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Business ethics are necessary for order, consideration, and integrity in the business world. They are not an established set of laws and can mean different things to companies, especially in the global business community. Good business ethics help create goodwill and a positive reputation, which can lead to increased sales.
The main reason for applying business ethics in various business transactions stems from the fact that a business world without ethical considerations would be chaotic, where everything would work out. As such, the need for business ethics is related to the order, consideration, and integrity that ethics instills in the business world. Bearing in mind the fact that while some ethical considerations may be considered universal because they derive from basic morality, the true meaning of business ethics is not something that can be referred to as an established set of laws. This means that the perception of business ethics is somewhat malleable and can mean different things to companies, especially in the global business community, where different cultures and values play an important role in determining the exact business ethics that will guide a company’s operations. company. The reasons for applying business ethics may be marketing, corporate image or other personal considerations unique to the company.
One of the reasons for the application of business ethics is the fact that the application of good business ethics helps the company to create goodwill among the members of the business community, among the consumers and also among the members of the society in which the company operates. company is located. A company that develops a reputation for fair practices will rank very high among other businessmen and women who will use that ethical reputation as a yardstick by which to measure their dealings with the company. This good reputation is loosely linked to the presentation of the corporate image that a company is trying to build, something that can also be used as part of its identity. The desire to develop your image is a necessity of business ethics, as it will be the basis for the development of the corporate image.
A need for business ethics can be illustrated using the example of a company that builds its brand on the fact that it sources its raw materials in a way that does not harm the earth or the environment. This illustration of the need for business ethics can be explained in more detail by making a connection between the perception of a company among consumers and the effect that perception has on sales. A sizable percentage of consumers like to think they are aware of issues related to preserving the planet and may patronize a company based on the view that it is environmentally conscious, leading to increased sales for the company.
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