Ethical and Moral Issues in Business Essay Example | Topics and Well Written Essays - 500 words

Ethical and Moral Issues in Business - Essay Example For instance in India a person that eats cows is considered immoral by the majority of society due to the fact that the cow is a sacred animal. In America eating cow meat is a moral act. Managers of corporations often face ethical dilemmas in their decision making process. The decision of closing down an American factory in order to open up an operation in a foreign country is an example of an ethical dilemma. Many people belief that American corporations should look out for the best interest of its home country. Patriotism is a moral view that is very popular in the United States. The other side of the coin is that the company can lower its operating costs and increase profitability by closing down the factory in the U.S. and moving to an emerging economy such as India, China, or South Africa. Either decision is justifiable depending on the moral view of the company and its managerial staff. Personal ethics and business ethics are two distinct concepts that sometimes collide with each other. Characteristics associated with personal ethics include spirituality, virtue, morals, and altruism (Lichtman, 2010). A person’s personal ethics can influence his buying behavior. A person that has strong beliefs in environmentalism is more likely to buy an electric or hybrid car. Personal ethics may also influence other decisions in a person’s life such as his nutrition, religions beliefs, and lifestyle. The personal ethics of an individual determine how much he cares about others. People that are socially conscious are more likely to donate money to non-profit organizations such as Feed The Children. â€Å"Ethics is the activity of man directed to secure the inner perfection of his own personality† (Schweitzer). A critical success factor for companies in the 21st century is business ethics. Business ethics refers to moral principles concerning acceptable and unacceptable behavior by business people (Answers, 2012). Business ethics differs from personal ethics in