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Ethics In Business While Conducting Business In Specified Markets

University: REGENT COLLEGE LONDON

  • Unit No: 5
  • Level: Undergraduate/College
  • Pages: 3 / Words 783
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 2243

INTRODUCTION

Ethics in business is been defined as following and need to follow certain morals and principles while doing or conducting business in specified markets. This is quite necessary for every businessman and employee of an organization that they are having knowledge of these ethics and then following them as well. Within this essay argument will be including that there is no ethics in business, the business of business is business.

MAIN BODY

Business or corporate ethics are something which is the most essential and basic need for them to follow while they are conducting or operating commerce so that they are been able to guide practice. These will be defined to as principles, morals and standards which need to be followed at time of conducting business. So it was including that “There is no ethics in business, the business of business is business” which in simple words means that main work or purpose of business or company is to make profits. The company is nothing to do with these ethics and morals as they are not at all practical in any sense and will not be applying within real context of business (Rossouw and Van Vuuren, 2017). This also means that company should only be focusing on from where they could extract saving, profits and revenues of firm and not on these ethics or morals.

But moreover this ethics in my view is very much important which includes ensuring that the relationship between companies with customer is somewhere based on truth. So this will be explaining company about what is ethics and how it is important for them to follow them so that their relationship with their stakeholders. I was working in one of the known financial institution of my country which was leading into this field of banking and financial sector. I was responsible for building up relationship of company with customers who were regarded to as important for company (Ferrell and Fraedrich, 2015). At the time when I discovered when it is wrong that I was not informing the most important points that are been included within documents.

For that company where I was working it was very much important that they are been doing their work according to ethics of business. There were many chances at the time when I was working within that organisation when I found out that ethics of bank were been neglected and violated. Like many time due to my targets I was forced by my manager to violate the ethics like that including like not allowing customers to carefully read the terms and conditions laid down on papers or documents. But this is not good practice of conduct by side of company as it was against the rules and regulations of bank to ignore my duties in lieu of targets which is just helping company to earn profits.

It was important for me to instruct and guide my clients and customers for correct and fruitful investments which will be helping them all with growth opportunities. So for this I need to correctly explain them what type of investment, form how much time and how money they would require to invest into. If the ethics of business is not been followed then this will be causing to form very problematic situations there are also time when customer could be taking very stick actions against us and company. This is majorly done if customer is educated and knowing ethics and rules of company and that of contract between them and bank.

The client is having any problem that ethics while signing contract with customer that they must be knowing all about what are the points, terms and conditions that are been included within the documents (Crane and Matten, 2016). If ethics are not been followed by company and any of the staff members then this will be becoming non-compliance issue and then breach of company’s duty and responsibility.

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CONCLUSION

It is the analysed that for me to follow and know the ethics of business is very much important so this becomes important that there are ethics in business and business of business is not just to make business or profits. The non-compliance within bank and any organisation is not been permitted which is regarded to as offence and breach of duty of bank. I will be not agreeing with this point of ethics is having nothing to do with

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