Business Ethics: Understanding, Implementing, and Achieving Success

This essay provides a comprehensive overview of business ethics, defining its meaning and significance within the corporate world. It explores how ethical practices influence business operations, legislation, and public image. The essay emphasizes the importance of business ethics for legal compliance, building trust with consumers, and attracting investors. It also highlights the value of business ethics in achieving long-term success, including improved public relations, enhanced employee productivity, and increased investment. The essay outlines various strategies for implementing a sound business ethics program, such as identifying company values, securing commitment from senior managers, and integrating ethics into communications. It concludes by emphasizing the long-term effectiveness of business ethics in fostering organizational success.

Running head: BUSINESS ETHICS
BUSINESS ETHICS
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Introduction
Business ethics can be understood to have a significant influence in the corporate world. It helps
in changing business operations and tends to influence the legislation which takes place around
the different regulations. Hence, in association with this, the main aim of the report is to outline
the meaning of the Business ethics, the importance of the same and in consideration with this, the
value of business ethics in the long term will also be discussed critically.
Business ethics
The business ethics can be described as the study of the manner in which a business
would be required to perform and take decisions in regard to the ethical dilemmas as well as
injustice and controversial scenarios which take place in the workplace. These issues comprise of
various situations such as the manner in which the business is governed, the mannerism of stock
trading, managing the business role in consideration to which the social issues are required to be
governed accordingly (Trevino & Nelson, 2016). The field of business ethics is generally
considered to be very strong because it tends to cover a large number of issues and associated
topics. In association with this, it is very important to state that, that, it is critical for any business
to leverage on the business ethics so that they remain clean from a legal perspective (Ferrell,
Fraedrich & Ferrell, 2015). In association with this abiding by the business ethics is also useful
in remaining clean from a legal perspective and boosting public image as well. In consideration
with this, it is essential to note that, the modern idea of business ethics is relatively new, but it
was discussed earlier as well. In consideration to this, the government has now begun to legislate
more leading ideas into the field of law and hence, the businesses are not required to regulate
policies actively and ethically.

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Importance of Business ethics in an organization
The Business ethics is considered to be essentially critical due to a variety of reasons.
Firstly, it keeps the business on check and ensures that, the enterprise is being able to engage in
effective limitations and is being able to ensure that, they are being able to keep their different
employees, customers, consumers and other parties effectively satisfied (Ferrell, Fraedrich &
Ferrell, 2015). In association with this, it can also be mentioned that other advantages of
implementing the Business ethics comprise of developing trust between the different businesses
as well as the consumers. In association with this, it is essential to note that when consumers may
feel that they can trust the firm and choose the offerings of the firm over its competitors. In
association with this, some aspects of the business ethics may help an enterprise in highlighting a
popular issue and increasing the brand equity as well.
Moreover, the ethical businesses also appeal appropriately to the investors as well as
shareholders. In association with this, the investors are required to invest adequately in a
company which is following all ethical business practices and hence, this helps in promoting a
successful path for success (Ferrell, Fraedrich & Ferrell, 2015). When the business ethics is
critical then, it is essential for the employees as well as operations. In consideration of this, when
the employees are aware of the fact that the top talent is to be applied in the firm then in relation
to this, it becomes easier for the firm to attract the right kind of employees and enable dedicated
employees to work for the firm.
Value of business ethics for long term success
As mentioned earlier, the value of business ethics is considered to be largely effective
because it helps in leveraging brand name and attracting the customers as well as the employees.

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The main reason why the business ethics is considered to be critical for long term purpose can be
mentioned to be as follows:
Public relations: As the companies have been involved in the ethical programs and associations,
it helps to improve in the public relations which will make it rather competitive in the long run
and in addition to this, helps in ensuring that the reputation is improved (Pearson, 2017).
Ethics and Employee Productivity: Ethics is also related to Employee productivity. In
consideration of this, it can be considered very critical to ensure that, when the firm follows all
ethical aspects and criteria then in such a scenario, the employee productivity improves to a
greater extent (Shaw, 2016). When the employee productivity improves in the long run then in
such a scenario, it becomes integral that, employees will perform with a better focus and this
shall assist them in attaining the overall goals of the firm and also in the long run. The ethical
aspects also assist in engaging in adequate employee retention(Duska, Duska & Kury, 2018).
This simply means that, when the employees are kept in the firm and they are retained for long
then this leads to adequate support and improvement in the long-term goals.
Investment: Firms which are highly ethical and considerate about the employee and their overall
objectives attract the audience in a better manner and in consideration of this, it can improve the
investment which is made towards the firm in an appropriate manner (Crane et al., 2019).
Ways to implement business ethics program in a firm
There are a number of ways which can be used to implement a sound business ethics
program in the enterprise and some of the ways can be mentioned to be as follows:
1. Identifying and renewing the values of the company. The company values should
always be kept at a check and need to revise appropriately with time. In consideration

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with this, it is also important that the values driving ethical relationships also need to be
maintained.
2. Another initiative which can be taken in the enterprise can be mentioned to be the fact
that, the firm would be required to secure commitment from the senior managers (Bowie,
2017). In association with this, it can be essentially stated that, the enterprise will be able
to perform well, and all goals shall be achieved in a sound manner. In a manner similar
to this, engaging the board of directors can also be mentioned to be a sound step which
can be taken by the managers in a firm to ensure considerate success and related
operations.
3. Additionally integrating ethics into the different aspects of the company communications
can also be mentioned to be a step to be taken as it will help in ensuring that ethical
activities take place at all steps and in association with this, the mission and vision
statement is being built accordingly (Barry, 2016).
4. Lastly, the enterprise may also develop an ethics code which addresses the dilemmas
which the employees might face and in association with this, allow decision making in a
negotiable manner.
Conclusion
Therefore, the study followed a comprehensive format whereby the concept of ethics in
business along with its overall importance, applicability in the enterprise and the manner in
which the values contribute towards the long-term effectiveness have been discussed. Certain
ways in which the organization is able to develop ethics have also been discussed.

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References
Barry, N. (2016). Business ethics. Springer.
Bowie, N. E. (2017). Business ethics: A Kantian perspective. Cambridge University Press.
Crane, A., Matten, D., Glozer, S., & Spence, L. (2019). Business ethics: Managing corporate
citizenship and sustainability in the age of globalization. Oxford University Press, USA.
Duska, R. F., Duska, B. S., & Kury, K. W. (2018). Accounting ethics. John Wiley & Sons.
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2015). Business ethics. Ethical decision making and
cases.
Pearson, R. (2017). Business ethics as communication ethics: Public relations practice and the
idea of dialogue. In Public relations theory (pp. 111-131). Routledge.
Shaw, W. H. (2016). Business ethics: A textbook with cases. Nelson Education.
Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do
it right. John Wiley & Sons.