...from studying business ethics and applying then to your business is an improvement in the reputation of your business. These things take time, but word of mouth is a powerful force in society, and having friends and neighbors talking about how you treated them right is the best advertising a business can have.One significant practical effect from studying business ethics and applying then to your business is an improvement in the reputation of your business. These things take time, but word of mouth is a powerful force in society, and having friends and neighbors talking about how you treated them right is the best advertising a business can have.One significant practical effect from studying business ethics and applying then to your business is an improvement in the reputation of your business. These things take time, but word of mouth is a powerful force in society, and having friends and neighbors talking about how you treated them right is the best advertising a business can have.One significant practical effect from studying business ethics and applying then to your business is an improvement in the reputation of your business. These things take time, but word of mouth is a powerful force in society, and having friends and neighbors talking about how you treated them right is the best advertising a business can have.One significant practical effect from studying business ethics and applying then to your business is an improvement in the reputation of your business. These things...
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...applied Islamic business ethics: responsible halal business Muatasim Ismaeel UniKL Business School, University of Kuala Lumpur (UniKL), Kuala Lumpur, Malaysia, and 1090 Katharina Blaim Faculty of Business and Economics, University of Eichstaett/Ingolstadt, Ingolstadt, Germany Abstract Purpose – The purpose of this paper is to explore the opportunities of using halal regulation and certification as a mechanism for applying Islamic business ethics in contemporary world. Design/methodology/approach – The current practices of halal regulation and certification and literature on Islamic ethics were reviewed, to identify a practical approach for Islamic business ethics. Findings – Islam allows and accepts different levels of ethical commitment. A multi-level Islamic ethics framework and a multi-level halal certification approach are proposed to facilitate the implementation of Islamic business ethics in a relative context. Two major developments can enrich halal business practices: harmonization of global standards and governance structure, and integrating responsibility and ethical issues in halal standards. Practical implications – The proposed framework and developments can enrich halal regulation and certification practice. Originality/value – The paper emphasizes the importance of flexibility and adaptability in Islamic business ethics implementation, and proposes a new framework and approach to apply Islamic business ethics. Keywords Islam, Business ethics, Social responsibility...
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...Moral Issues in Business Barbara Douglass MGT/216 February 5, 2011 Brigitte Culberson-Austin Ethical and Moral Issues in Business Ethical and moral issues have been an issue since the dawn of civilization. It has never been more important than how business deals with these issues. Ethics and moral behavior is essential to any successful business and its environment. Morals and ethics are two separate entities, but depend on each other for successful decision making. Sometimes the line between morals and ethics can become blurred and making the right decision can be difficult and not as clear-cut as one would think. Understanding the differences between ethics and morals and moral and ethical behavior is relevant to decision making. Differences between Ethics and Morals Understanding the differences between ethics and morals may be difficult for some. At times they can be confused for one another. Morals values are standards of right and wrong. Morals are taught over our years of growing up. These could consist of right and wrong behavior when we are children or right and wrong sexual issues as teens and young adults. These are generally instilled on us by our parents or our religious beliefs. Ethics is applying our moral standards to our environment. Our decision to do something that we consider immoral may not be unethical and our decision to do something unethical is not necessarily immoral. Personal Ethics versus Business Ethics Within...
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...Ethics is defined as the system of rules that governs the ordering of values (Brasfield, pg. 166). I agree that ethical decisions are guide by underlying values of the individual. If you’re CEO or Manager/Supervisor isn’t an ethical person, I wouldn’t expect them to make decisions based on ethical criteria. Business ethics are rooted in personal ethics and morals, but the situations that are experienced pertain to more people in my opinion. Universalism is a concept that is easy to grasp and makes sense in that people uphold common values like honesty, rules against murder, deceit, torture, or oppression as Brasfield has stated. I believe it is far too often that we see egoism in most organizations. Egoism states that self-interest is acceptable. Maximizing the benefit of the individual over the entire organization. Utilitarianism seeks the greatest good for the greatest number of people (Brasfield, pg. 170). These concepts should serve the entire organization in ethical decision-making. I disagree with Milton Freedmen’s argument that the only social responsibility of an organization is to maximize profits. He argues that this is the social responsibility that corporations provide to the community and that the products they produce satisfy it. I am still brand new to the business world in my professional career. I’ve recently been offered the position as the .... for ...school. Here I can see potential ethical issues that will come up. I am in charge of a large budget and...
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...Part A Utilitarianism When applying the consequentialist theory of Utilitarianism to Tom’s decision on whether to falsify information on his resume I have found exaggerating details on his resume be unethical. The table on the following page analyses the benefits and harms of each course of action for Tom. With a higher overall number of harms and lower overall number of benefits from falsifying information than if he is honest. In line with utilitarian theories when looking at the wellbeing of all stakeholders the ‘greatest good’ comes from Tom being honest. If Tom is to exaggerate the details of his employment he could cause a likely negative impact on all stakeholders from his family to his possible future supervisor and peers while only providing an uncertain benefit for himself and others. Being honest may reduce his chances in securing employment but will provide a bigger possible benefit to all stakeholders overall regardless of success or failure in securing employment. Tom ought to be honest in his work history; as the requirement of previous experience is only desirable he is still has a chance at securing employment, and will be fairer on all applicants, the hiring company and it’s employees thus providing the greatest good for the greatest number of people. ¬ Stakeholders Lie - Harms Lie - Benefits Truth – Harms Truth - Benefits Tom – employment could be halted due to misleading information – if unable to secure employment confidence for future...
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...a high level of ethics and a sound commitment to corporate social responsibility, companies are can grow respectable brand images in their efforts to build brand reputation. One such company in the insurance industry is AFLAC. Understanding and applying the six pillars of the marketing code of ethics enables companies like AFLAC to grow a better business and a bigger bottom line. Maintaining this competitive advantage in the insurance industry also requires AFLAC to be ever more diligent in exploring new opportunities for green initiatives and philanthropic commitments. Company Background AFLAC is not a typical supplemental insurance company. “AFLAC products have given policyholders the opportunity to direct cash where it is needed most when a life interrupting medical event causes financial challenges” (Aflac, Incorporated, 2009, p. 1.). The company has increased historically annual dividends for more than 26 years and is a Fortune 500 company. The company has built a recognized reputation for ethical business practices in its industry. “AFLAC has been recognized by Ethisphere magazine as a World’s Most Ethical Companies for seven consecutive years” (Aflac Incorporated, 2013, p. 1.). Business media consistently rates the company as one of the most admired businesses for which to work. It has built this reputation through understanding and applying the six pillars of the marketing code of ethics. Application of the Six Pillars of the Marketing Code of Ethics AFLAC exhibits...
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...BUS 311 Week 1 DQ 1 Applying the Law to a Set of Facts BUS 311 Week 1 DQ 2 Tort or Crime BUS 311 Week 1 Quiz BUS 311 Week 2 Critical Analysis Paper BUS 311 Week 2 DQ 1 Elements of a Contract BUS 311 Week 2 DQ 2 The Uniform Commercial Code (UCC) BUS 311 Week 2 Quiz BUS 311 Week 3 DQ 1 Employment-at Will BUS 311 Week 3 DQ 2 A Principal’s Responsibility for the Actions of Their Agent BUS 311 Week 3 Final Paper Prep BUS 311 Week 3 Journal Your Experience with Business Law BUS 311 Week 4 Business Ethics – Journal BUS 311 Week 4 DQ 1 Real, Intellectual, and Personal Property BUS 311 Week 4 DQ 2 Business Ethics BUS 311 Week 4 Multimedia activity Business Organization BUS 311 Week 5 DQ 1 Intellectual Property and Technology BUS 311 Week 5 DQ 2 The Global Marketplace BUS 311 Week 5 Final Paper BUS 311 ALL DQS ASSIGNMENTS AND QUIZZES BUS 311 Week 1 DQ 1 Applying the Law to a Set of Facts BUS 311 Week 1 DQ 2 Tort or Crime BUS 311 Week 1 Quiz BUS 311 Week 2 Critical Analysis Paper BUS 311 Week 2 DQ 1 Elements of a Contract BUS 311 Week 2 DQ 2 The Uniform Commercial Code (UCC) BUS 311 Week 2 Quiz BUS 311 Week 3 DQ 1 Employment-at Will BUS 311 Week 3 DQ 2 A Principal’s Responsibility for the Actions of Their Agent BUS 311 Week 3 Final Paper Prep BUS 311 Week 3 Journal Your Experience with Business Law BUS 311 Week 4 Business Ethics – Journal BUS 311 Week 4 DQ 1 Real, Intellectual, and Personal Property BUS 311 Week 4 DQ 2 Business Ethics BUS 311 Week 4 Multimedia...
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...International Legal and Ethical Issues in Business Unit 1 Joseph McGouldrick AIU Online At an upcoming meeting, the topic of potentially defective products being sold to consumers needs to be brought up. However, because company ethics have not been communicated effectively there is no clear way about how to bring this topic up. The defective products being sold could potentially cause harm on top of everything. To bring up the topic about the potentially harmful defective products being sold to consumers to the chief executive officer and other managers, first the companies ethics would need to be researched. Hopefully the companies ethics would be in good standing where the issue would be a concern to the higher ups and something would be done about it. Once ethics is understood, facts about the possible defective and harmful products would need to be figured out and collected for presentation. If all the facts about the defective products are collected in an understandable and professional matter, the managers and chief executive officer will better be able to evaluate the situation and find the best course of action. At the meeting when it was time to bring up the issue, the facts and any charts would need to be presented according to relevance. When talking about the issue the dangers of not fixing the problem would have to be talked over such as the possibility of great harm or even death because of the product that may cause...
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...Practicing ethics within the organization: Forms of Organizational Justice Distributive Justice – how rewards are shared among members of an organization – we all want to be paid fairly for the work we do and get adequate recognition for our efforts. If this does not happen, the distributive injustice might result in stress, dissatisfaction with job, etc and consequently, reduced efforts, greater absenteeism or otherwise trying to balance the scales in a what is perceived as a fair way. Procedural Justice – is about justice also being seen to be done. Is about people’s perceptions of fairness about the procedure used to determine outcomes. It is a cognitive assessment of a variety of criteria. It can be improved by: * Voice in the making of decisions (to have a say in decisions affecting them) * Consistency in applying the rules (same standards for judging all answer papers) * Accuracy in use of information (e.g. of paying overtime to the driver) * Opportunity to correct errors (even our legal system has something called a review mechanism) * Safeguard against bias – a person cannot be judge in their own case or in a case in which they have an interest (non-comp entry of my student when I am a judge) If not present, people are unlikely to adhere to rules they perceive as arbitrary and unfair – e.g. traffic rules? So much corruption in the system Interpersonal justice – people’s perceptions of fairness are also impacted by how they feel they have been treated – with...
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...The ability to determine what is right and what is wrong is known as moral philosophy. These ethics are learned through friends, family, and formal education. However, moral philosophy can be influenced by business and corporate culture. This is why it is important for all of society that business and corporate leaders understand and manage their firms with the highest ethical respect possible. It is the social responsibility of these companies to be aware that they are accountable for their actions and what they may or may not do can echo an eternity into the world’s future. In 1972, Ford Motor Company released the Ford Pinto, a small cheap car that could financially compete with the new economic cars from Asia. The Ford Pinto got a lot of attention because it was the first American made car to rival the Asia automobiles. However, the Pinto had a design flaw in that the position of the fuel tank was poorly placed and as a result was highly susceptible to car fires. This flaw was recognized by ford but was deemed an economic step backwards. If the production to fix the flaw was put in place, it would raise the overall price of the car. Thus, making the car less attractive to potential buyer. Ford decided to push the car despite the recognition of the fatal flaw. To make this decision Ford ultimately broke it down in terms of money. Ford determined that to go back and fix the design flaw to would cost $137 million as oppose to $49.5 million for those who will lose their life...
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...headquarters in Albuquerque New Mexico, Microsoft steadily increased their offices across the United States to more than 100 countries. The expansion into different countries is a challenge to the Microsoft Corporation as it means meeting new cultures, lifestyles, languages, and people. Research must be conducted followed by a working strategy to integrate these new cultures and ethics into Microsoft’s. Microsoft’s homepage presents a summarized version of their culture. “As a company, and as individuals, we value integrity, honesty, openness, personal excellence, constructive self-criticism, continual self-improvement, and mutual respect” (Microsoft Corporation, 2011). Microsoft also presents their official responsibilities that is part of their ethical obligations. “We hold ourselves accountable to our customers, shareholders, partners, and employees by honoring our commitments, providing results, and striving for the highest quality” (Microsoft Corporation, 2011). When endeavoring into new countries and cultures, it is important for new employees to understand and accept Microsoft’s culture and ethics. Microsoft products are used worldwide. When Microsoft decided to open an office in Lebanon, the majority of the computers ran on Microsoft Windows and Microsoft Office was the most popular word processing, spreadsheet programs. However, the problem was that there were plenty of pirated...
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...Errol A Lane Business Class ethics Describe at least two reasons for studying business ethics * Improve the Reputation of Your Business (One significant practical effect from studying business ethics and applying then to your business is an improvement in the reputation of your business. These things take time, but word of mouth is a powerful force in society, and having friends and neighbors talking about how you treated them right is the best advertising a business can have). In studying business ethics we find a lack of good business ethics what ar you saying when using that word * (Ethics or moral philosophy is the branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. The term ethics derives from the Ancient Greek word ἠθικός ethikos, which is derived from the word ἦθος ethos (habit, "custom").) a goof reputation derives form a good business acumen which make for better business ability and reputation. When you learn you do better, you think better and you will be better Become a Better Businessman and Human Being Being (Studying business ethics changes outlooks and influences behavior. Ethics provides a set of terminology and a conceptual framework with which you can think and talk about ethical issues. Studying business ethics will help you weigh the potential consequences of your business decisions, and it will teach you to make moral distinctions and avoid common fallacies...
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...Business ethics are a pivotal aspect in strategic business finance, or finance in general. Poor ethical practices and immoral acts have been conducted across many years by many individuals and businesses in the business world in regards to finance. This paper will focus on two of the more well-known ethical issues that occurred in the late 1990s and early 2000s, Enron Corporation and WorldCom. This paper will focus on the factors that led to the demise of the corporations, as well as the violations that occurred within the accounting practices, and the specific ethical violations in strategic financial planning. To summarize, the largest contributing factor to the demise of Enron Corporation and WorldCom was simply corporate governance failure (Stanford GSB Staff, 2016). The smaller factors that led to the governance failure were such things as increases in executive compensation and stock options, jumps to incentives to manage earnings, and major shifts in the structure of auditing firms. These changes directly led to the loss of money and public confidence. These reason can be classified as nothing other than management greed. This can be validated by the statistical increases in worker compensation which rose forty-two percent in the 1990s as well as corporate profits rose eighty-eight percent, the standard and poor index increased two hundred and forty-eight percent, as well as CEO compensation rose four hundred and sixty-three percent during this timeframe (Stanford GSB...
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...today’s world, business decisions are involved in everything that people do. In homes, on the job, and in everyday transactions, business is in one way or another applied. These decisions may be based on finances, personal beliefs, power, or even on greed. Due to these many reasons, it is very important that businesses use a set of rules or guidelines in helping them to make the right decisions. It seems that a different company or organization is on television every other day because they have been caught using unethical measures in their business. In applying an ethical decision model, companies can cut down on making decisions, which can hinder their companies in a negative way, now and also in the future. Applying ethics in the form of a decision model is no replacement for morals or for business leadership, but it gives guidelines to follow, and identifies which problems actually need to be addressed and offers various ways to solve them (Sternberg, pg. 112). The decision model helps to organize the information in a way that is more productive in solving the problem in the right way. Through analyzing ethical decision models a number of ethical issues can be solved quite well, and with good grace. The following ethical decision models will help illustrate the importance if using these rules and guidelines. Sternberg’s ethical decision model is based on five steps. Step one is to clarify the questions, which is very important in tackling all ethical business problems. Many...
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....\When I hear the term “Business Ethics,” I think of a lot of things. Business ethics exists on both the internal and external level of a business. Externally, business ethics is the process of applying moral principles within a company’s external environment. In terms of finance, a business is acting ethically by accurately reporting their financial credentials for use by creditors and investors. The business is also following government regulations and laws and not participating in acts that are illegal or frowned upon in the business community. In terms of human resources, businesses act ethically by giving everyone a fair chance. It is discriminatory for a company to hire someone based on race or gender. Acting ethically would mean a business is giving everyone a fair chance and an equal opportunity; gender and race do not play a part in the hiring process. The same goes for internal circumstances within HR. Promotions should not be based on gender or race or based on favoritism. Business ethics in the aspect of internal HR functions means that the person best fit for the position gets the promotion. Internally, business ethics involves acting in the company’s best interest and not having personal hidden agendas. Employees need to work together and respect other employees, not set others back in order to get ahead. Fair treatment and abiding by the law also apply to internal business ethics. The best way to describe business ethics is to play fairly, both internally...
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