MGT230 Is Relevant to Business Career - Essay Example

I think the most theory that appeals to me and I found interest in week 2 is utilitarianism, which maximizes the power of happiness. Utilitarianism is a theory, that leads to the proper action as maximizing benefit and reducing the negatives. Furthermore, utilitarianism is not limited to the happiness caused by single actions but also contains the happiness of all the people involved and the future consequences. Also, in week 2 I learnt about Bentham’s utilitarianism which is about the human’s feelings or basic emotions. Humans are more likely to look for happiness rather than suffering from problems. According to Bentham utility can be found in every single thing that contributes to happiness, which is good. In my opinion, utilitarianism has many interesting points that can be used in most aspects of life.

3. Discuss one of the criticisms of your chosen theory.

There are several criticisms of utilitarianism and this ethical theory is controversial. When it is used inappropriately, it can be used for less-than-ideal means.
One of the most common criticisms of utilitarian ethics is the perspective that “the end justifies the means”. Since utilitarian theory aims to maximize the benefit of happiness and reduce negatives in its objective, the theory holds that the means or the way to achieve it is justifiable. Another theorist however misused and misunderstood this that an ideal end or objective is enough to justify a less than ideal means.

Citing as an example in business, we can take the idea of profit to be able to give more to employees and shareholders. As a business organization, it is only natural that a business would like to keep its shareholders happy by giving higher returns and to give bonuses, and higher wages to its employees so that they will become happy and more productive. Taking the theory of utilitarianism to the extreme, it could mean that using any available means to increase profit including illegal means such as manipulating financial manipulating financial statements to make the company look profitable and increase its stock valuation in the market. Or misrepresenting its product to be able to sell at higher prices. This act although illegal, is being justified by the means of making its shareholders and employees happy.

This is however misused because the use of illegal means does not help the objective in the long run. The business will suffer in many ways such as being penalized by regulators and losing public trust which will undermine profit in the long run.
Thus, the use of utilitarian ethics must not circumvented for it to work properly.

4. Discuss how you, as future business professionals, can affect society in positive and negative ways. Business professionals can positively affect society by delivering products and services that can and will better people’s lives. They could also affect positively by being professional and ethical in their dealings which would foster confidence in their company and industry making the economic environment prosper because people are not afraid that they would lose money.

Business professionals can also affect society in negative ways. We can cite the recent scandals that caused the financial crisis as a concrete example. When business professionals cheat and lie about their financial statements and become too greedy, society will lose confidence and the economy will eventually contract causing a crisis that would make everybody’s lives difficult. Read More