General

BUSINESS ETHICS

Nneka Okwuosa Written by Nneka Okwuosa · 2 min read >

It is an interesting course that boarders on the intergrity of human morals and character.

It describes how man thinks as regards:

  • What is good and bad
  • what is his right standing?
  • How we judge

Ethics gives the background for business,such that it seeks to show how to apply moral standard and corporate governance in the business world.

Every business exists solely to make a profit. They provide people with goods and services, run by humans which as human beings has a unique perspective on life; thus, their decisions and actions at times do not necessary conform to societal expectations.

Business Ethics can be defined from a coined definition as a company’s behaviour is governed by a set of moral principles, which are referred to as business ethics. These values guide every decision the firm makes, including how it interacts with the general public and other businesses, how it treats its staff, and how it deals with its clients.

The case studies in Business ethics seeks to identify and evaluate the impact of unethical behaviours in firms in which could have financial implications, Job loss, dent the reputation of the organisation in other cases lead to shut down.

Are the codes broken purely for selfish interest or there other underlining factors for organisation breaking the ethical conduct.

So many factors affect how business ethics is perceived ranging from cultural, beliefs/religion, political etc, hence what is acceptable as a normal practice in Region A can be a serious penalty in another.

Since the course began, case studies have allowed us to clearly demonstrate how business ethics are frequently downplayed, with disastrous results.

NEWS OF THE WORLD

When one examines the case study of News of the World, one wonders why such an organisation has survived and not been punished for its problematic behaviour. 

The British tabloids were notorious for being cruel in their reporting; their victims were not spared, and even the royals were not free from the severe treatment. 

The newspaper used every unethical trick known to man to obtain information, including phone tapping, impersonation, bribing of police officials, and phone hacking. 

The list was extensive, but they paid the ultimate price – they had to close down, losing 200 years of commerce owing to a lack of ethical culture. 

When ethical principles are disregarded, there is always a cost to be paid, which may or may not leave a lasting impression on the minds of consumers.

One of the most important factors to consider in business ethics is the reputation of the company, your reputation builds the confidence of the people into the organisation.

An ethical company can create a positive image in the eyes of the public, which can help the business retain existing customers by assuring them that they are spending their hard-earned money on an ethical business and attract new customers. 

Furthermore, in today’s social world, dissatisfied customers can easily and quickly give reviews about the negative experience and unethical behaviour of the business, which can be detrimental to the company and its growth.

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Chinyere Monye in General
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