Business ethics and law - Essay Example

?Business Ethics and Law Business Ethics and Law The current business market in the United Kingdom has become a very competitive one. Companies are going to great extents in order to attract the customers to their services and products. This competition is very healthy for the generation of a profit making market that has got fair services for the consumers (Moon, 2002). The competitive nature of these markets also helps with the improvement of the quality of the services and the products that the different companies and organizations make available for their customers. It is the social responsibilities of these businesses to use the resources that are in their disposal and engage themselves in activities that will increase the generation of profits. However, these activities have got to stay within the laws that have been set by the government regarding the ethical conduct of the businesses. This paper will focus on this law and how they do help in the creation of a free and fair competitive market for all the businesses in the United Kingdom. Business ethics and the legal implications that accompany it have become one of the most important factors in the UK market today. These business ethics and laws have got a very important role to play in terms of controlling the conduct of the competition between these businesses. The laws that have been set solely focus on the growth of ethical elements in the markets in order to allow for a fair conduct of trade and business (Bantekas, 2004). These laws do cover the social responsibility and principles which govern the competitive markets for the businesses in order to create a smooth platform for the conduct of trade. This also serves as a means of protecting the consumers from extortion and cheating by these businesses which might seek to take advantage of them in the name of being competitive and trying to win them over. The social responsibility of these laws is to create an environment where there is there is balance in between the employees of the companies, the stakeholders and the customers. Each one of these three members is entitle to fair services in the business market regardless of the competition (Maloni & Brown, 2006). Observation of the business laws and ethical conducts when it comes to the operational activities is very important. Management of any business has got the responsibility of acting in ways which ethical in making the decisions on how to go about the operational activities of a company. The operational activities need to be considerate of the greater good of not only the organization but that of its employees as well (Trevio & Nelson, 2007). The managers have thus got the responsibility of watching out on how they behave towards the employees since that might impact their reaction either negatively or positively. One of the primary roles of the business laws in the UK is to enable the managers demonstrate the right type of behavior towards their employees especially when addressing them on how to go about the operational activities of the company. The managers have got to be keen not to overwork these employees in the name of making profits for the company (Moser, 2009). Business laws and ethics are always looking for ways through which competitive advantage can be created in the UK market (Hartman, 2008). Thus, the business ethics do come up with imaginations that have been collectively multifaceted. These imaginations in the market are complicated so as to enable them grow significantly with time in the businesses. The competition levels in the markets force most of the managers to make some very radical decisions regarding the company (Henry, 2012). All this is usually aimed at making the business more competitive in the market. However, some of these decisions made might create a conflict between the managers and the shareholders. This is because of issues arising from trust and honesty. The shareholders might think that the managers are making these decisions in order for them to benefit from it. Thus, in such situation, it is the responsibility of the business laws to protect the interests and assets of the shareholders from being exposed to risks by the managers in the name of creating a competitive advantage over other businesses (Davidson, 2006). It is the responsibility of organizations to crate for themselves a comprehensive convinced collective image in the market. This image should be based on the policies, beliefs and the culture of the business regarding how they treat their partners in business as well as their customers (Achda, 2006). The business laws and ethics help companies in the build up to creating this image. With the levels of competition being high in the market, the managers may be tempted to cut down on the costs incurred by the business during manufacturing in order to realize higher returns in profit. This will in turn cause the quality of the products produced by the business to degrade. To the consumer, this will be cheating since he will continue to purchase this product at the same price and yet it is of lower quality. The business laws usually protect the consumers against such acts of deceit by the companies selling them the different products (Robinson, 2009). The business ethics dictates that a company should remain honest in the quality of products or services that it offers to its customers (Feisal, 2011). It is the ethical responsibility of the company to uphold its policies and principles regarding the quality of their services to the customers. Thus, the companies are presented with the obligation to find other ways to increase their profits but not to cheat the customers by manufacturing goods that are of low quality. The business laws in the UK have set a standard under which every good in the industry has got to attain (Shamir, 2009). This prevents the presentation of low quality goods to the market for the customers by the companies. These laws and ethics thus help in keeping the businesses within their policies, beliefs and culture. By restricting them from coming up with poor quality commodities in the name of competition and increasing the returns in profit, the laws and ethics help these businesses to continue with the provision of high quality goods and services to their customers (Bradley, 2012). Competing in the business market in the UK is not an easy task. Most businesses really struggle to stay within the limits that have been set by the business laws and the ethical responsibilities. In trying to overcome the competitive nature of the other companies, a manager may find himself in a position which exposes him to bribery and corruption and counterfeiting or production of fake goods (Weiss, 2008). The situation does not necessarily have to be the fault of the manager. There are times when the manager may find himself cheated by his suppliers into purchasing these fake goods or being bribed into accepting partnership with a company in preference to another (Dunfee, 1996). These tough situations such as these ones leave most of the managers confused. However, the business laws and ethical responsibilities come in handy in such situations. Corruption is one of the most illegal crimes in the UK. Bribery and corruption usually go hand in hand most of the times. This is a dishonest way of conducting business since it takes out the fairness factor from the competition in the markets. Corruption usually induces damage to the economy of the market, the consumers, the integrity of the business as well as the public life (Outlaw.com, 2012). Thus, the business laws that have been set are aimed at cutting down and eliminating such behavior from the market. Corruption is illegal and any cases of the same would result in one facing serious sentence from the UK courts (William, 2006). The laws also govern the businesses against counterfeiting and the production of fake goods. This is considered to be a form of theft and is not entertained at all. Counterfeit goods lower the standards of the market and thus affect the economy negatively. The manufacturing companies will be making profits from the reduced costs in production. However, this production of fake goods tampers the market by reducing the sales. Business laws thus govern against such actions in order to protect the market and keep the businesses fair and of great quality (Colin & Novel, 2008). The business ethical responsibilities as well as the business laws are very important in the regulations of the businesses in the competitive markets. The managers of various businesses often go out of their way in order to come up with strategies that would help them beat their competitors to the consumer. However, not all of these strategies are legitimate and legal. As we have discussed above, a majority of these strategies will have an unfair impact on either the interests of the shareholders or the consumers. Thus, the business ethical responsibilities and the business laws that have been set in the UK govern the consumers and the shareholders of these companies from extortion and exploitation (Goodpaster, 2011). This in turn limits the extents to which businesses can go in terms of creating wider profit margins for themselves at the expense of the consumer and the shareholder. Without these laws, the markets would turn into a source of exploitation of the consumers and illegal profit generating system for the managers. Reference Bantekas, I, (2004), Corporate Social Responsibility in International Law, International Law Journal. Vol 22. P 309-354 Maloni, J & Brown M.E., (2006). Corporate Social Responsibility in the Supply Chain, Journal of Business Ethics, Vol 68 (1) Moser, M. R, (2009), A Framework for Analyzing Corporate Social Responsibility. Journal of Business Ethics, Vol 5 (1) p 69-72 Davidson, P. (2002). Legal Enforcement of Corporate Social Responsibility Within The EU. , International Law Journal. Vol 8. P 209-324 Moon, J. (2007), The contribution of corporate social responsibility to sustainable development. Sust. Dev. Vol (15) pp 296–306. Shamir, R. (2004), Between Self-Regulation and the Alien Tort Claims Act: On the Contested Concept of Corporate Social Responsibility. Law & Society Review, Vol (38)p 635–664. Achda, B. T. 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