Essay about Business Ethics

1666 Words Dec 23rd, 2013 7 Pages
Improving and Sustaining Business Ethics and Corporate Responsibility !

Business Ethics is emerging as one of the greatest recognized needs in business

today. No other element in business life can profit so greatly for such a small investment. Ethics and corporate responsibility not only describes what a company does internally, but also shows what they did externally. If a company lack this, it can cost business dearly. In order to start looking at how to improve and sustain business ethics, we must first ask what ethics itself is. In a simple definition, ethics involves learning what is right from wrong. Then taking that knowledge and acting on what is right. However, that’s not as straightforward as conveyed in a great deal of
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animal products). The overall public opinion, however, affects companies tremendously. This could make a very profitable company bankrupt while making a very small company huge. There is not an exact definition of business ethics and corporate responsibility."

Some would define business ethics and corporate responsibilities as the following: " “Business Ethics: Moral principles concerning acceptable and unacceptable behavior by business people. Executives are supposed to maintain a high sense of values and conduct honest and fair practices with the public (2).”"

“Corporate Responsibility: the responsibility a business has to its employees, customers, shareholders and adhering to the law (3).”"

The definition for business ethic goes to show that they are based on morals. Morality is the only way that ethics should/could be based. Being honest and fair shows the general public that the company is very dependable and conducts business in a way

Page 3 of 7 that consumers can respect. The definition for corporate responsibility shows that the business needs to keep people that help it operate (employees, shareholders, etc.) happy and content. This allows the company to function better as a whole."

" Lets examine the Ford Pinto as an example. The Ford Pinto was a car that Ford made in the 1970s (4). Ford knew the car would catch fire in a crash but still pushed ahead with production. This was a huge story in the late 1970s and into the 1980s, as

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