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IMPORTANCE OF ETHICS IN THE BUSINESS

Meaning of Ethics

Business ethics are very important for any organization. Business ethics are moral principles that guide the company to behave in an organized way. Before learning the importance of ethics in business one should know what business ethics is. It is the Business ethics is the study of appropriate business rules and regulations regarding potentially debatable issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities (De George, 1982). Business ethics are often guided by law and to gain public acceptance it provides a basic framework. Legal and ethical are two different terms but work together for guiding business operation structure. From this report, readers will be able to understand the organizational ethical issues needed for business operations. Readers will also learn about the implications of business ethics in business operations.

Importance of Ethics in Business World

Ethics is very crucial for our normal life as well as for our professional life. Ethics is the moral philosophy which is very important for any kind of business. In business, ethics include arranging, protecting and mentioning concepts of right and wrong manner in business operations (De George, 1982). As Marks & Spencer is the largest UK retailer shop, they follow the UK parliament’s roles and provisions as well as maintain their own ethical and legal policies. Marks and Spencer started its journey in 1884 with the aim of providing high-quality products and services. Now it has 914 stores and e-commerce markets all over the UK.

Marks and Spencer maintain legal and ethical factors to do business in the right way. They follow all political, social and legal factors. They try to attract consumers through their potential works. They sustain in the market for a long time only for their ethical work (Duska, 2000). They always want to do a valid business. They use all eco-friendly things to wrap their product. Not only wrapping t=but also they maintain their wastage in a systematic drainage system. They do their business as well as they keep an eye on public safety. Public and environment safety is the biggest concern besides their business.

  1. The ethical issues are the core values of an organization. These issues vary from organization to organization. The different industry has different ethics. For retailer shops, there are some common ethics. Ethics can be two types’ explicit ethics which are written and formatted ethics and the other is implicit ethics which are not written and documented. Business ethics can be applied internally as well as externally. For retailer shops, there are some common ethics like not miss use the company’s assets, not miss interrupted the promotional information, properly maintain the organization and customers’ relationship as well as the relationship of organization and governance, etc. (Duska, 2000). Mark and Spencer is a popular retailer shop. So it follows the general ethics as well as it has some special ethics as a company’s own. To attract customers as well as for the well-being of society they follow those ethics. Mark and Spencer provide the best quality product to their customers. They have an expert team to check the product quality and ensure the management team about the product quality. They always keep focussing on customers’ perceptions, customers’ needs and wants (George, 1994). Besides these the do their business in a manner that is not harmful to the environment.

Importance of Ethics in Business

  1. There is an extensive series of ethical concerns on business operations. Marks and Spencer focus on professional ethics, employments rights issues; functional ethics, corporate social responsibility, etc. which is very important for this type of business. In these current days business environment ethics like equality; justice and morality which are the main issues that are a pretention difficult problem to the business (George, 1994). Most ultimate ethical issues are built from people’s trust and integrity. Besides, make sure that the action for these ethics should be sound and safe for the environment or ecological system.

Like other organization Marks and Spencer company has few specific goals and objectives. The organization wants to operate in a legal and ethical way. The main goals and objectives of Marks and Spencer are presenting to the below:

  • The main aim is to focus on a strategy of “Plan A” by 2020
  • It’s a sustainable plan for health and economy
  • For reducing the social and environmental footprint of the business, it was taken in 2007.
  • Organization’s main concern on a big sale and take the market leader place
  • Maintaining product quality and reaching to the customers.
  • Gaining profit through meet the customers’ needs with their product.

Written by

Md. Shadequr Rahaman

Email: [email protected]

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