Business Policy: Analyzing Ethics, Bribery, and Social Responsibility

This assignment delves into various aspects of business policy, emphasizing the significance of environmental perspective in strategy formulation, the crucial elements of a code of business conduct, and the methods to ensure adherence to ethical standards. It addresses the concept of bribery, differentiating between unethical and acceptable business practices, and explores the complex relationship between personal and professional ethics, highlighting potential conflicts and the importance of continuity in ethical development. The document also provides examples of monitoring and controlling processes required to ensure that code of business ethics are read, understood, believed, remembered and acted without being ignored. This assignment solution, available on Desklib, offers students a valuable resource for understanding and mastering key concepts in business policy.

Running head: BUSINESS POLICY
Business Policy
Name of the Student
Name of the University
Author note

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Answer 1:
Firms and business enterprises have social and corporate responsibilities in order to
execute the business activities under systematic framework that can ensure the social,
environmental hygiene and moral significance. Economic, political and procedural
environment of any business defines the core value and potentiality of any business operation
(Weiss, 2014). The current and future growth of the business depends on those factors.
Therefore, before formulating or implementing any business strategies every business
organization should consider environmental perspective sincerely.
Answer 2:
For any business even for a small enterprise, developing code of conduct is crucial.
The 6 major variables or attributes that should take place within the code of conduct are
Ethical principles, values, Heath and safety issues, standard of work, standard of practice and
disciplinary actions. Ethical principles include the workplace behavior and respect for others.
Values refer the honest, unbiased and corruption free environment. Health and safety issues
ensure the responsibility of workplace security and safety including hazard reporting.
Standard of work includes the job descriptions, quality of work and commitments. Standard
of practice includes compliance of policies and procedure and operation manual. Disciplinary
action includes the complain system, penalization and other obligations.
Answer 3:
Proper monitoring and controlling process is required to ensure that code of business
ethics are read, understood, believed, remembered and acted without being ignored. Direct
monitoring or supervising, reporting and surveillance can help (Zheng, Luo & Wang, 2014).

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Besides, indirect monitoring such as discussion, interview, and survey could also be
conducted. For controlling repeated internal training and communication are required.
Answer 4:
Bribery is the act of offering someone money or something valuable in order to
persuade them to do something unethical. Politicians influencing the legislation and
pharmaceutical representatives or salespersons providing drugs to physicians are clearly are
acts of bribery.
Giving money to a potential client, giving extra money to an employee unofficially,
giving valuable things for promotions are three major example of bribery in business.
Rewording employees in authorized way, having holiday party with employees, tipping
waiter are not considered as bribery.
Answer 5:
Before understanding the relationship between personal and professional ethics, the
definition of these two ethics should be understood properly. Personal ethics emphasizes the
moral values that a person gathered from the surrounded people and situations in regular life.
Professional ethics however refers to those moral values that adhere to the interaction and
business procedure within the professional life. Therefore, the purpose and the significance
are completely different. However, in some cases the personal and professional ethics can
cause conflict where the professional ethics interfere with personal values and morals. The
relationship between personal and professional ethics is a complex phenomenon of legal or
constitutional system as well. Continuity is the key factor of both personal and professional
ethics, where neither personal ethics nor professional ethics are ever finished developing
(Trevino & Nelson, 2016). Depending on the situation, it is a subject of individual’s personal
decision to pick personal ethics over professional or vice versa.

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References:
Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to
do it right. John Wiley & Sons.
Weiss, J. W. (2014). Business ethics: A stakeholder and issues management approach.
Berrett-Koehler Publishers.
Zheng, Q., Luo, Y., & Wang, S. L. (2014). Moral degradation, business ethics, and corporate
social responsibility in a transitional economy. Journal of Business Ethics, 120(3),
405-421.