History of Business Ethics and Ethical Theory Essay

History of Business Ethics and Ethical Theory - Essay Example The current business environment is highly competitive, organisations are encouraged to practice fair trade and avoid foul play so as to have a competitive edge over its rivals. Corporate social responsibility is a major ethical consideration in a company since it shows that the entity is mindful of the peoples’ welfare. Other important ethical principles in an entity include truth, honesty and justice. These principles have to be in line with the business environment in which the firm operates in to ensure long term success. It is important to understand the company’s ethical value so as to manage it appropriately. Firstly, there should be an assessment of the efficiency of ethical value in the organisation. Secondly, the leadership and senior management have to show commitment towards the program (Maignan and Ferrel, 2004:34). Thirdly, there should be formalisation of the code of ethics through proper training and communication (Maignan and Ferrel, 2005:34). Fourthly, there should be codification of the ethics and proper communication within the entity (Maignan and Ferrell, 2005:45). Finally, the code of ethics should be integrated into the organisation’s culture. In order to achieve this, the leadership should be on the forefront in ensuring the company’s ethics are maintained. Various stakeholders have the power to influence the attainment of ethical values and norms in a given entity. They are encouraged to do vigilantly so as to keep the company’s ethics in check. There are various challenges affecting ethics in an entity including, defiance by some employees and failure to keep up with the stated code of ethics (Maignan and Ferrell, 2005:45). This results to the practice of... It is important to understand the company’s ethical value so as to manage it appropriately. Firstly, there should be an assessment of the efficiency of ethical value in the organization. Secondly, the leadership and senior management have to show commitment towards the program. Thirdly, there should be a formalization of the code of ethics through proper training and communication (Maignan and Ferrel, 2005:34). Fourthly, there should be a codification of the ethics and proper communication within the entity (Maignan and Ferrell, 2005:45). Finally, the code of ethics should be integrated into the organization’s culture. In order to achieve this, the leadership should be on the forefront in ensuring the company’s ethics are maintained.Various stakeholders have the power to influence the attainment of ethical values and norms in a given entity. They are encouraged to do vigilantly so as to keep the company’s ethics in check. There are various challenges affec ting ethics in an entity including, defiance by some employees and failure to keep up with the stated code of ethics. This results in the practice of unethical behavior in businesses including foul play among the employees, unfair trade practices, poor time management and poor customer service. These are some of the unethical issues common to businesses in the contemporary world. In a nutshell, ethics are important in the daily activities of a business since they determine the relationships within the entity and with interested parties.