Ethical Practices Essay - 589 Words

Primark Questions: 1. What are business ethics? Business ethics are rules of conduct, principals, and patterns of behavior in business dealings that involve doing the right thing. An ethical business is a business which embraces universal morals and strives for equality of every job and workplace. Although laws and policies are different in every country, some have lower ethical standards than others which for example can promote child labor, unsafe workplace, and many other approaches which can harm a quality of a workers life. The unethical businesses save money in cutting corners through ethic standards. But unfortunately many companies rely on factories based off unethical work to keep them in business. In some cultures†¦show more content†¦Ethical practices will cost a business. When a company is ethical it builds confidence in the brand and its reputation, which shareholders are pleased to see. Also, it reduces the risk in bad reputation from bad publicity. In addition, many companies chose to save money and cut the corner with ethical standards. Although the benefit outweighs the cost because overall if a consumer understands and can view the company’s transparency they will be more confident in purchasing products or services from the certain business. Therefore, this will increase a based clientele due to their information of how your business runs and that their purchase adds to promoting standard work ethics. For example if you told a customer that a pair of pants cost a few dollars more than the other ones, but explained that the cheaper pair is made by an 11 year old child working in factory for 14 hours a day getting paid pennies to produce the garment or a woman who made them and she is receiving proper incentives and benefits for working for the company to support her family. I believe every costumer would chose to pay those extra couple of dollars. This is why consumers should push for company transparency, to allow you to see what you really pay for! Therefore, for establish ed company ethical standards will cost more to maintain but in the outcome more customers will be attracted and you will build aShow MoreRelatedStarbucks : Social Responsibility And Ethical Practices1538 Words   |  7 Pages Starbucks is a company where social responsibility and ethical practices is one of their major concerns. Their mission statement that has laid out the guiding principles states that their guidelines of keeping people first and profits last will be a part of their culture and they try to live by them every day. These guiding principles and their mission statement has been in order of the company primarily because of the visions of Starbucks chair and founder Howard Schultz. 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