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If the firm is unable to effectively manage its many stakeholders it could be hurt in many ways including financially (short term or long term) or in terms of its public image or reputation in the community, thus why effective stakeholder management is related to sustainability.The opportunities are for business to build decent, productive working relationships with the stakeholders.Many have found that they believed that a code of ethics was the most effective way to encourage ethical business behavior.
Are companies ethically to blame when customers misuse their products? (See, for example: the Value of Trust.) Need more ideas?
(See, for example: Are Companies Responsible for Misuse of Products? Is it OK to sell a product when you can’t prove that it works?
It probably refers to giving customers anything that might be construed as a bribe or an attempt at influence, no matter how small its value.
The reverse applies to employees who do business with outside vendors.
Therefore business ethics would no longer be considered a contradiction in terms because it no longer detracts from a business’s economic purpose of increasing profits for its owners.
Essay Ethics In Business An Essay On Dramatic Poesy By John Dryden Summary
How is effective stakeholder management related to sustainability?Business has been and will continue to be subjected to careful scrutiny of its actions, practices, policies, and ethics.Stakeholder management helps deal with these issues (Bylerlym, 2013).Challenges, on the other hand, usually present themselves in such a way that the firm inust handle the stakeholders acceptably or be hurt in some way-financially (short term or long term) or in terms of its public image or reputation in the community.P84 Within that context, developing a strong stakeholder culture is a major factor supporting successful…These codes cover a multitude of subjects, ranging from misuse of corporate assets, conflict of interest, and use of inside information, to equal employment practices, falsification of books and records, and antitrust violations.These codes of ethics can promote positive behavior among corporations in a variety of ways.(See, for example: Ethics of Commerce in Alternative Medicine) 8. Are there some things that simply should not be bought or sold? (See, for example: Nestlé Sued Over Child Labour and child labour in Bolivia) 10. (See, for example: Whistleblowers: Alone vs the System) 11. (See, for example: stories about Uber and ethics.) 12. (See, for example: Misleading Headlines About Misleading Advertising: “Dog” Fur Pom Poms on Hats) 13. (See, for example: Does Teaching Ethics Improve Ethics? The traditional view held by economists (von Mises, 1949) and Friedman (1962) holds that morality, while good in and of itself, if self-imposed by business organisations, is in essence wrong in that it detracts from their embedded economic purpose to increase profits for owners. This perspective reflects not only that business and ethics are contradictory but that business is generally not ethical.