Year 11 Exam > Year 11 Notes > Business Studies for GCSE/IGCSE > Ethical Issues to Consider
Ethical Issues to Consider | Business Studies for GCSE/IGCSE - Year 11 PDF Download
Business Ethics
- Ethics involves determining what is right or wrong when making business decisions.
- Some companies establish ethical codes of conduct to guide decision-making processes and define acceptable behavior.
Diagram: Ethical Codes of Practice
- Ethical Codes of Practice
- Environmental Responsibility: This involves actions like using recycled materials in packaging to reduce the ecological footprint.
- Animal Welfare: Companies should avoid practices like animal testing to prevent harm to living creatures.
- Fair Working Practices: Ensuring fair wages and good working conditions for employees is a crucial aspect of ethical conduct.
- Equitable Supply Chains: Businesses should source materials sustainably to support fair trade practices.
- Anti-Corruption Measures: Companies need to ensure they pay appropriate taxes and avoid engaging in corrupt practices.
- Product Responsibility: Avoiding controversial products or ensuring strict verification processes for high-risk procedures like cosmetic surgeries is essential.
- Questionable Partnerships: Businesses should sever ties with suppliers or customers engaged in unethical practices such as child labor.
- Businesses embracing ethical principles can cultivate lasting loyalty from both employees and customers, potentially gaining a valuable competitive edge.
- However, adhering to ethical standards often entails higher costs and may potentially diminish overall profits, particularly if the business cannot adjust prices accordingly.
Examples of Current Ethical Concerns
Responding to Ethical Issues
- The significance of acting ethically includes enhancing a company's reputation and potential for increased visibility, facilitating promotional endeavors, and subsequently boosting sales.
- Embracing ethical practices may lead to long-term financial benefits, but the initial implementation of ethical processes can involve substantial short-term expenses.
Business Responses to Ethical Issues
Question for Ethical Issues to ConsiderTry yourself: What is one of the potential benefits for a business that embraces ethical principles?View Solution
The document Ethical Issues to Consider | Business Studies for GCSE/IGCSE - Year 11 is a part of the Year 11 Course Business Studies for GCSE/IGCSE.
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FAQs on Ethical Issues to Consider - Business Studies for GCSE/IGCSE - Year 11
| 1. What are some common ethical issues that businesses may face? |  |
Ans. Some common ethical issues that businesses may face include conflict of interest, discrimination, environmental responsibility, and bribery.
| 2. How can businesses establish ethical codes of practice? | |
Ans. Businesses can establish ethical codes of practice by clearly defining their values, creating policies and procedures that promote ethical behavior, and regularly communicating and reinforcing these standards to employees.
| 3. What are some benefits of practicing ethical business behavior? | |
Ans. Some benefits of practicing ethical business behavior include building trust with customers and stakeholders, attracting and retaining talented employees, enhancing the company's reputation, and potentially reducing legal risks.
| 4. What are some challenges that businesses may face when trying to implement ethical practices? | |
Ans. Some challenges that businesses may face when trying to implement ethical practices include resistance from employees who are used to a different way of operating, the cost of implementing new policies and procedures, and the risk of losing business from unethical partners or customers.
| 5. How should businesses respond to ethical issues when they arise? | |
Ans. Businesses should respond to ethical issues by investigating the situation thoroughly, taking appropriate action to address any wrongdoing, communicating transparently with stakeholders about the issue, and implementing measures to prevent similar ethical lapses in the future.
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Nov 22, 2024 Last updated |
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