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
The company has been affected in a good way because this act allows the company to have the right to sell their products and services. Which allows the business to keep running and trading. * Consumer protection from unfair trading. This law is in place to prevent traders are honest and fair when offering their products and services for sale. Examples of how business have been affected by consumer protection from unfair trading- 1.
Business ethics includes the principles and standards that guide behavior in the world of business. The ethical behavior of a company is being judged and determined by its stakeholders. They may not always be right but their judgment affects the company’s reputation in society. There are several benefits of business ethics. Ethics contribute to investor loyalty – ethical conduct results in shareholder loyalty and can contribute to success that supports even broader social causes and concerns.
First, it gains people’s awareness of ethical issues and consequences they will face in a company when they are in an ethical dilemma. Thus, the act provides a guide for the direction of managers’ behavior. Second, not only in the WorldCom case, but also in other financial fraud events that occurred during 2001 and 2002, executives should take main responsibilities without question. Therefore, one of the main points is to clear executives’ responsibilities, such as in evaluating company’s internal control. Also, the act increases the criminal responsibilities for executives and white-collars.
In term of politic that will affecting the 99 Speedmart is government policy. This is because the government policy gives opportunities for growth and profit an attractive manufacturing and export base in the region. Government commits to maintain the business environment that providing companies with the opportunities for growth and profit. However the changes in government policies may either affect positively or negatively. In negatively of the government policy is they can block business operations such as finance, marketing, or property and automatically it become risk for 99 Speedmart businesses.
Internal Controls It is necessary for companies to have internal controls that want to be able to succeed in the marketplace and for them to avoid possible pitfalls that can be the demise of company. Internal controls are set in place not only to protect the consumers but they are also for there to help companies succeed and reaching goals and what they are setting forth as objectives in an effective and efficient manner. Each of the specific objectives is measured by the recorded transactions that are relevant to that objective. The main goal of internal control is safeguarding assets. It has two sub goals which are safeguarding from employee thefts and safeguarding from unauthorized use.
Identify the main reasons for reviewing working methods, products and / or services in a business environment. The main reason why a business should review working methods, products and / or services are to ensure that they are keeping in line with other businesses. An example of not keeping up with the times is HMV. Change can cause added pressures to the business. However there are changes that would have a small affect on the business.
Is there a positive relationship with expert power? Does commitment have a negative effect on the performance of a retailor as measured by sales? Perryer & Scott-Ladd (2014) identify their research questions as what is perceived to be ethical or unethical in a business setting? Is what is fair to one person also fair to another an important component to a business’s ethics? Are perceptions of ethical behavior influenced by the breach along the three factor continuum?
The paper includes a list of all the actions executedby Goldman Sachs Inc which are defined in this paper as gray area practices. The paper alsopresents an ethical analysis of these gray area actions as well as all the parties that were affectedby the Goldman Sachs practices. Business Ethics The problem to be investigated is business ethics through the examination of ethicalpractices conducted by Goldman Sachs Inc and ethical gray areas which are situations and problems that don’ t fit neatly into any existing mode of ethical analysis within the business(Marshall, 2007). Business ethics are very important to inspire the employees and attract morewanting to work for the business. Business ethics are also important because if the business lacksgood ethics, this can damage the business reputation and make it less appealing to stakeholdersand that will lead to profit loss affect the whole business.