Question

Discuss how ethics and business are related from a societal viewpoint, an individual consumer, a potential marketing employee, and public policy. Explain your answers and opinions. Write around 2 paragraphs.

Answer 1

Ethics and business are correlated. Without ethics business cannot be valuable in long run. Ethics define what is right and what is wrong. For societies it is important because if company is not doing business ethically then it directly affect the society. Societal viewpoint focused on responsibility of company towards society and how effectively its business can impact on environment and community. Corporate social responsibility is become mandatory because government also understand that companies are doing some harm to community and environment. Company should be driven by moral values. Organizations which follow ethical practices are profitable and can survive with respect in long run, for example Infosys, Tata group, Apple, Microsoft, etc. these all large companies which do ethical practices while doing business and earns respect and goodwill among society. Company should not exploit its workforce. Company’s workplace environment should also ethical so that potential marketing employees can learn through it and take decisions ethically. Every employee wants to work in a company which works ethically and have moral values for stakeholders.

For individual consumer’s viewpoint business ethics means an organization should not produce products which are harmful or dangerous for consumers to use. For example- company producing alcohol, cigarettes, acid, etc are harmful for society and they knew it but they are producing it just for making money, it is not ethical practices. Company should satisfy the basic needs of consumers by giving them valuable product. Ethical employees or decision makers should be in government’s policy making department, so that they can take decisions for betterment of citizens and make policies which are ethical and good for society. Government’s policy for public should be made by people who have moral values, who do not only think for money but also for society’s welfare. We cannot separate these two terms business and ethics. Business should do ethical practices and follow moral values.