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Essay / Ethics Ethics in Business - 766
Ethics is a moral judgment about right and wrong. They differ from one individual to another. Ethical behavior practices influence the business by attracting customers, retaining employees, attracting potential qualified employees, and attracting investments from potential investors. Unethical behavior or a lack of corporate social responsibility can damage the company's reputation and image. Customers may be attracted by information about how raw materials and labor are sourced, the processes involved in manufacturing, and how the final products are delivered to customers. According to a case study, a company that declares that all of its products are picked from sustainable plants where no deforestation has taken place, by people who pay a good living wage, in an area where Investments were made to ensure production for the foreign market. is sustainable will find that all of these elements of their purchasing strategy themselves become a selling point for their final product. By declaring this, they are less likely to be fined for violating laws against forced labor and deforestation. They minimize the carbon footprint and move towards green renewable energy without harming the world in which every human being lives and without harming the future prospects of all businesses. The customer is king approach should always be used. Customers should be charged a fair price and always treated with respect. They should not receive dangerous or defective products in exchange for their money. This creates a loyal customer base. Customers who don't feel treated fairly by a company often will. feel free to do something about it. Social media like Hello Peter has made it easier to share negative information about a business. You don't have to... middle of paper ... it's the hardest to rebuild if lost. Strong corporate ethics can help a company conserve its assets in the sense that employees will know that it is punishable to abuse them. or steal company resources. Teamwork should also be used as an aid to align ethics and values that enhance employee integrity and openness, thereby influencing productivity. Managers can ask employees to double-check and edit each other's work to ensure there are no discrepancies. This increases accountability and transparency. Values are an integral part of forming attitudes and how we respond to people and situations. Values are a key element of effective managerial leadership. In his book Authentic Happiness[1], Martin Seligman reviewed these core virtuous values that influence ethical behavior and appear to have universal appeal. My adaptation of these values as they apply to ethics follows