Business Ethics Assignment

QUESTION

1. Definition of business ethics and why business ethics is considered "oxymoron"
2. Definition of corporate governance market and ethical product or service like halal food and service

ANSWER

Definition of Business Ethics

   Is the study of business situations, activities, and decisions where issues of right and wrong are addressed.

   It is worth stressing that by ‘ right’ and ‘wrong’ that mean morally right and wrong, as opposed to, for example, commercially, strategically, or financially right or wrong. Moreover, by business ethics, we do not mean only commercial business, but also government organizations, pressure groups, not -for-profit business, charities, and other organizations.

Reference 
Business Ethics textbook from Oxford


Business Ethics by James Fieser 

Business ethics usually mean three things that is matter that is;

• Avoid breaking criminal law in one's work related activity
• Avoid action that may result in civil law suits against the company
• Avoid actions that are bad for the company image. 

   Businesses are especially concerned with these three things since they involve loss of money and company reputation. In theory, a business could address these three concerns by assigning corporate attorneys and public relations experts to escort employees on their daily activities. Anytime an employee might stray from the straight and narrow path of acceptable conduct, the experts would guide him back. Obviously this solution would be a financial disaster if carried out in practice since it would cost a business more in attorney and public relations fees than they would save from proper employee conduct.  

Reference 
http://www.utm.edu/staff/jfieser/vita/research/busbook.htm

Why business ethics is considered "oxymoron"

   Business ethics, it has been claimed to be an oxymoron. But first we should understand what is oxymoron. the definition of oxymoron is;

   The combination together of two apparently contradictory concepts, such as in 'a cheerful pessimist' or 'a deafening silence'.

   The one claim that business ethics is an oxymoron suggest that that are not, or cannot be, ethics in business. That business in some way unethical because there were claim that business is inherently bad. It is not surprising that some people think this way. Various scandal concerning undesirable business activities, such as polluting of rivers with industrial chemicals, the exploit of sweatshop workers, the payment of bribes to government official, and the deception of unwary consumer, have highlighted the unethical way in which some firm have gone with their business.

   For examples, in the letter case, Albert Carr (1968) argued in his article 'Is Business Bluffing Ethical' that the 'game' of business as analogous to a game of poker, where deception and lying were perfectly permissible.

Reference 

Business Ethics textbook from Oxford

Business Ethics: an Oxymoron?

   Now days the way business is done is different.While it is acceptance that is foolish to do business with someone who is not trustworthy, the question is can you accept someone who is not ethical in their behaviour. It is like jumping in the lake with a bunch of crocodile in it when you do business with suppliers or customer that will not honour your business well. To do business must have trust and trust is only built on expectation of truth in words and consistency in behaviour.

   Another issue challenging the practice of good business ethics is the values which employees bring to the work environment. Much has been said over the years about the deterioration of employees’ work ethics. The impact of poor work ethics results in low productivity owed to high levels of absenteeism, tardiness, theft and acceptance of bribe taking. Unfortunately many employees seem not to understand the concept of conflict of interest nor see anything wrong with it. 

   The conclusion is, implementation of a formal business ethics can give an improved culture at a company, and improved overall performance. Ethics in business should not be taken lightly and we believe that such a programme is well worth practising for the growth and development of business.

Reference 
http://chamber.org.tt/articles/business-ethics-an-oxymoron/


Definition of Corporate Governance market

   The system of rules, practices and processes by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of the many stakeholders in a company, these include its;

• shareholders
• management 
• customers
• suppliers 
• financiers 
• government and 
• the community   

   Since corporate governance also provides the framework for attaining a company's objectives, it encompasses practically every spot of management, from action plans and internal controls to performance measurement and corporate disclosure.


Reference 
http://en.wikipedia.org/wiki/Corporate_governance
http://corpgov.net/
http://www.managementstudyguide.com/corporate-governance.htm