Those rules (Laws) change as society changes, and citizens can adjust the way they want to enforce them. In today’s society, law becomes an important role by helping maintain the social control within businesses, organizations, communities, and daily life. The law assists in protection and control of life. Disputes are resolved by the designed rules that will give citizens the knowledge of what is acceptable and what is not. People feel much safer after justice is served.
To protect the Starbucks brand, culture, and reputation, each employee is responsible for adhering to the company’s core values. This includes complying with the law, in addition to demonstrating ethical conduct. The ethical culture of Starbucks determines the quality of decisions made by employees. If the employees are working in an ethical environment, they will be compelled to make ethical decisions. Employees are expected to make good decisions using their values, knowledge, and previous experiences.
Business ethics is the guiding principles on what is the “right” or appropriate way to behave in a situation (Jones & George, 2008). Many companies have code of ethics in their employee hand book that guide the employees about the ethical behavior and inform them about the ethical misconducts in the workplace. Even some organizations have ethical program training to train the employees to how to address and handle ethical issues in their daily tasks. But not all the employees have high commitment in ethical standards of the company, especially when they want to
Why are ethical behaviour and government regulations important to marketing? Ethical behaviour is used within many businesses to ensure the business provides accurate information to customers as well as other businesses to engage in fair competition. It is important for a business to have ethical behaviour in relation to the marketing side of the business so that goods produced, promoted then sold do not provide misleading information. If identified by consumers, it can have a major impact on all functions of the business as it has the potential to ruin the business’s reputation placing the business at a declining stage of the business’s life cycle. In a similar manner government regulations are also important and must be overviewed by all functions of a
APPLICATION EXERCISE II – MKTG 3371, 1. I read in the chapter that business needs government regulation to protect innovators of new technology, to protect the interests of society in general, to protect one business from another, and to protect consumers as well. In my opinion the government should implement levels of measurement and regulations to every aspect of the marketing mix, as marketing plays an important role in society. As we all know, the fundamental objectives of most businesses are survival, profits, and growth. It is clear to me that marketing contributes directly to achieving these objectives, with government regulation to the degree of a clear transparency, and a system of checks and balances that works for all.
Canadian Legal System * Preparation – chapter 1: Knowledge of law as a business asset knowledge of the law is a business asset that can assist owners and managers in reaching their goals and objectives. This is because business law: defines general rules of commerce protects business ideas and more tangible forms of property provides mechanisms that permit businesspeople to select their desired degree of participation and exposure to risk in business ventures seeks to ensure that losses are borne by those who are responsible for them facilitates planning by ensuring compliance with commitments law is a set of rules and principles intended to guide conduct in society, primarily by protecting persons and their property, facilitating personal
In today’s era of economic relations business ethics plays a vital role. It is of very importance at all levels of business, corporate, state or international. The questions of a firm’s community responsibility and business ethics are engrossing business more and more - both domestically and internationally (Sims 2006). This trend is highlighted by disgraceful cases illustrated by violating rules of ethical behavior. The rules and regulations of ethics and behavior are affected by the basic values of the goals of company with in the community.
Ethical standards are the code of conduct required by the organization for workers to follow. The relationship between organizational culture and ethics is that the organizational culture guides workers when faced with ethical problems. If the organization culture counters what they are required to do ethically, workers may put the organization in jeopardy by not act ethically. When a worker is faced with a decision that others within the organization think as appropriate, though it is unethical, the worker may follow what is acceptable as per the culture. It is the relationship between organizational culture and ethics that can get businesses into significant trouble in the long term.
It is necessary to have a working knowledge of the legislation involved in business to ensure that the laws protecting consumers, suppliers & workers are implemented and complied by. Businesses are required to provide quality products & services in compliance with the law. Complete understanding and strict implementation of governing legislation will ensure that businesses are not at threat of prosecution and potential business closure, due to unforseen & unfortunate circumstances. Construct appropriate research to explain what duty of care means and how it applies in the workplace. To have a duty of care is to have a legal duty to take reasonable care to ensure the safety of others associated with the business or project.
There are many things that company can do that don’t involve the trade-off, and that’s what company should focus on. Every company will have to be compliant; it’s going to have to obey the law, to meet all legal community standards in terms of how it behaves. (Michael Porter, Creating Share Value video, Harvard Business Review) Does CSV involve social compensations? If so, how does CSV differentiate from CSR? Yes, CSV involves social compensations, like Mr. Porter says, creating social benefits is a powerful way to create economic value for the firm.