Introduction
Ethics are values set to achieve high ideals. In fields such as counseling, ethics entail considerations such as confidentiality. Confidentiality defines the need to respect the privacy of others and information about or to belong to them. Further, factors such as client consent are pivotal. Bearing in mind risks involved while setting apart limitations of the client-counselor relationship is all issue s of ethics.
Essentially, in business, such set standards define things like; how business decisions are made, why an action may be right or wrong and how colleagues work and interact with each other.
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Considerations while making ethical business decisions.
Facts finding
Firstly, obtaining facts before making decisions is critical. It is important to seek clarity where a need is before making a business decision. It is also an important consideration who and how such a decision will affect other people for instance employees in a company.
Options
There may be several viable alternatives to a situation. While deciding on the best option, going with the one with most benefits and least demerits is an excellent way to go.
Consultation
To come up with the best decision in business, a manager may consult with other managers in the same or different companies.
Evaluation
It is good practice that once a decision is made, it is weighed against the law, professional values and various codes of practice or ethics that there may be. It should promote the welfare of others, be fair and not exploit others while checking that any confidentiality is maintained.
Documentation
Decisions should be documented for transparency and reference in future.
Flexibility
Flexibility answers whether one is happy with their decision being public or not.
It is the corporate responsibility that products are not harmful to consumers. Both producers and consumers should ensure that products are not harmful to the environment as well.
Factors such as market shares and their respective capital bases may render businesses operating in such an industry unequal. It is therefore ethically right because in this difference lies advantages such as reduced pricing for consumer products. In most economies, businesses in the same industry run in the same legal and regulatory environments. How well managed they are will most often define how well they perform. Based on prices for products, consumer choices cause competition in an industry. Such match is significant when decisions on pricing are being made. Based on the utilitarian theory, client feedback can be used to determine the direction decisions and actions taken by companies. This method stipulates that the intrinsic value of an action or decision is based on how happy or unhappy its consumers are. It further reiterates that everyone’s happiness is equally important as illustrated by the following context.
An analysis of M-PESA, a mobile money platform.
On M-PESA platform, electronic units are transferred peer to peer and can be redeemed for real money at an agent store or be used to purchase data. Despite regulations by government, the company has over years declared high margins of returns from its m-pesa and data. This is despite most the service users feeling that the charges are way too high. For instance, transferring one thousand tokens from one user to another would cost the initiating party about thirty tokens. For more upper valued transactions say one in which an individual is transferring seventy thousand tokens to another, they will be charged over two hundred and fifty tokens. Each token is equivalent to one Kenyan shilling. For one thousand symbols, a buyer can get up to three GB of data.
Consequently, data on the black market is on sale. In this environment, its sale is unregulated and much cheaper by more than half. However, competition, client feedback and government’s regulation of the industry has seen a reduction in transactional and data costs. Methinks that from economies of scale, reducing the pricing on each transaction further would boost preference on M-PESA ‘s use as compared to its competitors. When a business works in the interest of its product’s consumers, the later derive satisfaction and experience that makes them come again hence improving brand loyalty.
Role of capitalism in decision making.
In free capital markets, prices are determined by producers free of government regulations on safety and pricing. In the united states, for instance, the marijuana industry feeds into the country while easing the pain for cancer patients. Both its medicinal and recreational use aids in its use without worry of government interference. Users can, therefore, choose to buy in shops which create more jobs while ensuring that such users are not robbed or mugged had they purchased it in the streets.
References
Jack, W., & Suri, T. (2011). Mobile money: The economics of M-PESA (No. w16721). National Bureau of Economic Research.
Quinn, J. J. (1997). Personal ethics and business ethics: The ethical attitudes of owner/managers of small business. Journal of Business Ethics, 16(2), 119-127.
