Question

Can an organization thrive in the current economically challenging environment, while carefully observing and applying ethical norms in the course of day-to-day business?

Answer 1

For any Business organization, the market where it is set is usually challenging in many ways; economically - being one of those factors impacting a business. However, if an Organization thrives in the current economically challenging environment as well, keeping on in the ethical norms as well, it can still have a competitive edge over others in the market in the following manner:

• Improvement in Goodwill due to a better Corporate image that the Organization creates before the eyes of the Public, thereby more business becomes likely to be resorted with such an Organization hence boosting the rate of survival even in an economically challenging environment.
• More consumer confidence in the businesses undertaken by such an Organization as it knows the Organization shall not resort to any malpractices. More the consumer confidence, better the mark in the market for the Organization that carefully observes and applies ethical norms in the course of day-to-day business.