BUSN5000_Midterm - 1 Describe why ethical and legal conduct...

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1. Describe why ethical and legal conduct is essential to success in business. Individuals typicaly develop ethical standards in three stages: the preconventional, conventiona, and the postconventional. In the preconventional stage, individuals consider their needs and desires in making decisions. They obey external rules only because they are afraid of punishment. In the conventional stage, individuals are aware of and act in response to their duty to others such as family members, coworkers, and organizations. The expectations of these groups influence how they choose what is right and what is wrong. In the postconventional stage, individual is able to move beyond mere self- interest and duty and take the large need of society into account. They become able to develop personal ethical principles for determining the right and wrong. Individuals moral and ethical development determined by number of factors. Experiences with different situations, educational level, cultural background and religion are major factors. Individuals either customers, employeers, or investors are always different in opinion and will percieve moral and ethical situations differentely, which creates ethical dilemmas. Mangers for example face challenging situations trying to solve ethical dilemmas. Most cases with different possible decision can have unpleasant consequences and positive benefits. Four common ethical challenges are Conflict of interest: a situation which a business action benefiting one person or group ould harm another Honest and integrity: an employee who is honest can be counted on to te the truth. An employee with integrity goes beyond truthfullness which is hard to find. Loalty versus truth:
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Whistleblowing: is an employee’s disclosure to government authorities or the media of illegal, immoral or unethical practices. Based on the differences between employees in their backgrounds and perspectives, companies should always develop a corporate cuture to support business ethics. This development happens on four levels; Ethical awareness: Code of Conduct—a formal statement that defines how the organization expects and requires employees to resolve ethical questions. Ehical reasoning:
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This note was uploaded on 06/09/2011 for the course BUSINESS 5970 taught by Professor Jhon during the Spring '09 term at Webster.

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BUSN5000_Midterm - 1 Describe why ethical and legal conduct...

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