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Social, Cultural and Ethical Dimensions - Essay Example

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This essay describes and analyzes questions on the subject of social, cultural and ethical dimensions, such as 'Why do some companies believe that being more ethical means reduced profits whereas some other companies believe that being more ethical means increased profits?'…
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Social, Cultural and Ethical Dimensions
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Social, Cultural and Ethical Dimensions

Download file to see previous pages... The researcher of this essay aims to answer on the following questions: What is this acceptable behaviour? What is ethics? More specifically what is business ethics? Do ethics really have a place in business? Do all businesses have the same ethics? Who formulates the codes of ethics? Who is responsible for its implementation? What happens when the rules are not adhered to? Is profit more important than the strict rules to maintain the codes laid out? Today, ethics in simplest terms means to be able to discriminate between the right and the wrong and have the courage to stick to the right no matter what temptations may arise. Managers justify that the definition of ethics changes with the situation. There can be certain standard business practices laid down as far as child labour, integrity, respect for fellow employees, customers and business partners are concerned but code of ethics would differ from industry to industry. Any business functions within the ethical and the social codes of the society within which it operates. Then again the operations within an individual firm are conditioned by the morals and values held by the individual managers within that firm. When the two sets of values or codes of conduct differ then arises the conflict, which is detrimental to the long-term interests of the company. Till recently business ethics meant merely adhering to administrative policies and legal standards but today the situation is different. To be unethical is effortless today, to be ethical requires courage. ...Download file to see next pagesRead More
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