This document discusses the relationship between business administration and philosophy. It identifies business ethics as an area where the two fields overlap. Business ethics examines concepts like responsible decision making, managing operations to create value for society, and conducting business according to ethical norms and standards. While business aims to generate profits, it must do so in a way that conforms to societal rules and values. As business has globalized and become more complex, a separate discipline of business ethics is needed to help address misunderstandings that can arise from varying individual norms and cultural approaches. Business ethics is an essential part of sustainable business practices and long-term success.
This document contains a quiz about business ethics. It discusses why people engage in unethical behavior, major ethical dilemmas in business today, and identifies ethical issues in a scenario involving a pharmaceutical sales representative. The quiz questions cover topics like the focus of business ethics, how ethical disputes are resolved, and the role of management in promoting ethical conduct.
These lecture slides focus on business ethics - conceptual frameworks, behavioral issues, and various aspects and scopes of business ethics applications including corporate governance, corporate social responsibility (CSR), social entrepreneurship, social innovation, competitive advantages, green strategies, tourism, ethical leadership, business ethics as doing the right things (strategy), consumer behaviors and marketing theories, total quality management etc.
This document provides summaries of and excerpts from various books related to business, management, counseling, psychotherapy, criminology, education, geography, health, social care, media, communication, politics, international relations, psychology, research methods, and sociology. It describes the topics and key insights covered in each book.
Ethics impact in business, Ethical issues in capitalism and market
systems, Ethics and social responsibility, Ethics and marketing,
Ethics in finance, Ethics in human resource, Ethics in information
technology, Intellectual property rights, Designs, Patents, Trademarks
and copyrights.
This document discusses corporate purpose and its impact. It begins by explaining how companies have evolved from CSR projects to defining a corporate purpose. It then discusses an IMD study that found having a strong, well-communicated corporate purpose can increase financial performance by up to 17% and differentiate companies within their industry. The rest of the document provides examples of corporate purposes from various companies and discusses how communicating purpose helps build trust with stakeholders.
The chapter aims to provide an understanding of business ethics and its importance. It discusses establishing moral standards and values for businesses. A business founded on strong ethics is more likely to succeed than one focused only on rapid growth. Business ethics overlaps with a company's purpose and philosophy. While profit is important, businesses should pursue it through sincere means that consider ethics. A leader's personal ethics can influence an organization's culture and help it endure challenges.
This document contains a quiz about business ethics. It discusses why people engage in unethical behavior, major ethical dilemmas in business today, and identifies ethical issues in a scenario involving a pharmaceutical sales representative. The quiz questions cover topics like the focus of business ethics, how ethical disputes are resolved, and the role of management in promoting ethical conduct.
These lecture slides focus on business ethics - conceptual frameworks, behavioral issues, and various aspects and scopes of business ethics applications including corporate governance, corporate social responsibility (CSR), social entrepreneurship, social innovation, competitive advantages, green strategies, tourism, ethical leadership, business ethics as doing the right things (strategy), consumer behaviors and marketing theories, total quality management etc.
This document provides summaries of and excerpts from various books related to business, management, counseling, psychotherapy, criminology, education, geography, health, social care, media, communication, politics, international relations, psychology, research methods, and sociology. It describes the topics and key insights covered in each book.
Ethics impact in business, Ethical issues in capitalism and market
systems, Ethics and social responsibility, Ethics and marketing,
Ethics in finance, Ethics in human resource, Ethics in information
technology, Intellectual property rights, Designs, Patents, Trademarks
and copyrights.
This document discusses corporate purpose and its impact. It begins by explaining how companies have evolved from CSR projects to defining a corporate purpose. It then discusses an IMD study that found having a strong, well-communicated corporate purpose can increase financial performance by up to 17% and differentiate companies within their industry. The rest of the document provides examples of corporate purposes from various companies and discusses how communicating purpose helps build trust with stakeholders.
The chapter aims to provide an understanding of business ethics and its importance. It discusses establishing moral standards and values for businesses. A business founded on strong ethics is more likely to succeed than one focused only on rapid growth. Business ethics overlaps with a company's purpose and philosophy. While profit is important, businesses should pursue it through sincere means that consider ethics. A leader's personal ethics can influence an organization's culture and help it endure challenges.
This document discusses the importance of business ethics in organizations. It states that business ethics are the written or unwritten codes of conduct that govern decisions and actions in a company. When ethical guidelines are followed, it builds trust between employees and management as well as between the public and the corporation. Following business ethics also leads to a more productive workplace. The document emphasizes that ethics need to become an organizational priority in the 21st century. Making ethics a priority will affect decision making and ultimately the institutional culture. A values-based culture with shared core values, a common language of ethics, and commitment to ethics at the top levels is important.
Culture is the byproduct of your story and strategy in action.James O'Gara
Culture used to be a soft concept. It used to be something the executive team would only pay attention to when the business environment grew toxic. In today’s world, this is changing — and in a big way. Forward-thinking executives now view culture as the surest way to establish a competitive advantage because of its direct impact on the customer experience. And, as a result, they also realize the role culture plays in the financial performance of the business.
Of course, not all executives get it. Many still see culture as an HR issue. They still separate it from the company’s overall go-to-market strategy and story, and view it as something that is built in isolation. Executives with this point of view rarely develop a culture that positively impacts employee engagement, the customer experience or business results.
This paper explores why executives must redefine how they view and manage culture; the pivotal role a company’s story and strategy play in culture development; and how winning cultures are built.
Business ethics refers to rules, principles, and standards for determining morally right and wrong behavior in business. It involves analyzing the ethical dimensions of producing, distributing, marketing, selling, and consuming goods and services. There are three types of management ethics: moral (conforming to highest ethical standards), amoral (lacking ethical behavior and considerations), and immoral. Promoting ethical behavior in an organization is important as it builds a positive culture, boosts consumer confidence, and helps avoid financial liabilities from unethical practices. Business schools play an important role in equipping future business leaders with an understanding of ethics.
This document discusses the importance of corporate culture for organizations. It argues that corporate culture embodies an organization's vision, values and practices, and guides how innovation and corporate social responsibility programs are implemented in a sustainable way. It provides the example of Samsung, which was able to transform from low-quality production to innovative, high-quality products by changing its organizational culture and values through the "Frankfurt declaration." The document stresses that corporate culture must be intentionally developed and most importantly, executed, in order to be effective and ensure consistency with business strategies and societal expectations over the long run.
In an enlightening podcast, Show me the Money – The Truth about Performance, N. Dean Meyer discussed his new book, Internal Market Economics. Don Tapscott said it was “essential reading for executives interested in maximizing shareholder value or in running effective shared-services organizations.” Dean offers a fresh vision of empowered, entrepreneurial organizations, and practical solutions to a host of pressing financial and management challenges. This is a transcription of the podcast.
Ethics help building supremacy of organisations - Amit Das, Director-Human Re...Anil Kaushik
Given the speed of innovation and technological disruptions, many companies are finding it difficult to sustain the pressure of change hence number of cases of unethical business practice are coming to light these days.
the importance of corporate social responsibility and business ethicsijtsrd
Corporate social responsibility CSR and ethical behavior have come in front these years in both developed and developing countries to bring the effective results for the overall growth of any organizations. These two concepts bring important benefits to a business. This paper will highlight the basic concepts and how these two concepts works along with its importance and need in today’s time for the organizational overall growth and success. As organizations know and accepted business ethics lead to positivity among the employees, customer and for public relations. As not everyone accepted them but also it will help to create overall image, loyalty, strong and healthier community relations which ensure of benefits and present themselves as corporate as well as socially responsible. Jamshed "The Importance of Corporate Social Responsibility and Business Ethics" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd32967.pdf Paper Url :https://www.ijtsrd.com/management/marketing/32967/the-importance-of-corporate-social-responsibility-and-business-ethics/jamshed
Socially responsible investing what's the buzzcheryl bynum
Socially responsible investing considers a company's environmental and social impacts in addition to financial performance. Most evaluations of corporate responsibility assess a company's governance as well as its social and environmental effects. While there are many rating systems, growing consensus supports approaches that are transparent, comprehensive, scientifically credible, and collaborative. Assessing corporate responsibility can help companies improve financially, protect their reputation, and inform strategic decision making.
Culture: The Byproduct of Your Story and StrategyJames O'Gara
This presentation is one of several that are part of The Future of the CMO/CXP Executive Education Series. An educational series hosted by OnMessage.
----
Culture: The Byproduct of Your Story and Strategy.
To truly develop a culture that creates value, lasting
business results and a differentiated customer experience,
executives need to rethink how culture is formed. It’s
not about Ping-Pong tables, free lunches and cool office
spaces. It’s about clarity. Clarity in the company’s story —
and in the company’s strategy.
The state of your culture is in fact, the state of your customer experience.James O'Gara
Studies show that most companies separate culture initiatives from their business strategy and story. They separate it from the employee and customer experience. The fact is, culture is the byproduct of your story and strategy in action. The words and actions of every employee embody your company’s story and strategy. So the real question is, what is the state of your go-to-market story and strategy? What message are you sending to your employees? What message are you sending to your customers? Executives must understand that words matter. More specifically, executives must acknowledge that the message behind the company’s story and strategy will play a significant role in the type of culture that takes root inside the business. This presentation explores why executives must redefine how they view and manage culture; the pivotal role a company’s story and strategy play in culture development; and how winning cultures are built
Properly reflecting companies’ commitment with sustainable and ethical behaviour is the main challenge of communication in relation to reputation and corporate responsibility. However, that Corporate Social Responsibility (CSR) has to go beyond the mere realization of ‘good deeds’ to become something strategic and integrated into the business.
Through accountability, companies are increasingly communicating the phenomenon of responsibility and ethics in business. This started to happen in the 90s when responsibility was not only concerning economic issues but social, environmental and labour issues within organizations.
This document was prepared by Corporate Excellence – Centre for Reputation Leadership and contains references, among other sources, to the statements made by Larry Parnell, associate Professor of the Graduate School of George Washington University (USA), during the session “New developments and trends in sustainable communication” held by Corporate Excellence, the school of Communication at the University of Navarra and EOI Business School in Madrid on September 19, 2012.
The document discusses key aspects of an organization's internal business environment, including communicating its purpose through a mission statement to establish culture. It provides examples of effective mission statements and notes that a vision statement indicates where the business aims to be. The real corporate culture may differ from official statements and is best understood through direct observation of management style, employee relations, customer interactions and other indicators. Business ethics refer to the moral principles guiding decisions and actions, with socially responsible concerns for society.
This document provides an introduction to business ethics. It discusses how ethics and values are important foundations for any business. While the basic aim of business is profit, companies should not ignore basic ethical principles in their pursuit of profit. The document then provides examples of ethical leadership from companies like Wipro and Infosys to illustrate how strong ethics do not deter business success and can help businesses endure. It also lists some guidelines for managing ethics in the workplace, such as integrating ethics into strategic planning and other management practices. Finally, it describes the history and development of business ethics as a field, tracing discussions of ethical issues in business back to ancient Greek philosophers like Plato and Aristotle.
Mehak 3c corporate social responsibilty of five different brands and their co...Mehak Kalra
The document discusses the corporate social responsibility practices of five major brands - Aircel, Pepsi, ITC Group, Nokia, and Times of India. It provides an overview of each brand and their business areas. It then describes how the project will examine the CSR activities of each brand, compare them, and analyze their success rates. It defines CSR and discusses why companies adopt such practices, including benefits like risk management, brand differentiation, recruiting/retaining employees, and maintaining their license to operate.
Culture used to be a soft concept. It used to be something the
executive team would only pay attention to when the business
environment grew toxic. In today’s world, this is changing
— and in a big way. Forward-thinking executives now view
culture as the surest way to establish a competitive advantage
because of its direct impact on the customer experience.
And, as a result, they also realize the role culture plays in the
financial performance of the business.
Of course, not all executives get it. Many still see culture as
an HR issue. They still separate it from the company’s overall
go-to-market strategy and story, and view it as something that
is built in isolation. Learn why this is not a winning formula.
This document discusses the importance of ethics in business. It notes that business ethics helps establish acceptable standards beyond legal compliance and helps corporations gain trust. Ethics provide moral guidance for daily decisions and actions. Unethical behavior can occur for reasons like a lack of codes of ethics, fear of reprisal, peer pressure, and slipping into worse conduct over time. The document also discusses ethics in relation to different business functions like accounting, human resources, sales and marketing, and production. It outlines the relationship between business ethics and development, noting that ethical companies have better reputations and profits. Responsibilities to stakeholders like employees, customers, and society are also reviewed. The document concludes with sections on ethics relating to environmental protection and consumer protection.
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...Brian Solis
A book review by Michael B. Pasco, Professor, Graduate School of Business, San Beda University, Philippines.
It is amazing that Solis foresaw the need for digitalization strategies and alarmed different companies before the great requirement occurred during and after the pandemic. Today, we observe the future of business as being affected by developments in information, as he portrayed.
The reader of the book gains an awareness of the predicted conditions that made them calm, composed, and in control of their activities during and after the COVID-19 pandemic. One can learn more business and management techniques from this book.
I experienced to achieve organizational heights instead of firm’s losses because of the readiness, and the processes that Solis guided.
More efficient marketing investments and inter-organizational communication were improved faster, leading to normal business as usual.
While he elaborated different frameworks to justify his arguments, there are a lot of scenarios that the business communities are now aware of to validate his principles and recommendations in the book.
Furthermore, readers can learn that the structure, technologies, and infrastructure needed to adapt to the new normal are mandatory.
Business, management, and academic communities should read this book and evaluate the fulfillment and the gaps between the premises. These efforts will drive the implementation and advancements of different digitalization business models to prevail in the new normal.
Publication Link: https://www.abem.ca/x/JABEM-2024-V4N1.pdf
This document discusses corporate culture and ethics in relation to strategic management. It begins by defining corporate culture as the shared beliefs, values and expectations within an organization that influence employee behavior. It then discusses the importance of business ethics and values, noting they are needed for an organization's survival, protection of consumer rights, and consideration of societal interests. The document also explores how personal values and business ethics impact corporate strategy formulation, with manager's own preferences and priorities potentially influencing strategic decisions and objectives.
This document discusses ethics in banking, specifically focusing on Landbank of the Philippines. It begins by defining business ethics and exploring two approaches - shareholder-focused and stakeholder-focused. It then discusses the concept of ethical banking, noting that banks play an important intermediary role in the economy and have the potential to support sustainability through lending policies, products, and internal practices. The document also explores how ethical banks differ from conventional banks in their emphasis on both internal ethics regarding employees and customers, as well as external ethics through socially and environmentally responsible practices.
This document provides summaries of articles in a PR magazine. It discusses how design thinking processes can be applied to PR to foster innovation. It also discusses how thinking like an entrepreneur can help PR embrace opportunities. Additionally, it provides tips on using video in PR to engage audiences, such as through storytelling and testimonials. The magazine issue also previews an upcoming PR festival and provides an overview of the annual West End Festival in Scotland.
This document discusses the importance of business ethics in organizations. It states that business ethics are the written or unwritten codes of conduct that govern decisions and actions in a company. When ethical guidelines are followed, it builds trust between employees and management as well as between the public and the corporation. Following business ethics also leads to a more productive workplace. The document emphasizes that ethics need to become an organizational priority in the 21st century. Making ethics a priority will affect decision making and ultimately the institutional culture. A values-based culture with shared core values, a common language of ethics, and commitment to ethics at the top levels is important.
Culture is the byproduct of your story and strategy in action.James O'Gara
Culture used to be a soft concept. It used to be something the executive team would only pay attention to when the business environment grew toxic. In today’s world, this is changing — and in a big way. Forward-thinking executives now view culture as the surest way to establish a competitive advantage because of its direct impact on the customer experience. And, as a result, they also realize the role culture plays in the financial performance of the business.
Of course, not all executives get it. Many still see culture as an HR issue. They still separate it from the company’s overall go-to-market strategy and story, and view it as something that is built in isolation. Executives with this point of view rarely develop a culture that positively impacts employee engagement, the customer experience or business results.
This paper explores why executives must redefine how they view and manage culture; the pivotal role a company’s story and strategy play in culture development; and how winning cultures are built.
Business ethics refers to rules, principles, and standards for determining morally right and wrong behavior in business. It involves analyzing the ethical dimensions of producing, distributing, marketing, selling, and consuming goods and services. There are three types of management ethics: moral (conforming to highest ethical standards), amoral (lacking ethical behavior and considerations), and immoral. Promoting ethical behavior in an organization is important as it builds a positive culture, boosts consumer confidence, and helps avoid financial liabilities from unethical practices. Business schools play an important role in equipping future business leaders with an understanding of ethics.
This document discusses the importance of corporate culture for organizations. It argues that corporate culture embodies an organization's vision, values and practices, and guides how innovation and corporate social responsibility programs are implemented in a sustainable way. It provides the example of Samsung, which was able to transform from low-quality production to innovative, high-quality products by changing its organizational culture and values through the "Frankfurt declaration." The document stresses that corporate culture must be intentionally developed and most importantly, executed, in order to be effective and ensure consistency with business strategies and societal expectations over the long run.
In an enlightening podcast, Show me the Money – The Truth about Performance, N. Dean Meyer discussed his new book, Internal Market Economics. Don Tapscott said it was “essential reading for executives interested in maximizing shareholder value or in running effective shared-services organizations.” Dean offers a fresh vision of empowered, entrepreneurial organizations, and practical solutions to a host of pressing financial and management challenges. This is a transcription of the podcast.
Ethics help building supremacy of organisations - Amit Das, Director-Human Re...Anil Kaushik
Given the speed of innovation and technological disruptions, many companies are finding it difficult to sustain the pressure of change hence number of cases of unethical business practice are coming to light these days.
the importance of corporate social responsibility and business ethicsijtsrd
Corporate social responsibility CSR and ethical behavior have come in front these years in both developed and developing countries to bring the effective results for the overall growth of any organizations. These two concepts bring important benefits to a business. This paper will highlight the basic concepts and how these two concepts works along with its importance and need in today’s time for the organizational overall growth and success. As organizations know and accepted business ethics lead to positivity among the employees, customer and for public relations. As not everyone accepted them but also it will help to create overall image, loyalty, strong and healthier community relations which ensure of benefits and present themselves as corporate as well as socially responsible. Jamshed "The Importance of Corporate Social Responsibility and Business Ethics" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd32967.pdf Paper Url :https://www.ijtsrd.com/management/marketing/32967/the-importance-of-corporate-social-responsibility-and-business-ethics/jamshed
Socially responsible investing what's the buzzcheryl bynum
Socially responsible investing considers a company's environmental and social impacts in addition to financial performance. Most evaluations of corporate responsibility assess a company's governance as well as its social and environmental effects. While there are many rating systems, growing consensus supports approaches that are transparent, comprehensive, scientifically credible, and collaborative. Assessing corporate responsibility can help companies improve financially, protect their reputation, and inform strategic decision making.
Culture: The Byproduct of Your Story and StrategyJames O'Gara
This presentation is one of several that are part of The Future of the CMO/CXP Executive Education Series. An educational series hosted by OnMessage.
----
Culture: The Byproduct of Your Story and Strategy.
To truly develop a culture that creates value, lasting
business results and a differentiated customer experience,
executives need to rethink how culture is formed. It’s
not about Ping-Pong tables, free lunches and cool office
spaces. It’s about clarity. Clarity in the company’s story —
and in the company’s strategy.
The state of your culture is in fact, the state of your customer experience.James O'Gara
Studies show that most companies separate culture initiatives from their business strategy and story. They separate it from the employee and customer experience. The fact is, culture is the byproduct of your story and strategy in action. The words and actions of every employee embody your company’s story and strategy. So the real question is, what is the state of your go-to-market story and strategy? What message are you sending to your employees? What message are you sending to your customers? Executives must understand that words matter. More specifically, executives must acknowledge that the message behind the company’s story and strategy will play a significant role in the type of culture that takes root inside the business. This presentation explores why executives must redefine how they view and manage culture; the pivotal role a company’s story and strategy play in culture development; and how winning cultures are built
Properly reflecting companies’ commitment with sustainable and ethical behaviour is the main challenge of communication in relation to reputation and corporate responsibility. However, that Corporate Social Responsibility (CSR) has to go beyond the mere realization of ‘good deeds’ to become something strategic and integrated into the business.
Through accountability, companies are increasingly communicating the phenomenon of responsibility and ethics in business. This started to happen in the 90s when responsibility was not only concerning economic issues but social, environmental and labour issues within organizations.
This document was prepared by Corporate Excellence – Centre for Reputation Leadership and contains references, among other sources, to the statements made by Larry Parnell, associate Professor of the Graduate School of George Washington University (USA), during the session “New developments and trends in sustainable communication” held by Corporate Excellence, the school of Communication at the University of Navarra and EOI Business School in Madrid on September 19, 2012.
The document discusses key aspects of an organization's internal business environment, including communicating its purpose through a mission statement to establish culture. It provides examples of effective mission statements and notes that a vision statement indicates where the business aims to be. The real corporate culture may differ from official statements and is best understood through direct observation of management style, employee relations, customer interactions and other indicators. Business ethics refer to the moral principles guiding decisions and actions, with socially responsible concerns for society.
This document provides an introduction to business ethics. It discusses how ethics and values are important foundations for any business. While the basic aim of business is profit, companies should not ignore basic ethical principles in their pursuit of profit. The document then provides examples of ethical leadership from companies like Wipro and Infosys to illustrate how strong ethics do not deter business success and can help businesses endure. It also lists some guidelines for managing ethics in the workplace, such as integrating ethics into strategic planning and other management practices. Finally, it describes the history and development of business ethics as a field, tracing discussions of ethical issues in business back to ancient Greek philosophers like Plato and Aristotle.
Mehak 3c corporate social responsibilty of five different brands and their co...Mehak Kalra
The document discusses the corporate social responsibility practices of five major brands - Aircel, Pepsi, ITC Group, Nokia, and Times of India. It provides an overview of each brand and their business areas. It then describes how the project will examine the CSR activities of each brand, compare them, and analyze their success rates. It defines CSR and discusses why companies adopt such practices, including benefits like risk management, brand differentiation, recruiting/retaining employees, and maintaining their license to operate.
Culture used to be a soft concept. It used to be something the
executive team would only pay attention to when the business
environment grew toxic. In today’s world, this is changing
— and in a big way. Forward-thinking executives now view
culture as the surest way to establish a competitive advantage
because of its direct impact on the customer experience.
And, as a result, they also realize the role culture plays in the
financial performance of the business.
Of course, not all executives get it. Many still see culture as
an HR issue. They still separate it from the company’s overall
go-to-market strategy and story, and view it as something that
is built in isolation. Learn why this is not a winning formula.
This document discusses the importance of ethics in business. It notes that business ethics helps establish acceptable standards beyond legal compliance and helps corporations gain trust. Ethics provide moral guidance for daily decisions and actions. Unethical behavior can occur for reasons like a lack of codes of ethics, fear of reprisal, peer pressure, and slipping into worse conduct over time. The document also discusses ethics in relation to different business functions like accounting, human resources, sales and marketing, and production. It outlines the relationship between business ethics and development, noting that ethical companies have better reputations and profits. Responsibilities to stakeholders like employees, customers, and society are also reviewed. The document concludes with sections on ethics relating to environmental protection and consumer protection.
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...Brian Solis
A book review by Michael B. Pasco, Professor, Graduate School of Business, San Beda University, Philippines.
It is amazing that Solis foresaw the need for digitalization strategies and alarmed different companies before the great requirement occurred during and after the pandemic. Today, we observe the future of business as being affected by developments in information, as he portrayed.
The reader of the book gains an awareness of the predicted conditions that made them calm, composed, and in control of their activities during and after the COVID-19 pandemic. One can learn more business and management techniques from this book.
I experienced to achieve organizational heights instead of firm’s losses because of the readiness, and the processes that Solis guided.
More efficient marketing investments and inter-organizational communication were improved faster, leading to normal business as usual.
While he elaborated different frameworks to justify his arguments, there are a lot of scenarios that the business communities are now aware of to validate his principles and recommendations in the book.
Furthermore, readers can learn that the structure, technologies, and infrastructure needed to adapt to the new normal are mandatory.
Business, management, and academic communities should read this book and evaluate the fulfillment and the gaps between the premises. These efforts will drive the implementation and advancements of different digitalization business models to prevail in the new normal.
Publication Link: https://www.abem.ca/x/JABEM-2024-V4N1.pdf
This document discusses corporate culture and ethics in relation to strategic management. It begins by defining corporate culture as the shared beliefs, values and expectations within an organization that influence employee behavior. It then discusses the importance of business ethics and values, noting they are needed for an organization's survival, protection of consumer rights, and consideration of societal interests. The document also explores how personal values and business ethics impact corporate strategy formulation, with manager's own preferences and priorities potentially influencing strategic decisions and objectives.
This document discusses ethics in banking, specifically focusing on Landbank of the Philippines. It begins by defining business ethics and exploring two approaches - shareholder-focused and stakeholder-focused. It then discusses the concept of ethical banking, noting that banks play an important intermediary role in the economy and have the potential to support sustainability through lending policies, products, and internal practices. The document also explores how ethical banks differ from conventional banks in their emphasis on both internal ethics regarding employees and customers, as well as external ethics through socially and environmentally responsible practices.
This document provides summaries of articles in a PR magazine. It discusses how design thinking processes can be applied to PR to foster innovation. It also discusses how thinking like an entrepreneur can help PR embrace opportunities. Additionally, it provides tips on using video in PR to engage audiences, such as through storytelling and testimonials. The magazine issue also previews an upcoming PR festival and provides an overview of the annual West End Festival in Scotland.
1. ECONOMICS
AND
PHILOSOPHY
In howfar isthe discipline of philosophyrelatedtoyourfieldof studies?
Can youidentifyanddescribe aconceptof yourfieldof studiesthatisrelatedtoa
philosophical concept?
I am studyingBusinessAdministration.A businessisanyprofitseekingorganizationthataimsto
satisfycustomerneedsbytransforminglower-valueinputintohigher-valueoutputaccordingto
Pearson InternationalEdition by Bovee,C.L.&Thill,J.V.(2013). My studiesrelate torunningand
maintainingbusinesses sothatit remainsstable andcontinuestogrow.Ihave learnedmany
quantitative methodslike statistics,operationmanagement,financial andmanagerial accounting,
but alsoqualitativeoneslikemicro-andmacroeconomics, humanresources,marketing,law and
management.
Especiallyinthe qualitative partmanyphilosophical topicsoverlap.Buttakingastepback and
lookingatthe general aimof my studies,Iwouldconclude that businessadministrationisabout
makingdecisionseveryday,directingthe activitiestowardscommongoalsandobjectiveswithina
vision,missionandstrategyandmanagingbusinessoperationsonadailybasis. My firstcourse
“Introductionintobusinessstudies”wasnotabouthow to generate profitsassoonas possible,it
was abouthowto create value. AsPeterDruckersays"[F]ree enterprise cannotbe justifiedasbeing
goodfor business.Itcanbe justifiedonlyasbeinggoodfor society.”SoIunderstandbusinessesas
part of a societyandtherefore societyisalsopartof businesses. Businessethics inthattermreflect
the philosophyof businessof whichone aimstodeterminethe fundamentalpurpose of the
company.Ethicsdefinesrulesandstandardsthatare not impliedinthe law andstill affectsour
decisionmakingonadailybasis accordingto the Stanford’sEncyclopediaof Philosophy.Thisis
exactlythe pointwhere businessethicsstarts.Itappealsonthe responsibilityof anindividual as
beingpartof a society. More specificallyspoken “responsibility of afirm(…) generallywill be tomake
as much moneyaspossible while conformingtothe basicrulesof the society,bothtothose
embodiedinlawandthose embodiedinthe ethical custom.”,as MiltonFriedmanstates. Intoday’s
societyphilosophyisnotonlyoverlappingwith partsof businessadministrative,butanessential core
part of sustainable growthandsuccess.Inthe followingI therefore assumeinhow farbusinessethics
isintegratedin eachdepartmentof a firm’svalue chain.
Concernslike healthandsafetystandards,privacy, the agencyproblem, compensation,collective
bargainingpoweranddiscriminationare topicsinwhich businessethicsplayamajorrole inhuman
resource management. Itgetsclearthatbusinessethicsinthatcontextare crucial inorder to gain
market-share andpositionthe companyglobally. More andmore firmstry to not onlydiversifytheir
portfolio,butalsotheirworkforce,because theysuspectacompetitiveadvantage doingso.Havinga
diverse workforce itisnotonly“good”froman ethical pointof view bythe virtue of fairnesswhich
liesinthe fact of givingeachapplicantequal chancestogetthe job,butis alsohighlyvaluablein
orderto generate new innovationsand ideas.Differingpeoplein age,gender,race andreligionoffers
a broaderscale of opinionsand illuminatesaproblemfromvariousperspectives.Assessingone
specifictopicfromdifferentpointsof view andthinkingnotonlyinone directioninordertogetthe
bestweightedresultisof highimportance while operatingin aglobalizedeconomy.
Productioninvolvesvariousethical issues like ownership,private propertyandproperty rightsor
froma supplychainpointof viewthe strategicalliancesandthe choicesof suppliersand retailers
whichare directlylinkedtoethical principles.Productionbeginswiththe efficientallocationof
2. resources.Howeverwhocantell whoreallyowns water,energyandthe landusedto setup the firm?
Furthermore the questionof privateandintellectual propertyisanswereddifferentlydependingon
the culture the businessoperatesin. The Chineseculture hasadifferent approachonmanaging
intellectual propertythan the Westernculture.Ievenfindmyself inthe constantethical dilemma
whenconsumingentertainmentarts,like moviesandmusic. Inthe pastpeople boughtaCD and with
it,the rightto listentoitpayingthe artistfee.Neverthelesstoday’s digitalization offers manyonline
portalswhichofferthisservice forfree.Sowhoisresponsible forpayingthe productioncostsof the
artist?I knowfrom an economicprofitmaximizationpointof view,itisbetterforme to streamthe
whole movie forfree than buyingthe DVD,butthere isan internal code thatgovernsmyindividual
conduct thatit wouldbe an incorrectaction not to payfor the value consumedthroughthe
entertainmentIenjoyed. The same applies inamore sophisticatedmanner forindustrial espionage.
From an economical perspective itoffersamoderate price performance ratio,butthe firmwouldnot
operate withinthe value-system.
The Finance sectorwas notcommonlyassociatedwithethical behaviorby the majority of the people.
Howeverthe financial crisis2008 raisedthe awarenessand causedcriticstochallenge the ethicsof
the executivesincharge of financial institutionsandthe financial regulatorybodies.Obviouslyinsider
trading,facilitate paymentsandaccountingscandalsofferprofitgeneratingopportunities,but that
wouldbe contradictingacompany’s normative strategytobehave accordingtoethical norms.Inthe
longtermthis resultsin an economiccrises.
Marketingis a hotbedof unethical behaviorsince ithas the powertoinfluence individual’s
perception,whichmightmake promisesthatitneverfulfills. The marketingfocustransformedover
the yearsfrom a broad product-orientedmass-marketingtoa more narrow approachthrough
market-segmentationwithspecial promotionalcampaignsandresultedinaone-to-onemarketing
froma massmarketing inthe 21rst century.The consumerisable to getmore and more information
aboutwhat isgoingon behindthe surface of a company. Sogreenwashing, whichmeans, pushing
profitshigherwhilemakinginvestments intocoveringupenvironmentallydamagingpracticeswith
corporate social responsibly,hasgottenmore difficultrecently.
Anotherimportantpointis puttingaprice on the product.There are certainprice strategiesthatlead
to ethicallyirresponsible behaviorlike price fixing,price discriminationandskimming.
Againall this mightleadto shorttermprofitability,butona long-termperspectiveisnota
sustainable strategy.
So all these activitiesare guidedbydecisionmaking.Itgetsmore thanclearthat the stabilityof our
marketsystemdependson responsible behavior,sustainablebusinessmodelsandproactive
management. Itisnolongerjust moral obligationthat thrives businessadministrationtoinclude
philosophical wisdominthe corporate strategybut thatit isneededtogenerate along-termoriented
sustainable growth. Toneglectmoral acceptablepracticescancause a boomerangeffectdue tothe
irreversible imagedamage. AsImentioned inthe beginningsocietyisstronglyconnectedtobusiness
as business istosociety, thisconnectiongrowseventighterthroughinformationtechnologyand
directcustomerrelationshipmanagementsothat the pressure of implementingsustainable business
modelsgrow proportional withinthe current developments. Socialresponsible businessesare
profitable andwhatmoststart-upfirmsunderstood,will hopefully influencemultinational firmsto
act as well and inaccordance to ethicprinciples.
Conclusion/Apprendix
3. So as I triedto illustrate businessethicsisalreadyapart of businessadministrationandisexecutedin
everydaylife of business. Ipartly supportthe opinion of PeterDrucker,thatthere isneithera
separate ethicsof businessnorisit needed.PeterDrucker’spointof view includesthat the standard
of the personal ethicscovers all businesssituations.
I justpartlyagree,because yes businessdealswiththe interactionof people anditisexecuted
throughthe transactionwithpeople. HoweverIthinkthatdue to globalizationthe business
environmenthasgottensocomplex thatthisrule ishard to implementortocontrol. The firsttrading
interactionswere mainlybuilt ontrustwithoutthe considerationof anyrevenuesorprofits.The
historyof the firmevolvedoutof familyrunfirms.Production,MarketingandSells,aswell as
operationsall were handledbyone single familythatwere forexample growingcropstosell itlater
one on the publicmarket. Nowthe industrystructure has changedafterthe industrial revolutionand
globalization:multinational concernsoperatingglobal markets.Thisimpliesmanychanges,the
businessenvironmenthasgottenrathercomplex.Itisimpossible forone personto oversee the
productionprocessand manage everything.The responsibilityissplit amongCEOs,CTOs,CFO,CIOS
and so forth. Anotherimportantpointisthatthe marketdevelopedfromalocal to a global place
whichfurthercallsforgeneral responsive behaviorbecause the consequence are wider,butthere is
no justificationforjustone universalsetof normthat definesethical rulesforall nationsand is
applicable withinall cultures.These twopointshighlightPorterscore statement,thataseparate
disciplineof businessethicswould nonsenseandhardto implement,howeveritalsostressesthe
pointthat exactlythisfactcan cause behavioral misunderstandings,becauseeveryindividual goesfor
individualsetof normsandstandardsdependingontheirbackground.
Furthermore Iwantto acknowledge thatIdidnot refertoCorporate Social Responsibilityinthis
context,because of the frequentlyimproperusage.
Julia Hammann
3022438
Komplimentärstudium Verstehen und Verändern: „Economics and Humanities“ von Dr. Oec. Camillo
von Müller