Mgt 216 Final Essay
There are many different definitions of business ethics. In general, the term is used to mean a form of applied ethics in which a system of ethics and morality is applied in the business world. The exact application of business ethics will differ from organization to organization, and place to place. Different organizations deal with different stakeholders, different clients and customers, and different dimensions of the work world, industry, and market. The way business ethics must be applied is determined by the nature, mission, purpose and goals of a given company. The universal purpose of business ethics is to ensure that companies treat their workers, partners, clients, and any other involved …show more content…
Ethics should not be seen as a challenge to profit, but should be balanced with profit. Such an organization, instead of lying to one stakeholder, such as its customers, to make extra profit, can market itself in the name of business ethics, and gain the same profit and support from a legitimate source – integrity – rather than through dishonesty. At the same time, in order to balance ethics with the companies social responsibility to live up to its name and identity, its economic responsibility to make profit, and its legal responsibility to comply with existing laws, tax systems, etc., the organization should make sure it doesn’t over commit or aim to high. A company that commits or sells itself at a standard that cannot be met by its means places itself in a situation where it either faces social and economic failure because it can’t live up to what it has advertised, or it resorts to unethical business behavior.
The Ultimate Deal is able to balance these issues by careful and self-analysis, realistic projection, and honest advertising. Before