Question

Why are ethics important in business? Discuss a time you questioned an organizations ethics

Answer 1

Business ethics is a subjective term. however, it is easy to identify unethical business practices in an organisation, such as employing child labour, taking bribes, illegally using copyright materials.

when an ethical guidelines are followed, trust is developed between employees and management, as well as the public and the corporation. Thus, business ethics lead to a more productive workplace.

Importance of business ethics

Every company should have their own moral principles and guidelines.

Following business ethics has more benefits than you think. It will help you to attract and keep employees, customers and investors.

for example, consider that you are an energy drink manufacturing company and you have proclaimed on the labels and advertisement that you don't add any preservatives to the drink then you should adhere to the claims you have made. if you disobey your claims and sell the product by adding preservatives, then it is considered as unethical business practices. It will deteriorate your brand and eventually, you will lose trust from the customers. It also damages the reputation and keep away the stakeholders. Therefore, following business ethics is very important.

Reputation is one of the most important assets of the company and it is also one of the most difficult task to rebuild once it is lost. You will start building a good reputation with consistent ethical behaviour. Potential investors and shareholders are likely to get attracted to the companies which adhere to their moral guidelines and promises they have made, this keeps the companies share price high.

to retain a call to depression and image, businesses must be committed to operating on an ethical foundation as it relates to respecting the surrounding environment, treatment of employees, and the good market practices in terms of customer treatment and price.

employees also feel comfortable and wants to stay in the business for the long term when working with a company which has strong business ethics. This increases the productivity and reduces the labour turnover. They are also bound to follow the footsteps of the organisation. when an employee does his work with integrity and honesty and by following the guidelines it will eventually benefit the company.

The above mentioned are the importance of the ethics in the business.

When I questioned an organisations ethics was :-

I have been tried to purchase electronic device from e commerce operator, who offered a discount on the particular electronic device. but after offering discount they made the electronic device status as out of stock and they didn't delivered the product but refund in the entire amount which I paid to them.

In my case I paid the entire consideration but I didn't receive the product, the company tried to solicit the customers by giving offers to get great demand to the product in making the product available to deliver. This leads to creation of artificial demand which is unethical.

These are all information explanations required to solve the above given question.

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