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  • Published on: 14th September 2019
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INTRODUCTION

Business ethics, the term 'business ethics' came into common use in the United States in the early 1970s. By the mid-1980s at least 500 courses in business ethics reached 40,000 students, using some twenty textbooks and at least ten case supported by professional societies, centers and journals of business ethics. The Society for Business Ethics was founded in 1980. European business schools adopted business ethics after 1987 commencing with the European Business Ethics Network. In 1982 the first single-authored books my view, can simply be defined in terms of social and ecological responsibility of business. According to this definition, business ethics requires that business decisions should not be made exclusively from the narrow, economical perspective, but also the social and ecological concerns should be taken into account. This means that people who work in the business life should consider how their economical decisions affect other people, environment or the society on the whole. In other words, it means that the interests of all the relevant parties, or "stakeholders" are acknowledged and weighed.

This view can be contrasted with the claim that the responsibility of business is limited to the interests of the shareholders. Thus, the managers of corporations should focus merely on the economical factors in their decision-making. As Milton Friedman has famously argued "the social responsibility of business is to increase its profits".

The "stakeholder" approach to business is especially made known by Kenneth Goodpaster who defines the term as follows: "A stakeholder in an organization is (by definition) any group or individual who can affect or is affected by the achievement of the organization's objectives." As examples of such stakeholder groups Goodpaster mentions employees, suppliers, customers, competitors, governments and communities.

Many textbooks of business ethics seem to be primarily concerned with the responsibility of individual firms and their managers. Social and ecological responsibility of business, or the rights and duties of various stakeholder groups, is discussed from this point of view. These books deal with problems and practices such as employee rights, advertising or environmental issues that are in the interests of Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. These ethics originate from individuals, organizational statements or from the legal system. These norms, values, ethical, and unethical practices are what is used to guide business. They help those businesses maintain a better connection with their stakeholders.

Business ethics refers to contemporary organizational standards, principles, sets of values and norms that govern the actions and behavior of an individual in the business

organization. Business ethics have two dimensions, normative business ethics or descriptive business ethics. As a corporate practice and a career specialization, the field is primarily normative. Academics attempting to understand business behavior employ descriptive methods. The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns. Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. For example, most major corporations

today promote their commitment to non-economic values under headings such as ethics codes and social responsibility charters.

Adam Smith said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. Governments use laws and regulations to point business

ETHICAL ISSUES IN FINANCE

Fundamentally financial is a social science discipline. The discipline borders behavioral economics, sociology, economics, accounting and management. It concerns technical issues such as the mix of debt and equity, dividend policy, the evaluation of alternative investment projects, options, futures, swaps, and other derivatives, portfolio diversification and many others. The people to be a discipline free from ethical burdens often mistake finance. The 2008 financial crisis caused critics to challenge the ethics of the executives in charge of U.S. and European financial institutions and financial regulatory bodies. Finance ethics is overlooked for another reason issues in finance are often addressed as matters of law rather ethics Finance paradigm. Aristotle said, "the end and purpose of the polis is the good life" Adam Smith characterized the good life in terms of material goods and intellectual and moral excellences of character. Smith in his The Wealth of Nations commented, "All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.ness behavior in what they perceive to be beneficial directions. Ethics implicitly regulates areas and details of behavior that lie beyond governmental control. The emergence of large corporations

with limited relationships and sensitivity to the communities in which they operate accelerated the development of formal ethics regimes. Maintaining an ethical status is the responsibility of the manager of the business. According to the Journal of Business Ethics "Managing ethical behavior is one of the most pervasive and complex problems facing business organizations today" companies in the field appeared.

ETHICAL ISSUES IN MARKETING

Marketing ethics came of age only as late as the 1990s. Marketing ethics was approached from ethical perspectives of virtue or virtue ethics, deontology , consequentialism , pragmatism and relativism. Ethics in marketing deals with tHuman resource management occupies the sphere of activity of recruitment selection, orientation, performance loopappraisal , training and development , industrial relations and health and safety issues. Business Ethicists differ in their orientation towards labor ethics. Some assess human resource policies according to whether they support an egalitarian workplace and the dignity of labor.  Issues including employment itself , privacy , compensation in accord with comparable worth , collective bargaining (and/or its opposite) can be seen either as inalienable rights or as negotiable.  Discriminationby age (preferring the young or the old ), gender/sexualharassment, race , religion, disability , weight and attractiveness. A common approach to remedying discrimination is affirmative action.he principles, values and/or ideals by which marketers (and marketing institutions) ought to act. Marketing ethics is also contested terrain, beyond the previously described issue of potential conflicts between profitability and other concerns. Ethical marketing issues include marketing redundant or dangerous products/ services transparency about environmental risks, transparency about product ingredients such as genetically modified organisms possible health risks, financial risks, security risks, etc., respect for consumer privacy and autonomy, advertising truthfulness and fairness in pricing & distribution. According to Borgerson, and Schroeder (2008), marketing can influence individuals' perceptions of and interactions with other people, implying an ethical responsibility to avoid distorting those perceptions and interactions. Marketing ethics involves pricing practices, including illegal actions such as price fixing and legal actions including price discrimination and price skimming . Certain promotional activities have drawn fire, including greenwashing , bait and switch , shilling , viral marketing, spam (electronic) , pyramid schemes and multi-level marketing. Advertising has raised objections about attack ads , subliminal messages, sex in advertising and marketing

in schools.

FIVE ETHICAL ISSUES ISELECTED IN THE AREA OF GLOBAL ECONOMY

• The implication of globalization and its effects on both the earth poor and the Earth itself

• It illustrates how poverty goes hand in hand with environmental degradation

• The economic and moral impacts of international financial andregulatory organizations are analyzed and discussed

• The article demonstrates how the economically marginalized suffer not only from the obvious lack of food, clothing, and shelter but rather also from polluted air, an unpotable water supply, and macro issues such as global warming.

• it concludes with the recommendation of looking to the economy of the Beatitudes of the New Testament for solution.

WHAT SOLUTION WILL YOU PROVIDE TO THE ETHICAL ISSUES ABOVE

• To provide institutional sector to the managers

• To standardized the price control of the product

• To bring the product in a very good price

• Modernization of the business environment

• To reduce of the high price of product

CONCLUSION

Despite the fact that Business Ethics clarifies entrepreneurship as an activity with moral demands, and points at immoral practices in business activities, its task is to moderate and help eliminate negative phenomena and processes in a new global environment. As extremely important appears to be regulation of business activities in a new global environment with the help of ethics, and in the interest to moderate existing problems, risks and threats of global character. This task sounds general but more concrete tasks come out of it. It is connected with the requirement of entrepreneurial subjects to adapt to the conditions in a way that people and the nature do not suffer. Many problems faced not only by business subjects but also global citizens can be avoided in case when moral values are considered in particular economic processes and activities. Despite the fact that nowadays many business subjects do not pay attention to ethics in business, or searching for economic activities based on values and do not consider moral regulation for effective instrument of problem solution in entrepreneurship.

References

1 Ferrell, O. Business ethics: ethical decision-making and cases. Fraedrich, John., Ferrell, Linda. (Eleventh ed.).Boston, MA. ISBN 9781305500846. OCLC 937450119.

2 Smith, A (1776/ 1952) An Inquiry Into the Nature and Causes of the Wealth of Nations. Chicago, Illinois: University of Chicago Press, p. 55

3. ^ Jones, Parker, et al. 2005, higher cost of products

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