Business Ethics: Concept, Application, and Impact

Business Ethics

Contents
INTRODUCTION.....................................................................................................................................3
Learning Aim: A........................................................................................................................................3
P1 Explain the concept of business ethics and how they are embedded in industry and professional
codes of practice......................................................................................................................................3
P2 Explain the practical application and impact of business ethics on business organizations and their
employees................................................................................................................................................4
Learning Aim: B........................................................................................................................................5
P3 Explain the concept and features of corporate social responsibility....................................................5
P4 Explain the benefits and drawbacks for different businesses implementing CSR...............................6
Learning Aim: C........................................................................................................................................7
P5 Explain the impact of a business disaster on an organization and its key stakeholders.......................7
P6 Explain the effectiveness of an organization’s response to a business disaster...................................7
CONCLUSION..........................................................................................................................................8
REFERENCES........................................................................................................................................10

INTRODUCTION
Business ethics can be defined as the study of appropriate business policies and practices
regarding various subjects within the company such as corporate governance, insider trading,
bribery, corporate social responsibility and discrimination (Alfaro, 2018). Business ethics is
important and enhances the law by outlining the acceptable behaviors beyond the control of the
government. There are various advantages of business ethics such as it provides a competitive
advantage to the business in terms of customers and also, contributes to the overall improvement
of employee job satisfaction. The three contrasting companies that are included in this report are
Emirates, Landmark Group and Marriott International. The report explains the concept of
business ethics and how are they embedded in industry as well as professional codes of practice.
It also includes an explanation of the benefits as well as drawbacks for different businesses
implementing CSR. Lastly, there is also an example of the impact of a business disaster on an
organization a s well as its key stakeholders.
Learning Aim: A
P1 Explain the concept of business ethics and how they are embedded in industry and
professional codes of practice
Business ethics can be defined as the study of appropriate business policies as well as
practices regarding different subjects. This includes corporate governance, corporate social
responsibility, discrimination as well as bribery. There are different characteristics of business
ethics such as such as integrity, honesty, loyalty, leadership etc. In order to operate ethically in a
business, it helps in maintaining the legality of the business and also reduces the risk and cost.
The businesses are able to provide quality products. In order to ensure that the business runs
smoothly, it is important to ensure that the respective company, Marriott International has staff
members that are integral and honest to their work. The managers ensure that the employees are
trained as well they contribute effectively to the jobs (Herschel and Miori, 2017). The market can
be very competitive and this can affect the overall performance of the company. Business ethics
is something that all organizations across different industries such as Marriott International,
Emirates as well as Landmark Group. Businesses take into account and make sure that their
employees are able to develop a trust among the customers. The organizations that are mentioned
should be focused on analyzing the competitors as well as their strategies. this helps in enhancing