Question

Plz show maturity in answers and relate to current situations (Ex: COVID-19) to write an essay(not less than 300 words) to answer question as followed:

“It is enough for companies to implement business-related moral obligations that are only contained in the law such as guidelines for honesty in advertising, product safety, safe working conditions, and fair hiring and firing practices”.

Debate this statement in today’s competitive business world. Provide appropriate examples.

Answer 1

The way human ethics are important as they are the principles that govern the behaviour of the individual or the way of doing an activity, similarly business also requires certain set of ethics for it's well being and for the betterment of the people around it.

Now if we relate ethics with business,then we can explain it as:

Business Ethics- Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual's actions also apply to business.

Acting in an ethical way involves distinguishing between “right” and “wrong”. It is relatively easy to identify unethical business practices. For example, companies should not use child labour. They should not unlawfully use copyrighted materials and processes. They should not engage in bribery.

Anybody is free to start a business at any point in time that addresses a specific customer need and that can create benefit for the owners from doing that - that is the reason to own a business. If the business cannot benefit and generate income from its market and the products or services it provides, then it will go out of business.

So whether the current trend or market need is a constant need like food or clothing, or more seasonal or short term like fidget spinners, ice cream in summer, gluten-free bread, health services or hygiene disinfection services - if there is a need then somebody will step in to address the need. That is how the free market works.

There is however a difference between running a financially feasible business that ethically addresses a specific need or niche Versus for example:

1) excessive profiteering from a situation,

2) price gouging,

3) being part of a monopoly or a cartel that artificially manipulates the market

The last 3 points are unethical, immoral, and depending on the legal jurisdiction could be illegal. Making excessive profits from the pandemic by manipulating and exploiting customers’ fear, immorally pushing up prices of masks or hand sanitizer by 1000%, deceitfully limiting quantities to artificially increase prices, selling customers defective PPE or medical equipment is morally wrong.

Even as governments, civil societies and businesses are trying their best to tackle the Covid-19 crisis, some sellers are not shying away from making money out of the suffering. Sample this: even though the Centre rightly banned the export of masks by mid-February, the country ran into a shortage of masks as the corona scare started peaking. There were reports that a few companies withdrew hand sanitizers from the market citing quality issues to create supply shortage and a spike in demand.

Hence, looking at these things, i would say that I do not think that it is enough for companies to implement business-related moral obligations that are only contained in the law such as guidelines for honesty in advertising, product safety, safe working conditions, and fair hiring and firing practice. Covid-19 is a chance for business leaders to rework their pact with society They need to follow all the above rules and also be more moral and support the society as a good human being.