Business and Ethics - Essay Example

In order to achieve a quick growth in any business, it is important for one to consider getting new markets for the goods and services that one provides. The present time is the right time to use new markets to achieve quick growth. You do not need to travel far distances to create a new market for your products. If there are products that are similar to yours that are being sold in your locality, there are different methods you can use to create new market for your products and thus achieve growth.

One can work hard to make the customers who have been buying products similar to yours buy yours instead, for example by advertising your products in a way that will prove to them that your products are more superior to others in the market. By so doing you are going to create a new market for the products. This shows that a new market can be found in the same area where products similar to yours are being sold. In order for you to decide on what method to use in order to increase growth, you have to consider how your business is performing at the present time.

If the performance is too low, that will be the best opportunity for you to use new markets to achieve growth. The next new market can be gotten by attracting people who have never used you products before through extensive marketing. In conclusion, it is possible to create a new market by seeking entry into the existing market by making modifications in the existing scenario. The new market can also be created by looking for places where there are needs that have never been met. A new market can be created in an environment where a given company has been enjoying monopoly for quite along time as monopolist companies tend to be negligent in many ways.

There is a lot of controversy surrounding the issue of the compatibility of ethics and business. This is a very sticky issue, as both sides of the divide present strong cases. While the ultimate goal of any organization is to minimize costs and maximize profits, it is important for the organization to take into consideration some factors in its quest. Ethical decision making entails critical consideration of some issues such as who is affected by certain actions and what their rights are. It is also important to assess the risks and benefits involved and what is the role of all the stake holders.

It is possible for an organization to pursue its profit oriented goals and still remain ethically responsible. A company is said to be ethically responsible when it is concerned with privacy, safety and security of its consumers. The central concern therefore, is the well being of the public: human rights and culture diversity. A company should strive to be honest and fair in its communication about its products in terms of the quality and the cost. A company that places claims on being 'ethical' is most likely going to financially outperform its counterpart that is 'unethical' in areas such as economic value added (EVA), market value added (MVA) and the earnings/price ratio (Caulkin, 2003).

This implies that there is a direct correlation between superior financial performance and ethical performance. Many companies are therefore highly conscious of this matter and many have gone ahead to publish award winning codes of ethics, with emphasis being placed on adhering to these codes. Not only will this lead to respect of the company but also the effective address of non financial risks, translating to improved business volumes. Therefore, ethics and business do and should mix.REFERENCES.Caulkin S. (2003).

Ethics and business do mix. Last retrieved from the World Wide Web on 25th april, 2008 from http://72.14.205.104/searchq=cache:lGrKphAO2mIJ:www.guardian.co.uk/business/2003/apr/20/globalisation.corporateaccountability+business+profits+and+ethics&hl=en&ct=clnk&cd=8&client=opera