Business ethics refers to a structure of enacted professional ethics or morals, which evaluates ethical ideologies or principles and ethical predicaments or moral questions arising within a business environment. Therefore, business ethics integrates or engages appropriate business values, policies and practices in respect to potentially contradicting issues and aspects such as internal trading, corporate governance, business social responsibility, unfairness, discrimination, fiduciary accountability, and bribery. Therefore, the main objective of the study is to examine or analyze business ethics in the dynamic business environment in regard to the underlying case study. It will venture into ethical dilemma and decision making in the business world. Also, it will deliberate on principles of business ethics and management of ethical dilemma. Consequently, the study will put into consideration all aspects, issues, values, and practices that are in line with business ethics.
It is apparent that each industry or institution has underlying principles or core values governing it. The underlying core values within an institution are significant, as they play a key role in handling arising issues. Excellence, responsibility, trust, accountability, honesty, utmost good faith, focus on people, safety, and customer focus are underlying core values within the discipline of business ethics (Melchin, and Manes, 2012). Hence, it is important to consider the underlying core values in the discipline of business ethics in the quest of examining the underlying case study. The core values will give a clear guideline and direction in the process of evaluating and assessing business ethical issues in respect to the underlying case study. The core values instill the sense of accountability of our undertaking within the business. Furthermore, the core values enhance commitment and acknowledgement of employees.
Delegate your assignment to our experts and they will do the rest.
In carrying out business operations we need to undertake various steps to enhance success and prosperity. In the process of developing or establishing a business plan or an idea it is important to put into consideration both internal and external business ethics. Internal business ethics are in line with the inside activities of the organization; therefore, the deal with handling the internal affairs of an organization. For instance, in the underlying case the employee in question for delivering the letter is a member of Coca Cola enterprise, hence the corporate will consider internal business ethics and dealings in handling the matter pertaining to the employee. External business ethics are responsible for handling outside forces that are in connection with a business entity. For instance, there is a situation that has ignited an issue between the two entities ‘Coca cola and PepsiCo in solving this issue it is important to put into account external business ethics.
At the onset of any business entity, it is apparent that there must be a mission, and vision, outlining the operation, purpose, and values of the organization. In the process of coming up with the mission and vision of a company business ethics, both internal and external are fundamental as they create a platform on which the mission and vision are structure upon (Norman, 2013). For instance, the companies in the underlying case study have elaborative, comprehensive, and decisive mission and vision. This is due to the fact that the mission and vision of the entities in question are based on the core values of business ethics. Therefore, this puts into perspective why core values are fundamental and significant in various disciplines and fields. Consequently, in drafting an idea or plan within an organization it is important to put into account the underlying ethical values and principles.
In the operation of a business it is obvious that decisions have to be made almost on a daily basis in order to keep the functioning of the organization intact. In the process of making decisions within the business environment, various issues and aspects arises which brings into question, the aspect of an ethical dilemma (Feinleib, 2012). For example, in the underlying case study, the Vice president of PepsiCo has to make a decision in regard to the details of the letter that the employee of Coke has sent. The situation comes along with various issues which the Vice President of PepsiCo has to evaluate before undertaking any decision. The Vise president has to evaluate all the available options and the consequences of each undertaking before arriving at the final decision. Therefore, it is important to weigh the situation and then take the best action that is not detrimental to the organization.
In respect to the circumstances surrounding the Vice President it is apparent that there is an ethical dilemma. For instance, it is clear that there are two appealing cases which puts the Vice President of PepsiCo in an ethical dilemma. To commence with is the option of accepting the offer of the employing of coke in respect to the details in the letter he has received. This option comes along with huge benefits if the details are to be trusted. The ethical dilemma is that should he accept the offer, yet it is clear that the employee is bleaching the underlying principles of his contract to the employer. Also, the other dilemma is that the details of the employee may be misleading as there is no tangible evidence to prove his allegations. Therefore, business ethics and values are significant in this case before undertaking a decision.
The idea of managing an ethical dilemma is important in this situation, due to the fact that it will play a significant role in making the right decision. The philosophy or idea of managing an ethical dilemma varies between various individuals or organizations and depending on the level of the conflict (Figar, and Dordevic, 2016). Therefore, an individual has to evaluate the principles and guidelines governing the organization in the instance of solving different levels of conflict and arising issues. For example, in the underlying case study, the Vice President of PepsiCo has to put into consideration the values, guidelines, and principles governing the existing level of conflict that he is solving or handling. Putting into consideration the underling aspects and principles within the organization will give him the clear direction that he needs to undertake in order to solve the conflict in a professional manner.
Business ethics are significant in the business environment, due to the fact that they due play a major role in solving both internal and external conflicts that do arise in the corporate sector. For instance, Coke will mostly rely on its internal ethical values in the case of dealing with their employee who has bleached the underlying contractual terms via disclosing useful and confidential information to their main competitor. On the other hand, coke and PepsiCo will mainly rely on external business ethics in the instance of discussing the matter, due to the fact that they are two separate entities. Therefore, it is important for each business entity to precisely follow due procedures in solving any disagreement or conflict arising in the corporate sector. Therefore, underlying principles, rules, and regulations are imperative and useful in the corporate industry, as they lay down platforms of solving various issues.
In conclusion, it is apparent that business ethic is an important discipline within the business environment. This is due to the fact that it brings into context, significant core values that are useful in solving various conflicts within the corporate sector. Also, it provides an organization with a platform for developing a comprehensive mission and vision that captures the entire image and operations of the underlying business entity. Furthermore, the study indicates that business ethical core values are vital in denoting key aspects of managing an ethical dilemma of various levels within the corporate environment. Therefore, core values of business ethics are fundamental within the business environment, as they play a major role in shaping the corporate sector.
References
Feinleib, S. (2012). Business Decisions and Ethical Dilemmas: retrieved from: http://www.business-creator.org/wp-content/uploads/2012/03/summary-Business- Decisions-and-Ethical-Dilemmas-1203051.pdf
Figar, N., & Dordevic, B. (2016). Managing an Ethical Dilemma; Economics Themes, 54(3): 345-362: retrieved from: http://економске-теме.срб/pdf/et2016en3_02.pdf
Melchin, g., & Manes, G. (2012). Principles of Business Ethics: retrieved from: https://www.enmax.com/LegalSite/Documents/ENMAX_Principles_Business_Ethics.pdf
Norman, W. (2013). Business Ethics: retrieved from: https://www.hbs.edu/faculty/conferences/2016- newe/Documents/Norman,%20Business%20Ethics,%20IntEncycEthics.pdf
