Business Ethics Reflection

Business Ethics Reflection

Business Ethics

Business ethics is definitely one of the most intriguing courses I have ever taken. The complexity of ethical dilemmas makes class discussions the most constructive part of this course, and also the most interesting. Because no two opinions are ever the same, it is always a learning experience to hear how my classmates decipher these situations. Sadly, it disappoints me to see that many of my colleagues still believe that the success of a business is measured by how much money it makes, and there is no room for ethics in such a lucrative business. I beg to differ.

I believe that there is no successful business without a solid set of ethics behind it. But that of course, depends on one's definition of a successful business. A successful business is not defined as what makes the most money, but rather what creates the most benefit for this business' stakeholders. Every ethical decision comes at a cost, but the benefits of this decision eventually far outweigh this cost.

With all the new laws and transparency regulations, businesses have realized that there are genuine benefits from being socially responsible. These benefits may not be immediate and of financial dimension, but over time they do translate into financial gain. Being socially responsible promotes a good image, a clean record, strong brand equity, more dedicated customers, happier employees, a supportive community, and therefore business longevity. In addition to that, being moral helps businesses avoid the exorbitant costs of inevitable legal battles, and also the costs of cleaning up any mess they cause by being unethical (product recalls, for example).

On the bottom line, no business can exist without its customers. To the customer, image is everything. When value and quality are equal, most consumers will probably buy the good or service connected with a good cause. Moreover, an unhappy customer will have the tendency to tell more people than a satisfied one, and so companies have a lot to consider before making any indulgent decision. Even though business ethics is yet not enforced by all laws and regulations, I believe that organizations should not think of it as an option, but as the only option.

Perspective of Business Ethics

Ethics courses have a number of features that seem likely to influence behavior. They provide a language and conceptual framework with which one can talk and think about ethical issues. Their emphasis on case studies ...