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Ethics and strategic management relates because both weighs heavily on making sound decisions for the business and being held accountable for individual at risk behaviors. One benefit of utilizing ethics in an organization is that it creates a trustworthy environment in which the company has confidence in their employees to do the right thing. Another benefit for utilizing ethics is having high performing employees who have regards for both the business aspect of the company and possessing the responsibility for making solid moral decisions. “Managerial ethics refers to an individual’s responsibility to make business decisions that are legal, honest, moral, and fair” (Parnell, 2017, p. 116). For managers, it is also their moral responsibility to make sure that employees are in compliance with their work obligations and conduct themselves in a professional manner. “As a consequence, management needs to confront the challenge of balancing the competing demands and making trade-offs between economic goals and moral duties” (Zhang & Gowan, 2012). Ethical behavior can be vital to your career and every organization should support ethical behavior.
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Strategic Management and Ethics are two founding pillars of any organization as they help in decision making and also ease individual accountability. Ethics is known for establishing trust and boosting the confidence among employees to take the correct decisions. Managers often remind employees of their organizational obligations. Therefore, it becomes very important to maintain a balance between business ethics and organizational obligations. It is good for organizations to earn a good amount of profit but it should remain ethical as well.
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- The concept of ethics is applicable to everyone except O a. Professionals O b. Family head O c. Students O d. Insane peoplearrow_forwardBusiness ethics is a vital aspect of corporate governance, encompassing principles and values that guide organizations in making morally sound decisions. It involves considering the impact of business activities on various stakeholders, including customers, employees, shareholders, and the broader community. Ethical business practices go beyond mere compliance with laws and regulations; they reflect a commitment to honesty, integrity, transparency, and fairness. Companies with strong ethical foundations often enjoy long-term success, as they build trust and credibility among stakeholders. Additionally, ethical behavior fosters a positive corporate culture and contributes to sustainable business practices. In today's dynamic and interconnected global business environment, the importance of business ethics cannot be overstated. Question: How can businesses effectively integrate ethical considerations into their decision-making processes, ensuring that ethical values are not just stated…arrow_forwardEthics is everyone’s business from top level manager to employees at the lowest levels of the organization. Both 'ethics' and 'morals' deal with right and wrong conduct. But they are not same. Ethics deals with individual character which is a personal attribute. Morals are general principles. a) Define business ethics? b) Why is the study of business ethics important?arrow_forward
- Decide what is the most ethical way for the company to proceed: Here are some questions to get you thinking about it: Why is your decision the most ethical way for the company? For whom in the company is it most ethical? How do you know it is the most ethical? Discuss your answer in your best writing, within 150-250 words. A company runs a large technical support office. At any time, about 50 technical support specialists are on duty, answering phone calls from customers. The company is considering paying the technical support specialists based on two criteria: the average number of phone calls they answer per hour and the results of occasional customer satisfaction surveys.arrow_forward1.What is ethics?2. What is business ethics?3. What is the importance of Ethics in BUSINESS? Site at least 2 examples of Ethics in BUSINESS.arrow_forwardCEOs are often tasked with selecting the most efficient level of ethical standards for the businesses they oversee." According to the unit, what considerations must CEOs make when determining the most efficient level of ethical standards for their businesses. Carefully review the model of ethical choice which includes psychology, Economics, Business Ethics and Philosophy.arrow_forward
- Instructions It is essential to consider the implications of ethical dilemmas that are inevitable in the business world. It can be challenging to know what to do when an ethical problem occurs. Using what you learned about making ethical decisions based on assigned readings, it is important to consider how you would incorporate ethical considerations into your decision-making. Read the following scenario. A visiting American executive finds that a foreign subsidiary in a less developed country has hired a 12-year-old girl to work on a factory floor, in violation of the company's prohibition on child labor. He tells the local manager to replace the child and tell her to go back to school. The local manager tells the American executive that the child is an orphan with no other means of support, and she will probably become a street child if she is denied work. Research articles related to child labor and use them as references in your responses to the following questions:…arrow_forward"CEOs are often tasked with selecting the most efficient level of ethical standards for the businesses they oversee." what considerations must CEOs make when determining the most efficient level of ethical standards for their businesses.arrow_forwardHave you ever been faced with an ethical dilemma either at work or school? How did you handle it. Please help me with an essay with solutions thank youarrow_forward
- Ethical management is a cornerstone of responsible and sustainable business practices. Organizations must navigate complex ethical considerations to build trust with stakeholders, including employees, customers, and the wider community. Ethical management involves establishing clear codes of conduct, promoting integrity, and ensuring compliance with legal and regulatory standards. Leaders play a pivotal role in setting the tone for ethical behavior within an organization, emphasizing transparency and accountability. Balancing the pursuit of profit with ethical decision-making is essential for long-term success and positive societal impact. Question: How can organizations effectively integrate ethical considerations into their decision-making processes while maintaining competitiveness in a global market that may not always prioritize ethical standards uniformly?arrow_forwardhi solve 1 , 2 and 3arrow_forwardWhat is your assessment about Mc Donalss Business ethics in terms of the following: 1. Deceptive Marketing to Children 2. Corporate Social Responsibility 3. Working Conditions and Human Rights 4. Environmental Ethics 5. Legal and Regulatory Compliance 6. Fair Trade 7. Corruption and Business Practices 8. Sustainabilityarrow_forward