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Business Ethics - Assignment (Solved)

   

Added on  2021-04-16

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Running head: BUSINESS ETHICSBusiness ethicsName of the studentName of the universityAuthor note
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1BUSINESS ETHICSIntroduction Business ethics can be considered as one of the major issues or challenges being faced bythe contemporary business organizations. This is the mainly due to the reason that in the currentmarket state of affairs, there are huge number of competitors available and thus emergence ofunethical business practices are having more probability (May, Luth & Schwoerer, 2014). Themore is the competition in the market, the more will be the emergence of unethical businesspractices to stay ahead in the competition. However, on the other hand, emergence of theunethical business practices is also having adverse impact on the business organizations (Floydet al., 2013). This is due to the fact that unethical business practices lead to the negative word ofmouth in the market. This paper will discuss about some of the ethical issues being faced by the contemporarybusiness organizations and how these issues can be overcome. The ethical issues that can getemerged due to the increase in the impact of globalization will be discussed in this report. Increased rate of the localization One of the major ethical issues being faced by Goodman International is offering globaland universal products in all their markets. This is due to the fact that different regions arehaving different cultural aspects and they are having different expectations and preferences interms of food and beverage. Thus, it is recommended that Goodman International should initiatethe strategy of localization in order to have distinct product offerings for different customersegments (Bresciani & Ferraris, 2014). Localization strategy refers to introducing the productsaccording to the local taste and preference in the target market. The core product may be thesame but the added elements and benefits can be altered in accordance to the trend of the target
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2BUSINESS ETHICSmarket. However, in this case, it is important for Goodman International to effectively determineand identify the trend and preference pattern of the target market in order to have theunderstanding about what to offer (Karlicek et al., 2013). Thus, this will help GoodmanInternational in effectively meeting the expectation of the target customers and the probability ofemergence of ethical issues in dealing with customers from different social background will beless. More concentration on quality over quantity In the current competitive business scenario, business organizations are the having thetendency of preferring quantity over quality in order to have short term goals and objectivesfulfilled. In order to attain the quantity in short time span, unethical business practices are beinginitiated. Thus it is recommended that Goodman International should have more concentrationfor quality over quantity. This refers to the fact that Goodman International will be more focusedon providing the exact value to the customers (Dabholkar, 2015). In addition, if the quality canbe maintained and customer value can be enhanced, then the issue of unethical business practiceswill have less probability. It should also be noted that Goodman International will gain profit from concentratingmore on quality in long term. This is due to the reason that customers always look out for exactvalue in return for their price. Thus offering quality products will help Goodman International inattaining long term goals by means of enhanced level of customer satisfaction and loyalty (Rego,Morgan & Fornell, 2013). This is another effective strategy that can help Goodman Internationalin avoiding the probability of origination of unethical business practices.
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