Why should be Knowledgeable about Business Ethics? (Essay Sample)

Business Ethics
Student’s Name
Institutional Affiliation
Business Ethics.
Business ethics refers to contemporary standards, principles set of values and norms that govern actions and even the behaviour of an individual in the business organisations.
Ethics is mostly concerned with individual’s moral judgements about right or wrong. The decisions taken within the organisation may be made by individuals or the heads but whoever makes them may be influenced by the culture of the company.
Being knowledgeable about ethics will help you anticipate difficult choices, so that when they come along they don't catch you completely off guard. But if you don't have the will to do the right thing when it hurts, ethics courses won't give it to you.
Creates Good Image
Companies with consistent ethical behaviour become an increasingly positive public image. This leads to other consideration for example attracting potential investors and current shareholders. If the business follows all codes of ethics, then they will be truly accepted and not criticized by the society. Most societies are in support of companies that follow ethics (Sharon Moore, 2008).
Improve customer confidence
In most firms business ethics are required to improve customer confidence about the quality, quantity and price of the products. The customers develop more trust and confidence in businessmen who tend to follow the ethical rules. They adopt a feeling that such businessmen would not cheat them. (Wray et al. 1994)
Consumer satisfaction
In most markets today the customer is the king of the market. There no business that will exist, survive without the consumers. The objective of business is to fully satisfy their consumer’s rights. In case the consumers are not satisfied then there will be no sales hence leading to losses. If a business follows the business code of the ethics then it attracts customers to the firm thus boosting sales and profits (Paul T. Gibbs, 1993)
Develops good relations
Business ethics are too essential to develop good and friendly relations among the business and society. This will ensure regular supply of good quality foods and services at lower prices to the society. This will also result in profits for the business thereby resulting in growth of the economy. This also attracts more