Importance of Business Ethics and Stakeholder Perspectives on Business Behavior

Business ethics

Table of Contents
INTRODUCTION...........................................................................................................................3
Task two...........................................................................................................................................3
Stakeholder perspectives on business behaviour....................................................................3
Importance of business ethics at academic level and its managerial implications.................4
Normative and descriptive business ethics theories...............................................................6
Approaches to sustainability and corporate social responsibility...........................................8
Business ethics dilemmas.......................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCE.................................................................................................................................12

INTRODUCTION
Business ethics is the analysis of proper business rules and procedures linked to highly
disputed issues such as corporate governance, insider trading, bribery, discrimination, corporate
social responsibility and financial obligations. It also assures that there is a fundamental degree
of faith with customers and all business players and enterprises. Because of the customer
protest's expansion, business ethics are becoming more important. People are now aware of the
laws. Individuals are highly organised nowadays and thus cannot be easily manipulated. It takes
some measures for companies who engage in unethical commercial activities. They refuse to buy
low-quality, toxic, overpriced, or duplicate items. As a result, being truthful would be the only
way to succeed in industry. The case study of Samsung is taken to considered for this report.
This case is about the boss of Samsung retrial bribery charges where Lee was charged with
bribery following a nationwide scandal in 2016. In this report, it covers the perspective of
stakeholder on the business behaviour and the importance of business ethics at Samsung and
managerial implications. Along with this, business ethics theories and approaches to
sustainability and corporate social responsibilities with the business ethics dilemmas are
mentioned.
Task two
Stakeholder perspectives on business behaviour
The Stakeholder Perspective positions individuals at the front among both programs and
project management. Its continual emphasis on stakeholder criteria and objectives assists in
establishing and maintaining a right route in targeting accomplishment and accomplish goals in a
range of tasks of varying length and diversity. Stakeholder analysis is the activity of defining key
individuals before the business commences, categorising them based on their rates of
involvement desire and impact in the venture and choosing how to effectively include and
engage with every of these key stakeholders across (Fathallah, Sidani and Khalil, 2019). In
context to case study, there are two types of stakeholder such as internal and external
stakeholders. The internal stakeholders are the employees, board members, managers and
shareholders. Samsung board members involve chief executives, chairman, chief financial
officers and non executive directors. The external stakeholder consists of customers, rivals,
suppliers, local communities and government. (Comer and Schwartz, 2017). The shareholders of

Samsung will prefer the corporation to cost the highest feasible price for items in order to
generate revenue and boost their return. This generates clash with clients who expect low pricing
and good value for their investment. Customers rely on a corporation to provide a goods or
services (Bowie, 2020). They encourage the firm among single purchase and each buy also
indicates the corporation which items and services to spend in more. Consumers assist influence
the path of a firm in this way. Customers could also communicate their thoughts and views with
the help desk and they can seek modifications to goods effectively. Consumers frequently engage
directly with company leaders in their communities, giving those enterprises the chance to
develop a good grasp of what their clients prefer or desire. Samsung's confidence as a firm has
suffered as a result of this incident, and the principal parties involved in the offences have lost
their jobs as well as their names.
Importance of business ethics at academic level and its managerial implications
Business ethics is the discipline of determining what is correct, incorrect and suitable in the
company. Laws frequently influence business ethics, preventing businesses and people from
participating in criminal activities such as insider trading, discrimination and bribery. Such
values, therefore, can impact how workers treat one another, business social responsibility and
client interactions. Business ethics is essential for accomplishment in today's society and it is
also a crucial component for every academic curriculum (Clouse and et. al., 2017). There is no
base for a strong job without ethics and trust. Every business should have its own set of moral
standards and norms. Implementing corporate ethics offers more advantages than one would
realise. It will assist business in retaining and attracting staff, customers, and investors. As a
result, business educators have a responsibility to teach such principles in its pupils. Ethics in
academic achievement is regarded as a subset of the human right to education. The goal of ethics
education is not to study ethics for the sake of knowing ethics. The goal is to utilise this amount
of learning for two reasons. The first goal is to develop intellectual aspects that will allow
individuals to recognise ethical features of situations and handle ethical dilemmas in fields such
as health, economics and politics, among others. The second goal of ethics education is to
promote creative processing abilities that are focused on one's goals, notably the capability to
reflect on the conceptual and practical implications of private and societal human acts. A
company's reputation is one of its most valuable assets, but it is one of the most challenging to