According to Michaelson (2016), business ethics involves the relationship that exists between different parties in business. It often focuses on the moral principles guiding the behavior between consumers and businesses on multiple economic and social levels. As a result, it can be defined as the relationship between the business and the customer, an aspect that can apply to the employees, community, or various aspects of the government. This paper will examine the background information on business ethics and its advantages to the success of the business. Many studies argue that business ethics analyses the moral behavior in activities and practices of businesses hence regarded as a reflection of the values and morals in a given society (Grosser, Moon, & Nelson, 2017). It is also obvious that every business directly or indirectly affects our lives both at social or individual levels. However, it is essential to understand the role that business ethics plays in the ways employers treat employees. In doing so, it will be easier understanding the ways that businesses affect the treatment of consumers, competitors and the environment.
With the stiff competition in the current business environment, Michaelson (2016) denotes that business ethics have developed into ethical and moral responsibility standards for both small and large-scale businesses globally. As a result, the demand for ethical and moral behavior in every aspect of international and domestic business partnerships and communications have encouraged the evolution and development of business ethics. The rights and expectations of the consumers are gaining increased attention in the business environment as a result of international business development and the internet influence that demands further structuring and development of business ethics in different countries with different cultural backgrounds. Business ethics as well plays a vital role in the financial world is commonly proven in news accounts of insider trading, junk bonds proliferation, and leveraged boycotts (Abend, 2013). It hence means that the developing business standards in the business are vital in bridging the economic and moral gaps between countries and the manner in which business is conducted. Therefore, business ethics have a great impact in the manner in which businesses are carried out in the 21st century.
In a systematic review, Grosser, Moon, and Nelson (2017) denote that business ethics is built on four main foundations. These include behavior, value, attitude, and normal expectations and customs. The unethical business relationship often leads to damage to the productivity of a business hence effective the ability of the business to retain its existing customers or even attract new customers. Unethical business behavior as well affects the social and environmental performance of the business this resulting into lack of trust by the society on the business. According to Tae Wan and Weaver (2017), the obligations between employers and employees are as essential as the observation of ethics in every aspect of the business from advertisements to sales, marketing, and competition. Therefore, having a clear understanding of necessary business ethics provides various ways in which individuals can resolve business ethical dilemmas while garnering respect for trust development, honesty, human dignity, and a sense of fair play in business.
Business ethics as well helps individuals in different business levels to analyze or recognize the relevant ethical considerations that can be relevant to various business activities. In doing so, the business nature and the various models for conducting the business is analyzed. Ethics hence judge the behavior, financial outcomes, and business behavior. Therefore, morality and ethics not only play a vital role in business but the social environment as well, thus considered essential aspects of the consumer-business relationship. Businesses have thus been seen developing various codes of conducts with the aim of promoting honesty in every aspect of business ethical conduct to ensure the business has full disclosure and compliance with the relevant government regulations. Such codes are regarded as vital and integral parts of effective business practices and corporate development. Robertson, Voegtlin, and Maak (2017) denote that every decision made by a business institution no matter how big or small, have a direct impact on the customers, citizens, consumers, or the employees. As a result, it is essential that every business focuses on the ethical business aspects that may negatively influence its performance and make decisions that are acceptable and are by the government business regulations.
In conclusion, business ethics does as a concept does not have a clear definition. The wide range of social behavior issues and business industries existing between the consumers and businesses or the public often complicate business ethics as a business concept. However, it covers essential aspects of business such as corporate responsibilities and compliance, workplace ethics and their impacts on the failure or success of the business.
Abend, G. (2013). The Origins of Business Ethics in American Universities, 1902-1936. Business Ethics Quarterly, 23(2), 171-205. doi:10.5840/beq201323214
Grosser, K., Moon, J., & Nelson, J. A. (2017). Guest Editors’ Introduction: Gender, Business Ethics, and Corporate Social Responsibility: Assessing and Refocusing a Conversation. Business Ethics Quarterly,? 27(4), 541-567. doi:10.1017/beq.2017.42
Michaelson, C. (2016). A Novel Approach to Business Ethics Education: Exploring How to Live and Work in the 21st Century. Academy Of Management Learning & Education, 15(3), 588-606. doi:10.5465/amle.2014.0129
Robertson, D. r., Voegtlin, C. c., & Maak, T. t. (2017). Business Ethics: The Promise of Neuroscience. Journal Of Business Ethics,? 144(4), 679-697.
Tae Wan, K., & Weaver, G. R. (2017). Teaching Ethics in Business Schools: A Conversation on Disciplinary Differences, Academic Provincialism, and the Case for Integrated Pedagogy. Academy Of Management Learning & Education,? 16(2), 314-336. doi:10.5465/amle.2014.0402
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