Table of ContentsThe Concept of Theoretical Approaches to Business EthicsTeleology (Consequentialist Theories)UtilitarianismEgoismDeontological TheoryVirtue EthicsEthical Issues That May Affect the Operational Activities of Today's BusinessEnvironmental IssuesProblems employmentAdvertising and marketingConsumerConclusion and recommendationsGovernment and other business stakeholders are emphasizing the relevance of ethical practices of business organizations. In recent years, we have witnessed many unethical behaviors in the operations of some companies around the world. This makes the company unsafe for upcoming businesses, healthy competition and consumers. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essayEthical business practice is an issue that is receiving increasing attention in today's business world. Businesses recognize that more and more customers are becoming ethically conscious every day. It is now proven in recent studies that many investors use a company's ethical behavior in society as a criterion for choosing a company to invest in. In order to remain sustainable and competitive in the global market, many companies have recognized the need to adopt good ethical practices. The Concept of Theoretical Approaches to Business Ethics Different philosophers and theorists have proposed various theories on what can be considered morally acceptable and unacceptable. These theories include: Teleology (consequentialist theories) The consequentialist approach to ethical reasoning involves justifying an action by the results obtained by such action. Therefore, it is obvious that consequentialism is based on two principles: what is morally right or wrong depends only on the consequences or results of an act. The more good consequences an act can produce, the better that act is. According to consequentialists, the results achieved by an action or decision determine whether to classify it as ethical or unethical. In evaluating which consequences are best, consequentialism is not very informative unless combined with other theories. Utilitarianism and egoism are the most influential forms of consequentialism. Utilitarianism In the utilitarian approach to ethical consideration, the emphasis is on the amount of good and evil that could result from an action or decision, that is, judging a particular action or decision by the whole. amount of happiness or unhappiness it creates. For example, when a company decides to move its manufacturing plant from one place to another, what would be the amount of good, i.e. happiness caused, and the amount of harm, i.e.- that is to say, misfortune, which the movement would create. The utilitarian approach to business ethics is also evident when analyzing a particular action or decision on a cost-benefit basis. For example, when all the costs incurred by an action are added up and compared to the resulting benefits. If the benefit is greater than the cost, the action can be considered ethical. According to a utilitarian, if the amount of good appears to outweigh the amount of bad during the movement, the decision is considered ethical. But if it is the other way around, it is an unethical decision. A good reference to this topic is found in the quote from John Stuart Mill in his Principles of the Greatest Happiness. He cites that “actions are good to the extent that they tend topromote happiness, bad insofar as they tend to produce the opposite of happiness. In a nutshell, utilitarianism says that an action that is ethically right in a given situation is the one that produces the most happiness and the least unhappiness for the greatest number of people. Connecting the concept of utilitarianism to today's business, an organization that weighs the number of influences of its decisions and actions on the number of stakeholders and uses it as a basis of moral standards is said to adopts a utilitarian approach. EgoismEgoistic theories define good and evil in terms of consequences for oneself. In any ethical decision-making situation, an egoist would weigh and choose among the alternatives those that would most contribute to his or her self-interest. Before doing so, a critical examination would have been carried out to assess the effects of such action or decision on one's physical, mental or emotional well-being. A self-serving theory is evident in today's business where a particular organization bases its ethical values ​​on actions and decisions from which it can, to a very large extent, derive its primary goal(s). Deontological TheoryThis theory is also called duty-based theory. of business ethics. Indeed, the word deontological derives from the Greek word deon meaning duty. Rather than focusing and attaching what is morally right or wrong to the consequences that an action or decision entails, deontologists have based their decisions about moral right and wrong on broad and universally acceptable ethical values ​​such as honesty, fairness, duty, respect for human beings. etc. According to the deontological approach, some actions or decisions would be considered bad even if they created good consequences, while others would be considered good even if bad results were achieved. For example, an auditor taking an ethics approach would likely insist on telling the truth about a company's financial difficulties, even if doing so could bankrupt the company and put his job at risk. In short, the ethics officer denies that what What ultimately matters is not the consequences of an action but the action itself. Ethics is mainly linked to Immanuel Kant, a German philosopher. Deontological theory is evident in many businesses today where [3] the organization critically examines their business activities in order to be fair, accountable, and transparent in their dealings with stakeholders. Virtue Ethics Virtue ethics is a normative ethical theory that emphasizes virtues of mind and character. . Virtue ethics is a general term for theories that emphasize the role of character and virtue in moral philosophy rather than doing one's duty or acting to achieve good consequences. A virtue ethic is likely to give you this kind of moral advice: “Act as a virtuous person would act in your situation. » Most theories of virtue ethics draw inspiration from Aristotle who stated that a virtuous person is someone who possesses ideal character traits. These traits derive from natural internal tendencies, but must be nurtured; however, once established, they will become stable. For example, a virtuous person is someone who is kind in many situations throughout their life because that is their character and not because they want to maximize their utility or gain favors or simply fulfill their duty. An ethical issue can be described as a problem, situation, or opportunity that requires individuals, groups, or organizations to choose among several actions:which must be evaluated as good or bad, ethical or unethical. Therefore, from a business perspective, an ethical issue is a topic that raises questions about the standards of conduct or behaviors that the company adheres to, regardless of financial motivations. In some situations, certain ethical issues may require the company to engage in behavior that is not profitable if it adheres to one set of standards or profitable if it adheres to another set of standards. For example, in the United Kingdom, although the employment of women at lower pay rates than men might have been considered acceptable under 1960s business ethics, this was not the case in 1970s and even with the Equal Pay Act which was passed in 1970. Examples of Ethical issues facing businesses today are: Environmental issues. The environmental issue today is becoming a matter of growing concern for all businesses. With growing concerns about global warming, many companies are now working to reduce their carbon dioxide emissions and encourage the production of more energy-efficient equipment and appliances. The goal is to stabilize the concentration of greenhouse gases in the atmosphere at a level considered less likely to trigger dangerous climate change. Other environmental issues that may affect the operational activities of today's businesses include aspects of water use and pollution, responsible sourcing and waste management. i.e. recycling. For example, the Coca-Cola Company had an environmental problem in India when some communities reported that its operations had led to water shortages, water pollution, and illegal toxic dumping. This really affects how the business operates. Another recent issue that has raised ethical questions is the BP oil spills in the Gulf. Employment Problems These are problems related to working or accepting a role in an organization. Here are some examples of issues arising from carrying out one's duties in the workplace: Discrimination: This occurs when individuals are not treated accordingly in the workplace. Examples of areas where discrimination can occur are in compensation, promotion and performance evaluation. Additionally, racial and gender discrimination within an organization creates ethical issues which can, in turn, affect the operations of such an organization. In the UK, employers must not discriminate on the basis of the above factors and if found guilty in any way by an employer, that employer will be held responsible. Equal opportunities and diversity: As part of their ethical operation, many organizations pay due attention to equality. opportunity during the process of recruitment, selection, staff training, etc. They also promote diversity in all aspects of their business operations by employing and dealing with different people of different nationalities, backgrounds, cultures, people with disabilities, etc. All of this goes a long way in influencing business operations. For example, failing to provide equal opportunities can lead to high employee turnover, lower employee morale and absenteeism rates in an organization. Advertising and marketing Process of raising awareness of products and services, means of distribution, means of marketing. The price of..