Question

a) While preparing your business plan it has come to your attention that a possibility to secure the contract would be to bribe one of the officials at the football house. Discuss and apply the steps required for ethical decision making in business. [10 Marks]

Answer 1

There is a high importance of the ethical decision making into the overall business because it is is helping the business in gaining a long-term advantage in terms of business reputation and protection of interest of the various stakeholders in the organisation.

unethical practices can help the company in the short term in maximization of the profit but the ethical decision making will always be helpful for the organisation as it is regulatory complaint and it is also helpful in the protection of the interest of the shareholders and it is also helpful in providing the business in maintenance of a business reputation that can help the business in the long run.

it is also helpful for the business and the managers in throughout the fair disclosure of the books of accounts and staying transparent to the various stakeholders so that they can trust the management and there would always be a premium to the management of the company in the market as there is a high standard of corporate governance because of incorporation of ethical decision making.

So, I would be more sceptical about such transactions which are unethical even though they are helpful in short term benefits.