Business ethics refers to an essential and historic aspect of every business organization. It concerns the moral and traditional values that an enterprise follows and promotes to the general public. These include; producing good quality products, providing effective services to customers, supporting social causes such as contributing to environmental and health campaigns etc. In today's globalised world the concept of business ethics becomes all the more important as certain business organizations tend to operate below the permissible quality standards thereby encouraging unethical standards to penetrate among members of the local community within which the business operates. There are several reasons as to why business ethics are important for an organization.
Firstly, businesses that follow certain ethical criteria are automatically given the advantage of the local community within which it operates. Members of the society will promote and …show more content…
Consumer rights refer to the legal authoritative rights that empower consumers to fight against any exploitative and unfair trade practices adopted by business organizations. They include right to safety, right to be informed, right to choose, right to be heard, right to consumer education and much more. Businesses which ignore consumer interest are liked with the need for consumer protection. In order to achieve profit maximisation a business venture sometimes resorts to adulteration of goods, poor quality, lack of service etc which necessitates consumer protection. There are several reasons as to why protecting consumer rights help organizations complying with its ethical principles. Firstly, to serve well is in the interest of both the consumers and the business. To sustain its survival and growth, business must work for the interest of the stakeholders in general and consumers in particular. Moreover, unless businesses do not become customer centred they'll face immense competition from multinational
Firstly, businesses that follow certain ethical criteria are automatically given the advantage of the local community within which it operates. Members of the society will promote and …show more content…
Consumer rights refer to the legal authoritative rights that empower consumers to fight against any exploitative and unfair trade practices adopted by business organizations. They include right to safety, right to be informed, right to choose, right to be heard, right to consumer education and much more. Businesses which ignore consumer interest are liked with the need for consumer protection. In order to achieve profit maximisation a business venture sometimes resorts to adulteration of goods, poor quality, lack of service etc which necessitates consumer protection. There are several reasons as to why protecting consumer rights help organizations complying with its ethical principles. Firstly, to serve well is in the interest of both the consumers and the business. To sustain its survival and growth, business must work for the interest of the stakeholders in general and consumers in particular. Moreover, unless businesses do not become customer centred they'll face immense competition from multinational