This document discusses business ethics and contains summaries of two ethics cases:
1. The first case involves a company providing unsafe products and engaging in questionable practices like bribery to increase profits. Ethically, a company should not compromise safety or engage in illegal acts for more money.
2. The second case describes a friendship in business where one friend canceled a contract after the other returned substandard materials. Legally canceling may be allowed but morally it is difficult to justify given their friendship. Friendship in business is tricky but not wrong, as interpersonal relationships are still important.
3. Overall business ethics is about doing what is morally right even if it means less profit. Upholding safety,
This is a Feasibility Study conducted by a group of students "The Incorporators" from Capitol University's Bachelor of Science In Business Administration major in Marketing Management and Human resource Management.
Note: This document is not available to download, sorry for the inconvenience.
These notes are not made by me. this is made by a different group in my class. these notes were provided for everyone in the class as part of our group project.
I am merely sharing these notes to supplement other students in learning the subject.
This is a Feasibility Study conducted by a group of students "The Incorporators" from Capitol University's Bachelor of Science In Business Administration major in Marketing Management and Human resource Management.
Note: This document is not available to download, sorry for the inconvenience.
These notes are not made by me. this is made by a different group in my class. these notes were provided for everyone in the class as part of our group project.
I am merely sharing these notes to supplement other students in learning the subject.
Report on Partnership presented By Nilda Vicente and Marian Alumbro
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Report on Partnership presented By Nilda Vicente and Marian Alumbro
Copyright laws applicable
For question and permissions to use the presentation
email marianjanealumbro@yahoo.com
just inform us of your name, your school and purpose..thanks!
Presentation given on "Ethical Standards in Business Organizations" to Sir. Abuzar Wajidy by Syed Ahmed Owais in course "Strategic Management" at Hamdard University City Campus, (HIMS).
References:
Management, 8 th edition, John R.Schermer Horn.
Strategic Management Concepts & Cases, 12 th edition, Fred R David.
Ethic and governance are more and more important in organisations. What are ethical behaviors or ethical governance ? We propose some definition and pattern to read ethical dilemma.
1.Question on Case Study· You’re a manager for ABC Company·.docxpaynetawnya
1. Question on Case Study
· You’re a manager for ABC Company
· Your boss just told you a big secret he wants you to keep that the company will have to lay off 200 workers. Luckily, your job won’t be affected.
· But a rumor is circulating in the company, and one of the workers who will be let go and is an old friend of yours asks the question. “Am I going to lose my job? I’m about to finalize the purchase of a new house. I need to know”.
· What would you say?
2. Business ethics importance –reasons with examples
Importance of Business Ethics:
Ethical behaviour and corporate social responsibility can bring significant benefits to a business. For example, they may:
· attract customers to the firm's products, thereby boosting sales and profits
· make employees want to stay with the business, reduce labour turnover and therefore increase productivity
· attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees
· attract investors and keep the company's share price high, thereby protecting the business from takeover.
Ethical motivation:
· Employees working for an organization will feel better about themselves and therefore more motivated to work hard.
· Ethical employee = happy employee = motivated employee = productive employee
Balance the needs and wishes of stakeholders:
· Business are not just about money they are about giving back to society, the community.
· Those companies that do so will also have an enhanced reputation and be more profitable.
· There is pressure on business to recognize its responsibilities to society. Business ethics requires businesses to think about the impact of its decisions on people or stakeholders who are directly or indirectly affected by those decisions.
Global challenges:
· Need to learn about the different values and cultures of the regions it operates in.
· Don’t want to offend.
· Lose reputation, lose business.
Ethical pay-off:
· Organizations risk not only losing customers and employees, but being exposed to civil and criminal liability.
· Sound ethical policy reduced risk exposure.
Employee Retention:
· Danger of losing employees who don’t want to work for an unethical organization.
· Significant costs involved in replacing key people.
Prevention & Reduction of Criminal Penalties:
· In addition to the loss of reputation and business, nobody really want to end up in court or even worse jail.
The US Sentencing Commission Guidelines state that to receive a 40% reduction in federal penalties, a company must have “an effective program to detect and prevent violations of the law”.
Preventing civil lawsuits:
· In additional to criminal offences, organizations need to be vigilant to civil offences.
· Discrimination, sexual harassment, favoritism big concerns.
· Sound ethical policies can pre-empt unwanted behaviors.
Market leadership:
· Use ethical behavior as a unique selling feature to stand out in the ma ...
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An introduction to the cryptocurrency investment platform Binance Savings.
Chapter 1
1. Chapter 1:
Questions for Discussion
1. Discuss why ethics is important in business.
• Business Ethics paves the way for a common understanding of the fundamental idea of
what is good and what is bad in our human conduct. Without ethics, people will set
their own moral standards which would result into a kind of subjective morality.
2. Refute the businessman’s myth that “ethics has no place at all in business.”
• Business is a social activity thus, being a social activity it should conform to the norms,
rules and principles of this society. These standards are embedded in ethics.
3. Explain the phrase: “Not all that is legal is moral, but what is moral is worth legalizing.”
• An action may be legal but not necessarily moral. Ethics provides a clear distinction
between morality and legality. Consider abortion- in some countries abortion is legal but
in the Christian faith abortion is an immoral act.
4. Define Business Ethics. What is your own personal definition of Business Ethics?
• Business Ethics is the study of what is the right and wrong human behavior and conduct
in business.
• For me, business ethics is putting a conscience in the science of profit making.
5. Explain the phrase: “Ethics is the unwritten law written in the hearts of men.”
• I interpret that as ethics has been a tried and tested guide of men in ages that have
been handed down from one generation to another. These are actions that society
consider as the proper action given a particular circumstance.
6. What is your personal view on profit-motive?
• Personally, profit making is not bad. I go by the tenet of giving Caesar what is due Caesar
and God what is due God. In profit making it means giving the business person his due
profit but also giving his customers their due in terms of quality of products and services
and it should be commensurate to the product or service.
7. Do you agree with Milton Friedman that the only responsibility of business is to maximize
profits? Why or why not? Discuss your answer.
• No, this is really a very simplistic view. I believe that a business entity has other
responsibilities such as paying the correct taxes, giving quality products and services to
its clients and sharing its fruits through CSR.
8. What is the Catholic Church’s stand on profit-motive?
• The church is not against profit -making. Pope Pius XI just reminds that “one should
respect the laws of God, not prejudice the rights of others, and works according to faith
and right reason.” (QA #136)
9. What is your concept of reasonable profit?
• This a hard question to answer. For me, it is about justice. If your profits take away food
from another’s table then it is excessive.
2. Case 1: Ethics vs. Profit
Questions:
1. What are the ethical problems mentioned in this particular case and what are the probable
causes of these problems?
• Providing unsafe products/ questionable products in lieu of savings to increase profits
• Questionable business practices such as bribery to obtain more sales to increase income
2. Is it all right to do something illegal or unethical to maintain the company’s image and
profitability?
• No, because one cannot keep a secret for long. The unethical or illegal practices will
haunt the company and will cause more problems in the future. Also, there is the ethical
consideration of doing what is right and true in one’s dealings.
3. If you are the CEO of the company, what would you do and why?
• I will not condone those behaviors. I will institute rules on the contrary as well as
provide a culture program to ensure that people working in my company are guided in
the values of my company.
Case 2: Friendship in Business
Questions:
1. Was the action of Mr. Dy to cancel the contract legally correct and morally justified?
• In my opinion, it is not justified. He delivered a substandard product and this is the
reason why Mr Gutierrez returned the materials.
2. Is it appropriate to extend friendship in business transactions? Why or why not? Discuss your
answer.
• For me, extending friendship in business transactions can be very tricky although it is
not totally wrong. Friendship is a social activity and cannot be totally neglected even in
business transactions. It can be part of interpersonal relationships which is important in
business dealings.