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Ethical Issues

1. Generally speaking, why is business ethics important?

2. What should be the primary focus of business ethics, and why is this so?

3. Is it necessary for everyone in a business organization to fully understand and practice sound business ethics all the time? Why or why not?

Professional Development

1. Set forth in detail the long-term goal or goals of an organization you currently work for, or one you worked for in the past.

2. If you were given the authority, set forth three changes you would implement to help your organization achieve its long-term goals.

Issues to Consider

1. Sternberg states that the purpose of a business is to maximize long-term owner value. Do you agree with her assessment, or do you believe a business should exist for other purposes? Explain your position.

2. Distributive justice and "ordinary decency" are cited by Sternberg as the key fundamentals of business ethics. Based upon your experience and/or knowledge, explain how well these fundamentals are practiced, and why you believe this to be so.

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The Response Addresses the Queries Posted in 1066 Words, APA

Business Management

Importance of Business Ethics

Ethics are very important from the business, as well as, society's perspective. Business ethics are very important for an organization and assist in providing an effective organizational culture to the employees. It also nurtures the ethical decision making skills in the management for managing the internal and external group of stakeholders. A business venture operating successfully on the basis of its ethical framework also influences the other businesses for working ethically in the business environment (Carmichael, 1995).

The implementation of business ethics assists the organizations in integrating and coordinating their operations for attaining profits and increasing their productivity in the market. The stakeholders also get satisfied with the organizational provisions and business practices. The ethical standards help the business organizations in framing their policies and procedures by considering the mutual benefits of the organization, as well as, the stakeholders (Business Ethics, 2005).

Primary Focus of Business Ethics

The primary goal of business organizations is to earn profits from their operations, but it should be within the ethical framework of business. Effective implementation of business ethics in the organization assists in framing the policies and procedures in accordance with the ultimate goals and objectives. Business ethics considered by an organization should focus on providing profits and creating goodwill in the society. It is due to the reason that business organizations take resources from the society and transfer them back to the society (Posters, 2003).

The business organizations should fulfill their corporate social responsibility for maintaining an effective relationship between the business and society and also among the business and stakeholders. ...

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The Response Addresses the Queries Posted in 1066 Words, APA