$20 Bonus + 25% OFF +
5
%
Cashback
information
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Business Ethics: A Managerial Approach

tag 184 Download3 Pages 590 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

What is Business Ethics?
 
 

Answer:

Business ethics

By ethics we mean something right or wrong and deal with morality. Different people view ethics differently. Being ethical may not always mean to follow the laws. Business ethics is also termed as corporate ethics. In business, ethics is viewed as certain principles or morals that people must abide by or follow in the organization. Ethics is based on the five theories. They are

  • Egoism
  • Utilitarianism
  • Deontology
  • Care ethics
  • Virtue ethics
1. The Egoism theory was proposed by Ayn Rand and Adam Smith. It highlights on the fact that something can be good or bad, or it may be right or wrong depending on how it satisfies the needs and desires of a person.

2. The Utilitarianism theory was proposed by Jeremy Bentham and J.S. Mill. This theory highlights on the fact that one should do those works which will give him greatest happiness (Parboteeah & Cullen, 2013).

3. The Deontology theory was proposed by Immanuel Kant and W.D. Ross. This theory states that people should choose those works which will recognize one’s duties.

4. The Care ethics theory was proposed by Carol Gilligan and Virginia Held. The theory states that people should choose certain woks that involves taking care of another people or supporting the weaker or the vulnerable.

5. The Virtue ethics theory was proposed by Aristotle and Confucius. It highlights on the fact that the actions performed by people are in fact the traits that are embodied within the person.

Considering on the ethical theories the business also functions on these theories. Often people do something which may be unethical to the business organization, but may be ethical to the person. An example of this can be given from the following case study (Boylan, 2013).

A pharmaceutical company BioPharmaWizard limited developed a drug which could treat a certain type of cancer, the results of which have been encouraging. Patients were contacted by physicians for the application of the drug. The patients to be treated were strictly mentioned. The persons who had their surgeries in the last three months were eligible. A doctor named Hortense Rhys-Martin decided to include a patient of hers who had the surgery about six months ago. For including her in the study she even alters the date of surgery. She is of the opinion that three months restriction cannot outweigh the potential to help her patient.

 From the above case study example it can be seen that people often go beyond the organizational ethics to fulfill their personal morals and ethics which is guided by Care ethics theory. Since all the companies consist of people, so the companies like the people itself make moral mistakes. It must be noted that people develop if not guided by the rules and regulations set by the authority. People must engage in their own moral reasoning (Rothlin & Haghirian, 2013).

Business ethics is often based on the stakeholder framework which has three levels: 1)value proposition 2) principles for stakeholders 3) respect for standards of conduct. The model clearly states that

  • ethics is not a choice
  • business ethics revolves around the fact that business should be taken seriously
  • commitment must be shown towards ethics
  • the organizations must manage based on all the three levels of stakeholders framework
  • there should be n rule that a size fits all.
 

References

Boylan, M. (2013). Business Ethics. Hoboken: Wiley.

Parboteeah, P., & Cullen, J. (2013). Business ethics. New York, NY: Routledge.

Rothlin, S., & Haghirian, P. (2013). Dimensions of teaching business ethics in Asia. Berlin: Springer.

OR

For years, MyAssignmenthelp.com has been operating as one of the cheap assignment help providers in the USA. We are one of the best college paper writing services that keep service price minimal. We do not let the affordability of our service to hamper the standard of our work. We have separate teams of experts to provide report writing help . At MyAssigenmnthelp.com, we believe in earning credibility, so students can pay for assignments only after getting satisfied solutions. Tough assignments bother you? Trust us with your project. You will not regret paying us to write assignments for you.

Most Downloaded Sample Of Management

Toulin Method Of Argumentation

Download : 289 | Page : 1

You are required to write a researched argument essay that convinces persuades the reader of your position / stance. This is an academic, researched and referenced document that demonstrates your understanding of the objectives of the course. The structure of the argument will follow the TOULMIN METHOD of argumentation.

Read More arrow Tags: Australia Arlington Management University of New South Wales 

Consumer Behavior Assignment

Download : 211 | Pages : 9

Executive Summary The purpose of this report is to elaborate the factors which are considered by individuals before selecting an occupation. Choosing an occupation is indeed a major decision of everyone’s life and it does give a shape to where he would be heading in the course if time. The report begins with a list of various occupations which have been going since the human civilization started though it has indeed changed its form to...

Read More arrow Tags: Australia Arlington Management University of New South Wales 

Internet Marketing Plan For River Island

Download : 371 | Pages : 13

Introduction With the increase enhancement in the field of technology, it has been considered essential by the businesses to implement such technology in their business processes. Further, the increasing demand from the customers regarding the better quality of products and services delivered to their doorstep has also necessitated for the businesses to implement the e-business strategy in their business processes. E-business which is common...

Read More arrow Tags: Australia Arlington Management University of New South Wales 

Strategic Role Of HR In Mergers & Acquisitions

Download : 330 | Pages : 9

Executive Summary In a merger & acquisition, role of an HR has emerged as a very critical function. At each stage of merger and acquisition process, HR plays a strategic role. The importance of role of HR part in integration of the merged companies should not be taken lightly and should be handled very carefully and with due planning. At pre acquisition stage, due diligence should be taken before the start of the process and HR must carve ou...

Read More arrow Tags: Australia Arlington Management University of New South Wales 

Relationship Between Knowledge Management, Organization Learning And HRM

Download : 363 | Pages : 7

Introduction In this competitive business environment where every business organization is trying to attract the customers of each other, it becomes essential for these organizations to remain competitive by innovating new ideas and thoughts, so that value added products and services can be provided to the customers. The motive of such organization in providing value added services to their customers, require their employees to be quite effect...

Read More arrow Tags: Australia Arlington Management University of New South Wales 
Next
Free plagiarism check online Free plagiarism check online on mobile
Have any Query?