Business Ethics and Efficiency

Table of Contents

Executive Summary3

Introduction5

Discussion5

Ethics and Economic Efficiency6

Organization Goodwill and Competitive Advantage7

Risk Management and Credit Facility9

Recommendation9

Conclusion10

References12

Executive Summary

Due to increased globalization and competition in the industry, organization are facing tough challenges in the way of keeping their business operations sustainable and ethical so that they continue to grow and develop in a successful manner. When we talk about driving the organization towards success it is not any different from steering the car or vehicle in the right direction towards the required destination. That is why roadmaps and directions are develop and changed constantly so that the organizations and management is able to keep their business current and follow the latest trend and requirements as demanded by the external environment and factors that are constantly changing. It is extremely important that on its way to growth and improvement, the organization management must look out for any new developments like technological advancement, globalization, new regulations and laws or policies with regards to their business industry in order to maintain the performance and reputation of the business. On their way towards growth many leaders and management often ignore and forget the importance of business ethics and corporate social respoinsbilitly which can play an important role in maintaining and improving the image and repuatation of the organization in the eyes of stakeholders and customers whose satisfaction is of utmost importance for company's success. The road to success today not only requires technical skills, information and experience but also depends upon the business ethics. Business ethics can play an important role and acts as the driving force and guides the organization to meet its objectives and achieve and sustain success. the customer of today is well aware of the facts that how unethical business practice means unhealthy products and detrimental effects not only on the health but also on the environment which as thus made it even more important for the organization to remain accountable and make their operations more transparent by providing latest and current financial as well as market related data and information that will not only improve the operational efficiency of the organization by helping it in making the right investment and other business related decisions but will also improve its image and demand in the eyes of the consumers.

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Business Ethics and Efficiency

Introduction

Ethics refer to both the individual beliefs and values of a person and also the standards and norms of living in a society. They have been suggested to change and vary and people belonign to different cultures and religions have different codes of ethics. The ethics of society is related to how individual will react and follow the standards of decency and give respect to others on the other hand individual ethics refer to the personal beliefs of a person with regards to what he thinks is good or bad. Business ethics encompass both societal and individual basis for defining business ethics. In other words by business ethics we mean to take care of both individual and societal ...