Quiz 3: Ethics and Business Decision Making
Facts: The facts represents the transition in the manner employees presenting their view, dissatisfaction and grievances as compared with the employees of the past. The employees of the present are using electronic blog spots, tweets, posts and using several others ways to represent their grievances against their employees. This has considerably reduced the reputation of the modern day corporate. There is a particular group of employees who use the internet as a medium to express their unhappiness with particular corporate Companies. Online Attacks: One of the ways employees use to express their dissatisfaction towards their employers is by going online. Employees use various social media websites and other online means of communication to express their grievances against the employers. The attacks create problems for the corporations in terms of loss of reputation and denting their public image. Outcome: Online attacks for sure, affects the reputation of the company. However, it can be said that online attacks will be helpful to the Companies in the longer run because Companies can figure out a mechanism to solve the issues they are facing from online attacks. In the long run, companies will come to know what type of online attack is creating trouble for them. The company can figure out how to create a defensive mechanism to protect itself from the online attacks. It will also help the management to know the faults about the company. It is possible that the accusations posted online are correct to some extent. This way the company will be receiving clear and actual viewpoint of the respective third party. This will help the company to make considerable changes to meet the expectations of the public or to reduce their dissatisfaction. Thus, it can be concluded that online attacks can be of help to the company in the longer run.
DT Inc. markets a product that under some circumstances can hurt the consumer very seriously. This company is in ethical duty dilemma to either remove this product from the market or not. It is also to mention that even if the injuries occur only when the product is misused. Yes, DT Inc must remove its product from the market as it is harming the consumers who uses it. As profit maximization will be the goal of any organization but the top-level management should differentiate between short term product and long-term profit. If the company continues to sell the product even after knowing that the customers are injured by using its product, it can gain short term profits. But in long run it may suffer huge losses due to lawsuits and large settlements with the customers for the usage of defective products. As a result, the bad publicity will be done for the product in the market. So unethical conduct will reduce the profits in long run. So, the companies should act ethically to maintain their brand image and to gain consistent profits in long run. Hence, from the above point one can conclude that it is ethical duty of DT to remove the product from the market.
Business ethics and its importance: Business Ethics are the moral principles by which we determine or guide that how a business will act in a given situation. Business Ethics puts a situation on the following criteria • Fairness, • Justice, • Rightness and • Wrongness The business which runs on Ethics has always long term gains. Ethical decision makes strong organisation character which is reflected in their employees and their decision making. This positively benefits to employees, society, supplier and community. It also protects business and employees in arising unlawful situations.
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