Discussion Questions Essay Example | Topics and Well Written Essays - 750 words - 14

Discussion Questions - Essay Example Ethics can add value to a business by ensuring the company does not get involved in any undesirable scandals. I believe that companies have a responsibility to comply with the demand of many stakeholders groups. Some of the key stakeholder groups that must be considered in the decision making process of the company are lenders, shareholders, governmental entities, suppliers, the community, and the environment. An example of a company that satisfies the needs of various stakeholders is Starbuck Cafà ©. Starbucks supports poor farmers by purchasing only fair trade coffee. Companies cannot focus only on the investors because many firms have other missions and goals that go beyond making money. Wal-Mart is proud to be the largest private employer in the world with 2.1 million employees (Businessinsider, 2012). I believe that proper ethical conduct is important both in the private life of a person and in the workplace. People are often faced with ethical dilemmas in their private life. Ethical decisions affect consumer buying patters. Some people prefer to purchase green products because they are environmentally friendly. In the workplace acting in an ethical manner is mandatory. Unethical behavior can lead to bad results in the workplace. It is essential for employees to follow the ethical code of conduct of an enterprise. Violations of the ethical code of conduct of a company can lead to suspensions or termination of employment. â€Å"Consequentialism says that right or wrong depend on the consequences of an act, and that the more good consequences are produced, the better the act† (Bbc, 2012). Often politicians based their decision on consequentialism ethical principles. Deontological is an ethical theory concerned with duties and right (Freedictionary, 2012). This ethical perspective is often utilized by law enforcement agents. The ethical theory is relative since different people perceive duties and rights differently. A third ethical