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Virgin group: reaching for the sky in a new economy - Essay Example

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The Stanford encyclopedia of philosophy describes business ethics as an applied discipline in which the moral attributes of commercial activities are addressed within the fabric of the firm. Recently academic business ethics are founded particularly on the concept of corporate social responsibility…
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Virgin group: reaching for the sky in a new economy
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Download file to see previous pages It addresses issues across the wide functional aspects of business operations by firms. Thereby, leading to the origin of specialized business ethics relating to the particular operative areas of business e.g. accounting ethics, marketing ethics, human resource ethics and so on, so forth. Business ethics broadly postulate that the conduct of business in the pursuit of capitalism must not supersede the greater interest of the society where the business operates. This constitutes the fundamental unit of commerce today (Solomon). Kant, a renowned theorist in business ethics argued in the defense of the principle of respect for persons that any commercial practice that puts money at an equal with people was immoral (Bowie). Several theories advance the individual’s business ethical obligations including the stockholder theory, stakeholder theory, social contract theory, and the utilitarian theory. These normative theories more or less argue about the question of what needs to be done such as to produce the best possible consequences for all involved. Presently, the question of what exactly is the best practice continues to be equally challenging as long ago when it was conceived. It has been argued that business ethicists are more often than not academics and philosophers who find their stance in abstract ethical theory (Wood). Therefore, the practical use of business ethics conflicts with the fundamentals of a business practitioner who avoids abstractions in making business decisions. Despite this, calls for social responsiveness in business continue to gather momentum globally where businesses that tow this line reap rewards including but not limited to profitability, expansion, and survival due to societal acceptance. Those who fail to adhere to such calls are often met with disapproval within the community; and in more developed countries, direct public protests and interventions have intimated legal undertakings towards this end and closure of operations for non-compliance (Complaintsboard). The Virgin Group through its numerous businesses seems to have understood the importance of “ethical business.” Virgin employees and businesses seem to follow the principles of their founder, Sir Richard Branson, who has an ability to ethically profit from emerging markets. The group is essentially driven by the goals of high entrepreneurial and ambition with a unique customer focus aimed at changing the way all other industry participants do business. As opposed to traditional methods of gaining market supremacy through economies of scale, Virgin Group employs a smart approach geared at redefining how customers view the delivery of required goods and services should be done. This paper will assess whether and how the needs of stakeholders have been ethically addressed by the Virgin Group. In addition, it will-more specifically-identify the group’s implementation of business ethics with regard to the protection of intellectual property rights. Is there a connection between the firm’s focus on ethics in business practice and its continued success? Analysis Ethics and morals have a close intertwined relationship, which generates signals as to the kind organizational culture of a business. This culture in turn influences and enforces behavior and interactions amongst the various stakeholders within the organization. However, what exactly is it in a decision or policy that is moral and, by extension, ethical? How does one ascertain the nature of an action before its resultant effects have occurred thus providing a basis for assessing the given action? Can ethical practices by one group of stakeholders negatively affect the needs of another ...Download file to see next pagesRead More
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