, including offering gifts and other incentives to purchase agents. The chief executive officer is distributed by the survey findings. In his opinion, the company cannot condone such behaviour. He concludes that the company should do something about this problem Questions: 1. What are the ethical problems mentioned in this particular case and what are the

probable causes of the problems The ethical problem in this case is that the managers of the company used unethical strategies in reducing the cost of operation and used questionable tactics to obtain sales orders.

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The probable causes of such ethical issue is that the company have a high standard of goals and objectives to reach that made the managers feel pressured to reach those goals. This leads managers to do unethical strategies like used of questionable tactics to increase their sales and lower quality control of products to reduce cost. 2.

Is it alright to do something illegal or unethical to maintain the company’s image and profitability? On my opinion, using unethical strategies to maintain the company’s image and profitability is not good and could destroy company’s image and profitability in the future. In the present problem unethical strategy may be a good help to the company but it may tarnished the reputation and operation of the company if clients will start to complain about the company’s products as well as the credibility of the company. This may turn to a negative effect to the company’s profit and image.

In the long run, wrong dealings and corruption will tarnish the image of the business and have a negative effect on sales and profit. Business people ought to comply with the law requirements and observe laid down principles of morality in their dealings. They should seriously consider expectations of the community they serve. 3. If you are the CEO of the company, what should you do and why? After reading this case and analysing the issues of the company there are better solution to change the strategies and the ways of the managers.

First, I would look to the statistical data of each managers and the flow of operations they made in their specific area. I would check the past, the present and forecasted sales of each area and analysed the on what area managers have failed to made solution. Second, I would set a meeting with the managers to asked their concerns and issues in reaching the company’s objective and goals if they could comply it ethically. Reaching out about your employees concerns and opinions could be a big help in making solution to problems to prevent unethical issues.

Though the goals and objectives of the company is hard to comply it is best for the managers to be honest and open to its top management because the problem will not be solved if they continue to keep it to themselves. In every problem there is a solution as long as there is harmony and honesty between employees and the management. A problem will always be solved when everyone in the company is helping to solve it. Lastly, I would implied rules regarding unethical strategies in order to protect the company’s image as well as its future operations.