Nobody downloaded yet

Is ethics profitable - Essay Example

Comments (0) Cite this document
Summary
This study paper seeks to explore the subject of ethics and the extent to which it is profitable and non-profitable to a business. In the general context, ethics refers to the moral standards by which individuals judge behavior, and it is usually summed up in the ideology, “do to others what you would have them do to you”…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.9% of users find it useful
Is ethics profitable
Read TextPreview

Extract of sample "Is ethics profitable"

Download file to see previous pages The constantly changing competitive environments in the business world forces businesses to find new methods to counter the competition as opposed to the so-called traditional ways. These traditional methods included better products, more services, or lower prices. In the contemporary world, business firms are responding to these competition challenges by introducing partnerships and more mutual relationships with their customers and other stakeholders in the business. In the last years, there have been discussions regarding ethics practices in business firms. The general assumption of this subject is that firms need to do what is morally right for their customers as well as their employees. However, the common practice in the business field is that of unethical and illegal activities. Most organizations are yet to understand or realize the financial impact of high ethical standards in business firms (Heskett et al. 34).
According to most businesses in the present world, ethical practices impose an unnecessary financial constraint. Tax evasion and underpaid personnel comprise unethical but, nonetheless, appealing practices. From this perspective, it seems that profits and ethics have an inverse relationship. Managers and directors of businesses assume that ethical practices and programs are very expensive activities. This means that ethical practices have no positive impacts on the profitability of business firms. In this case, this ideology suggests ethics as not being profitable to a business organization. It seems that companies with ethical practices record low or constant profits, and hence, most managers still rely on the traditional modes of improving profit levels of an organization. On a more positive aspect, ethics improves the profit levels of a business firm through various ways. Examples from the business field indicate that there is a positive correlation between a firm’s activities, ethical behaviors, and the firm’s bottom line outcomes. The reputation of a business in terms of ethical business activities can be a major source of competitive advantage in the business segment. The most important ways in which ethics contributes towards profitability of a company is through the minimization of the cost of business transactions, construction of a foundation of trust with stakeholders, and maintenance of social capital. More so, high standards of a firm’s ethics contribute towards an internal environment of successful teamwork amongst employees which, in turn, impact the profit levels. According to various studies, companies viewed as ethical by company stakeholders, for instance, employees, public, customers, and suppliers, enjoy several competitive advantages. These competitive advantages in the business community include higher levels of commitment, higher levels of efficiency in operations, and increased levels of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Is ethics profitable Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Is ethics profitable Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/law/1443676-is-ethics-profitable
(Is Ethics Profitable Essay Example | Topics and Well Written Essays - 1000 Words)
Is Ethics Profitable Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/law/1443676-is-ethics-profitable.
“Is Ethics Profitable Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/law/1443676-is-ethics-profitable.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Is ethics profitable

How can hotels be more profitable by using recycling material

...?Running head: HOW CAN HOTELS BE MORE PROFITABLE BY USING RECYCLING MATERIAL How can Hotels be More Profitable by using Recycling Material Insert Insert Grade Course Insert Tutor’s Name March 15, 2011 1. Introduction and Problem Statement Various industries produce waste materials that are often disposed into the environment. The waste products can pose a problem of environmental degradation if the right procedures are not adopted in the disposal process. The hotel industry produces waste products not only from the food products, but also from other departments of the hotel like accommodation and/or maintenance. Apart from the food wastes, materials like plastics, broken glasses, aluminum utensils and...
6 Pages(1500 words)Essay

Ethics

...?Computer Ethics The “Ten Commandments of Computer Ethics” were put forward by the Computer Ethics institute in 1992 and acts as a starting point in specifying the general principles one must follow when one uses computers. These ‘Commandments’ are very wide and lay out absolute directions without specifying exceptional circumstances when it is permissible not to follow them. In relation to some of these ‘Commandments’, it is understandable that the rule set out is absolute. However, in relation to others, it is not practical and perhaps in some cases not even ethical, to follow such ‘Commandment’ absolutely and to the letter in all circumstances. In my view, the 1st...
3 Pages(750 words)Essay

Ethics

...ETHICS Professionals undergo ethical dilemmas during the of performing their services. They have to face grave ethical trauma where on the one side they have commitment with their work place and organization, and on the other side they have moral obligation towards the clients and customers. It is particularly the case in medical department, where the nurses have to combat with the conflict between the job responsibilities and the call of conscience while experiencing ethical dilemma. The same is the situation with Deborah in the case under examination. Since Deborah is working as nursing practitioner at a private hospital, she forgets the very reality that private...
1 Pages(250 words)Assignment

Starbucks Strategy and Internal Initiatives to Return to Profitable Growth

.... Customer service was one of Schultz’s central themes at Starbucks, and thus, his return and strategic initiatives helped return the company to its initially held values. This should see Starbucks return to profitability by slowing on expansions and focusing on strengthening core, investing and growing, and experience elevation. Before focusing on company growth, they require a strong employee base and customer experience. Schultz has done great via the creation of strategic initiatives aimed at putting the company back to where he believes it belongs. His vision involves becoming a coffee authority, inspiring and engaging its employees, delivering a sustainable economic model, creating platforms for innovative...
8 Pages(2000 words)Essay

A Profitable Business

...A Profitable Business Difference between Gross Profit and Net Profit Gross profit enables the business owner or investor to assess the profitability of the production process whereas net profit is a measure of the profitability of the business as a whole. Gross profit is calculated by subtracting the cost of producing goods from the revenues earned by selling those goods to customers (Pride, Hughes, and Kapoor 513). The cost of goods sold (COGS) includes the cost of raw materials, purchases of items used in the manufacturing process including wages of production staff, carriage inwards. After adding up...
5 Pages(1250 words)Research Paper

Developing Potentially Highly Profitable New Systems Technologies

...Lecturer How would you make a business case for developing potentially highly profitable new systems technologies that are based primarily on intangible benefits? How would you justify funding such a project and convince senior management to proceed with it? The new technology is emerged in business for improvement for buyer’s access to the important and critical information. The advantages and disadvantages of the competitors that already have adopted the new technologies are observed and important factors are taken from it. The success rate for adding new technologies into business is critically viewed from other companies. The success factors are in both forms like tangible and intangible benefits, so measuring...
3 Pages(750 words)Essay

Researching how to conduct a profitable online business

.... These models will be derived for various kinds of online businesses with the help of models by various authors and journal articles. The paper traces the frequency of online visits in order to study the existing successful methods. Then it moves on to the various technical and commercial aspects of recommendations that will form the ideal environment for profitable business activities in the online arena. Numerous studies have indicated that the power of internet shopping rests in the immediacy, 24-hour availability, and depth of product information available as consumers are able to search for information with near-zero cost since information is only 'a click away.' Further, unlike traditional retail products, the...
18 Pages(4500 words)Essay

Is Fuel Price Hedging profitable for airline industries

...1 Introduction & Reasons for Hedging: Airlines indulge in a practice industry calls ‘hedging’ to protect fuel costs. Hedging basically fastens airlines cost of future fuel purchases. Locking in fuel prices also prevents sudden profits from decreasing fuel prices. (Morell & Swan) Other costs are less unstable than fuel prices, so hedging fuel stabilizes overall airline costs. More constant costs also mean more stable profits and higher equity values for shareholders The theory behind airline fuel hedges is to lessen a major swing in profit, and thus better returns for the airline scripts. Most airlines today hedge fuel costs. This has not always been the scenario. As recently as 15 years...
12 Pages(3000 words)Article

Determining a profitable investment

...Determining a profitable investment To determine a profitable investment, it is necessary to have a venture strategy, skill in both required and technological analysis, and time. Even though, stock tips are a way to finding profitable investments wise entrepreneurs will want to be able to confirm with necessary analysis and technical analysis when picking stocking from even the most consistent sources. Using scientific psychiatry tools such as Candlestick outline configurations, an entrepreneur can look forward to market reverse and market trends before they happen. In long term investment, one inquires about stocks with long periods of profit potential (Jacques 2008). On...
2 Pages(500 words)Essay

Creating Profitable e-Business: Cloud Based Computing

...Creating Profitable e-business: Cloud Based Computing Introduction With increasing technological advancement, businesses are becoming reliant on technologically based innovations to enhance their prospects and boost their profits. The companies are increasing profits by cutting costs that they would incur in the past through the application of technological innovations. Moreover, the world is changing from an expansive globe that needed the use of various conventional methods to do businesses as the internet continues to reach more and more people. Most importantly, the increased numbers of people, people who form the customer and client base of businesses, are continuously using the...
10 Pages(2500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Is ethics profitable for FREE!

Contact Us