Essay Example on Business Ethics: A Guide to Creating a Positive Workplace Environment

Ethics refers to the code of coduct that is practiced by various individuals, groups, or an organization. It helps guide an individual towards portraying a particular behavior by considering moral laws and values. Business ethics refers to a form of applied professional ethics that outlines appropriate ethical standards that arise in a business setting. Business ethics involves applying certain conduct of behavior across the entire organization, and it helps a business create a better relationship with the stakeholders. It is contemporary principles and norms that govern how a company carries out its activities and govern the individual's behavior in the firm.

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Business ethics is essential in a business environment; it creates customer loyalty to the firm. When ethical practices well considered in a firm, then the customer will feel appreciated. Through this, the consumer will like the services and create loyalty with the firm. With the changing competitive environment and advancement in technology, then consumers tend to look for industries that satisfy their interests and have a high ethical standard (McMurrian & Matulich, 2016). Therefore through the firm implementing ethical standards in the firm, then customers will tend to continue shopping or visiting the company.

The reputation of a firm enhancement is through business ethics. By a firm respecting all the stakeholders and creating a well-enabling environment, then the firm's reputation develops. With a high reputation, then it creates to the profitability of the organization. The firm should set rules and principles that all employees uphold and ensure that consumers are being treated well and given what they desire (Trevino & Nelson, 2016). 'The consumer is always right.' It should apply in a business environment in cases where there are complaints in the fast-changing workforce. Also, informing the stakeholders of the changing structure of the business is vital as it is a means of following up and appreciating the customers.

Consumers tend to go for companies that have a stronger brand, have quality goods, and at an affordable price; therefore, a company needs to be beneficial in its undertakings through creating applying ethical practices. For instance, to be competitive and maintain the shareholders' interests, then it is vital to make strategic decisions. Informed decisions will increase the sales of the firm and the revenue generated. With the young people advancing in the changing technology, then a firm needs to create an environment to produce more products that meet the demand conditions and use technology for consumers to access the company's products and services while working in a fast-paced environment (Bowie, 2017). Organizations succeed through providing an environment that is friendly and products that stakeholder's value consistently and reliably.

Stakeholders would want the firm to meet their interests, and therefore, business ethics is essential in protecting society. The firm should, thus, protect the working environment and its surroundings better than the legal system protection. It is, however, true that ethics succeed where laws fail, and the company's aim should be to create an environment that considers the advancement in technology. The government, however, is not flexible in providing an ethical environment and reducing the harm caused to the society by individuals or organizations, and therefore, the company should take advantage of the opportunity and provide better services. Business ethics, thus, increase the profitability of the firm, better decision making, meet basic needs, and protect the environment while giving credibility to both the employees and consumers.

References

Bowie, N. E. (2017). Business ethics: A Kantian perspective. Cambridge University Press.

McMurrian, R. C., & Matulich, E. (2016). Building customer value and profitability with business ethics. Journal of Business & Economics Research (JBER), 14(3), 83-90.

Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.