Business Ethics: Replies to Student Discussion. (4)

Business Ethics: Replies to Student Discussion. (4)

I need responses to the following students’ posts. The 4 Post is a response to the instructor. They should be at least a paragraph or two. This is for Business Ethics 400 class so please read the attached chapter one if you need reference. If you want to reference the chapter 1 for your sources I will attach it here : The Business Ethics Workshop (2012) Washington, DC: The Saylor Foundation. APA Format. It is for a forum setting so please do not use, …”This student’s post….”. Please write as if you are responding to the student.

1

“Learning Activity #1

Ethics: A Personal Perspective

Mrs. I.M. DeBoss, business ethics can be defined as providing reasons for how things ought to be in the economic world. This requires the following: arranging values to guide decisions, understanding the facts, constructing arguments, and finally, the last word in ethics is a determination about right and wrong. This actual result, however, is secondary to the process: the verdict is only the remainder of forming and debating arguments. That is why doing ethics isn’t brainwashing. Conclusions are only taken seriously if composed from clear values, recognized facts, and solid arguments (The Business Ethics Workshop (2012) Washington, DC: The Saylor Foundation, p.6). Ethics of any company are important if they want to be able to stay in business and be looked upon favorably.

Corporate governance shapes the culture as much or more by what it does than by what it says. Over time, with leadership that lives out the ideals espoused, culture begins to self-regulate, governing behavior in a way that accentuates what fits while rejecting what does not (Anderson, 2015). This is how ethics might be a reflection of the culture of a business.

References

Anderson, C. (2015, May 19). Culture: The Key to Corporate Governance. Retrieved from https://insights.ethisphere.com/culture-the-key-to…

The Business Ethics Workshop (2012) Washington, DC: The Saylor Foundation

Learning Activity #2

Stakeholders: Neglect At Your Peril

Employees, customers, and suppliers are the three stakeholders I consider the most important for a business. Without customers, a business will not succeed. Without employees willing to work for the company, it will be difficult for a company to have success. Without suppliers, a business will not be able to sell any products which in turn will drive away customers and employees since the company will not be able to pay the bills and many other associated expenses that are caused by trying to run said business. Generally speaking, stakeholders are those individuals and entities who have a vested interest in the success of the business. Cultivating a healthy relationship with stakeholders is critical because it impacts a company’s reputation (how well one is meeting the expectations of others) (Brown, R., Instructors Notes, Week 1, 2019).

Reference

Brown, R., 2019, Instructors Notes, Week 1″

2

“A stakeholder is an internal or external individual including employees, shareholders, communities, and customers that have a current or previous relationship with a company (“Ethical issues, ethical dilemmas, & legal issues”, n.d., p. 6). The three most important stakeholders one can consider for a business are employees, communities, and customers.

Employees are one of the most important stakeholders because they are the people behind the company’s vision and mission. They make the company execute its plans and ensure that the company remains profitable by sustaining or exceeding profits. They are also personally invested through their time, ideas, and initiatives. A business can cultivate a relationship with employees by creating a strong positive culture that is built on trust (“Corporate culture”, 2015, p. 5). A business’s ethical culture is reflected in its relationship with employees when a business trusts employees, therefore employees reciprocate the trust given to them by the business. This creates a culture of trust and loyalty where a business can rely on their employees, and likewise, employees can rely on the business to do the right thing for the employees.

Communities are also one of the most important stakeholders because they are the location where a business may conduct business through offices or manufacturing plants. Communities are embedded into a business through local workforces who work for the business and for members of the community who live there. They are one of the most important stakeholders because actions or decisions made by a business may have a direct immediate or future impact on these communities. A business can cultivate a relationship with communities by making decisions that are good for the local community and these decisions also accounting for long term consequences (“Chapter 1”, 2012, p. 18). Lastly, a business’s ethical culture is reflected in its relationship with communities by the priority made by a business in considering the communities in their decision making. For example, if a business decides to build a manufacturing plant in a small town simply due to the cost of land, they are not considering the communities ability to handle the new plant. The community may not be prepared for the increase in traffic, a sufficient number of homes, potential pollution, or increase of students at local schools.

The last important stakeholders for a business are customers because they have an external relationship with the company but are also the ones that keep the business running through their purchases of products or services. Without customers, there is no business, as it is not possible for the business to generate revenue. Customers are also one of the most important stakeholders because they drive innovation for a company through their request for new features or needs that are unfilled by current offerings by other companies. A business can cultivate a relationship with their customers by connecting with their customers and putting the business’s values over profit (Anderson, 2015). Lastly, a business’s ethical culture is reflected in its relationship with its customers by putting the customer first, and not profits. For example, if a company releases a defective product that will cost them millions to recall, and they decide not to recall the product, the business is prioritizing profits over their customers. But if a business decides to recall a product, and they are aware that this may cost them millions of dollars, they are putting the customer first and the business ethical culture is reflected on the recall.

References:

Anderson, C. (2015, May 15). Culture: The key to corporate governance. Retrieved May 22, 2019, from https://insights.ethisphere.com/culture-the-key-to…

Corporate culture: The second ingredient in a world-class ethics and compliance program. (2015). Retrieved May 23, 2019, from https://www2.deloitte.com/content/dam/Deloitte/us/Documents/risk/us-aers-corporate-culture-112514.pdf

Ethical issues, ethical dilemmas, & legal issues. (n.d.). Retrieved May 23, 2019, from https://learn.umuc.edu/content/enforced/386275-001… Issues Dilemmas Legal Issues1.pdf?_&d2lSessionVal=TG9eh1z80VHAM1JyZNilG8dS9″

3

“Learning Activity #1

Business ethics is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading or whistleblowing, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. (Twin 2019) The thoughts that come to mind when I hear the word “Ethics” is doing right by everyone including yourself and moral principles taught by my parents. It attributes to the standards of right and wrong that define the values of what we should do regarding obligations, benefits to society, fairness, or specific virtues. Yes, I believe ethics are important for a company since it aids in the foundation of expectation for the employee to adhere to. Without ethics employees won’t invest long term in the company when can reduce labour turnover and therefore increase productivity. It can also attract more employees which entails reducing recruitment costs and become more profitable.

Twin, A. (2019, May 10). Business Ethics: Fair Business Policies Within Controversial Subjects. Retrieved May 23, 2019, from https://www.investopedia.com/terms/b/business-ethics.asp“

4

“There are some who argue that life experiences, while enhancing one’s ability to resolve ethical situations, do not change to a significant extent one’s basic ethical nature. These proponents assert that innate characteristics and not life experiences are the more influential. What do you think of this argument?

How do you think a business should go about balancing the competing interests of its stakeholders?“

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