Business Ethics And Competitive Advantage - 1085 Words

A strong ethical culture is important to a company reputation and having good business ethics can lead to a company having a competitive advantage. Having a good ethical culture helps create a brand that attracts top talent and builds trust among shareholders. Business ethics has been defined as one of the invaluable intangible assets for companies competing. Companies are able to create a global sustainable competitive advantage when they implement a strategy that other companies cannot imitate. Furthermore, companies must make change in order to achieve a sustainable competitive advantage. An organization culture stands out as one of the most important factors that are in sustaining a competitive advantage and it is one of the reasons a company want to become a great place to work. Competitive Advantage Competitive advantage refers to a dominance gained by an organization that allows it to outperform its competitors. This can be achieved by exploiting appropriate value adding opportunities and/or reducing appropriate risks. Business ethics and competitive advantage involves building effective relationships with a company shareholders based on honesty and integrity that continue such relationships. Ensuring a sustainable and compelling competitive advantage is the key to winning with the customer and growing market share. Achieving a competitive advantage is when a company chose which segments to pursue and which brand attributes to the present in order to win. InShow MoreRelatedEthical Ethics And Ethical Issues1180 Words   |  5 Pagesof an organization in both positive and negative aspects. In order to be prepared for the ethical issues that will arise and to create an organizational competitive advantage, an intentional focus and effective communication of the code of ethics must be incorporated as a part of strategic planning. Sherwin (1983) indicates the that the term ethics, â€Å"refers to a set of moral norms, principles or values that guide people’s behavior† (cited in Brunk, 2012, p. 552). The importance of ethical awarenessRead MoreEthical Ethics And Financial Performance1206 Words   |  5 PagesWithin a competitive world, companies should become ethical throughout many perspectives. Ethics refers to the standards of right and wrong in an attempt to influence behaviour. (Kinicki 2015, p.83) In stating this, companies can be ethical within numerous occasions such as ethics and financial performance, ethical performance, ethics and sustainability and ethical competition such as competitive advantage. Despite the positive side, there are also some negative implications towards ethics. Ethics andRead MoreEthical Ethics And Financial Performance1371 Words   |  6 PagesIntroduction: The aim of this essay is to evaluate that within a competitive world, companies should become ethical throughout many perspectives. Ethics refers to the standards of right and wrong in an attempt to influence behaviour. (Kinicki 2015 p.83) In stating this, companies can become ethical in such occasions being effective in the long run. These include ethics and financial performance in how companies can maximise profits and market share, ethical performance in discussing how companiesRead MoreEthical Implications Of Ethical Issues Essay1147 Words   |  5 Pages(2011) nowadays, every organization has realized the vitality that ethical functionality gives to a business and need of attention to this emerging responsibility of organizations. 1.1. Growth and Ethics Consumer’s Perspective According to Shaw and Shiu, (2003) the concerns for ethical issues have been well documented in the ethical literature. They showed that there is a need to point out consumer ethics where their choices can either lead to some ethical issues. Exploring further into the literatureRead MoreGlobal Organisation : Lavalin Rail And Transit Ltd1488 Words   |  6 PagesControl Systems and Infrastructure to match those in Rolling Stock. †¢ Develop projects in all railway sectors e.g. light rail, metro, mainline, high speed, freight and other modes. †¢ Start up a Middle Eastern business in Abu Dhabi. Each objective is designed to create external growth of the business, by developing services to match the success of other highly successful services currently offered and develop in new geographical locations. All of which have the goal to create global expansion by producingRead MoreStrategic Plan, Part I1235 Words   |  5 Pagesclothing for the hip hop nation. As a new business it is important to know what the business is all about and what it hopes to achieve in the next five years for it to become successful. The store offers a variety of name brand clothing such as Maurice Malone, Rocka Wear, Bushi, Karl Kani, Phat Farm, Pelle-Pelle, etc. The products are casual name brand clothing that men love and enjoy wearing. All Eyez on Me â€Å"will explain the importance of the business vision, mission, and values in determiningRead MoreDifference Between Stockholder And Stakeholders986 Words   |  4 Pagesexample, stakeholders can be customers who rely on the company for certa in products or employees who have a job because the organization hired them. 2. How ethics in any business responds to stakeholders concerns There are three ways to respond to stake holder concerns: †¢ Involve the stakeholder in decision making process †¢ When settling business decisions, consider the stakeholders input †¢ Engage the stakeholder through their knowledge on what choice would be best suitable for a problem. 3. How AgencyRead MoreChallenges Faced By The Third Phase Of Globalization Essay961 Words   |  4 Pagesworlds† (2004), it mentioned that with its various kin transnational, postmodern, and postcolonial â€Å"globalization† displaced â€Å"international†, the key word of an earlier moment, which had modified not only such grand capitalist forces as International Business Machines (IBM) and International Tele nationals of the world working class. As the skeptics remind us, globalization is not new, but is a long-term tendency of capitalism. Main body: After we understand the meaning of globalization, we need toRead MoreHuman Nature, Unethical Behavior, Ethical Behavior And Work934 Words   |  4 Pages For an organization to survive in today’s environment it must find ways to remain competitive. Some organizations focus their energy on a marketing campaign to better a product, while others have realized their employees are its most important asset. While this notion does not clearly identify a right or wrong answer, it does highlight the new idea of an ethical work force. According to Business Ethics, â€Å"ethics is the set of principles a person uses to determine whether an action is good or bad†Read MoreThe Ethical Issues Of Workforce Ethics1584 Words   |  7 PagesWorkforce ethics is a topic that must be considered by all companies when operating throughout their cycle of production. The Australian Government have put forward ethical standards that must be abided by when companies face ethical dilemmas. Many c ompany’s follow these rules and go above and beyond to ensure ethically behaviour is maintained. However, many company’s fool the system by ‘bluffing’ that they act in an ethical behaviour. The major factor why companies opt to act ethically or unethically