Five importance of studying The business Ethics

💼Five importance of studying The business Ethics💻

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Reputation

One of the most important and benefits of studying business ethics will be to improve and form the good's reputation. It is not possible people will like the company if the company is always trying to cheat and sell bad quality items with high prices to customers because it was not ethical action. However, if the company follows the ethical guideline sells good quality which is equal to the price of the product, it will have a higher reputation. (2m)

Form bottom line for business

Secondly, business ethics is the method to help enterprises to set up a bottom line while they are doing business. All people know that the purpose of doing business is to maximize wealth. However, maximizing profit will actually bring a negative impact to the environment and society if nothing limits the enterprise and does whatever they want to. For example, companies without business ethics will throw industrial waste into the river which causes pollution. (1m)

Identify and judge behavior and action

Next, business ethics is used to identify and judge behavior and action. If there was no clear list of business ethics, how could people really justify their actions were right or wrong, based on feeling or personal thinking? So, business ethics is the discipline available between ethics and business, as a foundation of the relationship between the business and society, and to find out the gain and loss of the balance between the ethic and business wealth. (2m)

Increase profitability

Fourth, business ethics can be used to increase profitability. Good ethic brings a good reputation. Reputation can be defined as an intangible asset of an individual, it may be hard to determine but it is really available. When a company's reputation is good, it will attract more consumers to have a higher willingness to purchase their product as well compared with the bad reputation company. (2m)

Form a healthy relationship

Fifth, the business ethic is used to form a healthy relationship between people or company, competitors and etc. If without limitation of business ethics, the competition may be raised up to internal information transaction, killing and so on which is really cruel. However, with the business ethic, at least that company could be more believable, accountable, and less risky. (2m)

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