Application of Ethical Business Behavior

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Introduction

Ethical behavior is an essential aspect of business growth and development. Corporations establish business ethics to promote integrity among their employees and improve shareholders’ trust, such as investors. Well-implemented ethical standards lead to business growth and are essential in the business operating environment. Ethics drive employee behavior and benefit the bottom line. Amid growing scrutiny of business practices, it is more critical for companies to engage in honest business activities. The organization also needs employees dedicated to the ethical decision-making process. An ethical business working environment enables an organization to avoid legal problems, thus saving company resources. Ethical business behavior can be applied in different organizational disciplines depending on departmental needs.

Management and Organizational Behavior (MGT501)

Management and organizational behavior are the key attributes that determine business directions. Critical decisions are made at managerial levels, including ethical sourcing and corporate citizenship. Application of ethical behavior in management pre-assumes the need for engaging corporate virtues to embrace positive business growth without external or internal resistance (Sun, 2020). Programs such as multi-stakeholder initiatives aim to check human rights and labor initiatives measures. This approach creates a business-friendly environment, thus generating more income for business activities. Management and organization behavior derive their powers through policy formulation frameworks. Therefore, it is essential to embrace ethical virtues while formulating corporate policies and business plans.

When managers are respectful to their staff, they can develop a trustful working environment that encourages ethical behavior. Application of ethical behavior in management involves managers protecting their employees and all other shareholders from any wrongful and legal actions that could arise during their tenure in organizational business activities. Ethics are essential virtues to individual managers because they help improve standards of behavior which is critical in determining a correct course of action. Organizational behavior, such as decision-making processes and conflict-resolution activities, can thrive better while considering ethical standards. Management is responsible for improving employee motivation, which can only be affected by applying moral virtues.

Business Analytics and Decision Making (BUS520)

Ethical behavior plays a critical role in the business analytics and decision-making process. It enhances the law by outlining acceptable behavior beyond management’s control. Organizations can establish effective business management procedures by promoting integrity among employees to gain the trust of all shareholders. Corporate ethic programs have become everyday activities in present organizations. However, the quality of ethical standards may vary from one organization to another. Application of ethical behavior in the decision-making process to generate and sustain trust and demonstrate respect within the organization (Hagendorff, 2020). Moral awareness is the behavior that provides the foundation for making better decisions by setting better operating ground rules for employees’ behavior.

Ethical aspects of business management and analytics are the major issues in the modern economic environment. Organizations determined to succeed must address the ethical implications of their business activities. The business ethics canvas draws primary organizational virtues such as rights, justice, and common good to improve stakeholder perception and provide a stand-alone decision-making tool. Ethical behavior is likely to become increasingly essential in business analytics developments. However, to enhance future positive perspectives on business activities, there is a need to perceive value and ethics as one common entity.

Managerial Economics (BUS530)

As economist managers, management should understand how ethical behavior reduces organizational costs, thus improving productivity and creating better social activities. Ethics provides an avenue for managers to rank objectives by determining moral values. Human resource management plays a significant role in creating an enabling environment for management to exercise its mandate (Gallego‐Alvarez et al., 2020). Applying ethical rules and regulations should be geared towards achieving optimal business development goals.

Managerial economics focuses on the economic methods in the administrative decision-making processes. The use of analytical skills and highly developed techniques creates an avenue to solve complex issues in the decision-making process. Managers should be good role models and promote ethical behavior to junior staff. The economic theory of the organization should be concerned with the competition barrier and the market systems. The breach of ethical standards can lead to significant monetary damages. Integrating business ethics and corporate social responsibility into managerial economics is essential. The relationship between economics and ethics is not straightforward. There is a need for organizations to consider morals and organizational, economic goals. Corporate regulations and governance must be targeted to eliminate the delinquent activities of company management. Therefore, business management should consider the nature of managerial economics before assuming ethics evaluation procedures.

Accounting for Decision Making (ACC501)

Applying ethical behavior in accounting for decision-making is a significant business activity that requires managerial attention and a professional demeanor. Ethics requires accounting professionals to comply with regulatory guidelines which govern their jurisdiction and their bodies of work. This involves avoiding actions that could have adverse effects on professional reputations. For accountants to act ethically, they must avoid the sin of omission and embrace blowing the whistle in case of any bad financial decisions (Lobschat et al., 2021). Financial information should be provided and accessed with confidentiality. This allows the accounting department to create an environment for improving performance and avoiding manipulations.

The ethical presentation of financial information involves recording the report in real time. The technological environment has improved financial management systems by embracing cloud-based solutions to improve compliance and on-time accounting records. The current environment is the age of analytics in which economic interpretation is in high demand. This permits professionals to exceed their professional ethics while engaging in financial activities. The application of ethics in accounting for decision-making is made by protecting the public interest and embracing integrity. Embracing professional responsibility and promoting due care in the financial decision is the goal for organizations with ethical considerations. Objectivity and independence in financial decision-making are required to realize its long-term goals.

Strategic Corporate Finance (FIN501)

Ethics standards in finance demand adherence to the highest morals. The consequences of unethical behavior in finance are apparent, such as loss of company reputation in both internal and external markets and trust to monetary penalty and criminal prosecutions. Strategic corporate finance implies maintaining harmony and stability in the financial services where people interact and do financial transactions. Corporate finance is the key factor in evaluating employees’

Moral values in regard to company performance and set principles.

Companies with a robust ethical identity tend to maintain a higher standard of shareholder satisfaction. This includes providing financial information upon request and embracing integrity within the departmental activities. Conversely, a lack of personal and professional ethics leads to adverse financial results, thus delimiting the organization from shareholders’ trust. Financial considerations can determine the outcome of business activities; therefore, embracing ethical standards helps in motivating employees and other company shareholders (Kumar et al., 2020). High standards of organizational ethics can result in profitability by reducing business transactions and building a foundation of trust with stakeholders. The corporate finance department can apply ethical standards by embracing the principles of professional morals while making crucial business decisions.

Strategic Marketing (MKT501)

Strategic marketing involves creating more demand for organizational products and services based on the promotional strategies used. It is an initiation towards corporate growth and development. To achieve financial gain, there should be an increase in strategic marketing intensity. This implies creating an avenue to motivate customers and other shareholders to invest their time in organizational activities. Ethical standards are the basic morality for the origination to achieve its growth. For a thriving corporate culture, organizations should embrace getting the brand in the customer’s souls. Creating trust with customers begins by emphasizing moral standards such as integrity and the correct information about specific products.

Strategic marketing begins by embracing employee satisfaction, motivating them to achieve higher results in improving sales performance and financial output. Strategic marketing should be associated with customer satisfaction. The ethical standards applied in strategic marketing involve integrity, competence, and professionalism. Customers should get the correct information about the product with a reasonable price attached to it. This will help improve sales levels and promote trust, thus generating more income for the organization. Product promotion should be done at the right time, place, and product to embrace customer satisfaction.

Overall Ethical Strategy

The ethical strategy applies to organizational departments to promote growth and development. It helps create trust with stakeholders, thus enabling the organization to achieve its long-term objectives. For an organization to perform its duties well, it must make a synergetic effort in which all departments work closely. Embracing professional etiquette and integrity will help management coordinate business activities ethically, thus leading to the optimal decision-making process. To make a viable decision, management will require information from the marketing and finance departments. The information should be clear and complete, which can only be realized by embracing moral standards of integrity and professional etiquette. Strategic corporate finance and strategic marketing are critical areas in promoting organizational development. Ethical standards should be applied to all-organizational departments to realize the organization’s perpetual growth.

Conclusion

Ethical standards are crucial in organizational activities; they form an essential component of embracing corporate growth. Organizations should actively engage in moral activities to achieve competitive advantage in a fast-moving economic environment. Professionalism, etiquette, and integrity are the core values to achieve ethical standards. To improve corporate performance, there is a need to ensure set standards of moral behavior. Such principles help in determining organizational performance outcomes both in short-term and long-term business engagements

References

Gallego‐Alvarez, I., Rodríguez‐Domínguez, L., & Martín Vallejo, J. (2020). An analysis of business ethics in the cultural contexts of different religions. Business Ethics: A European Review, 29(3), 570-586.

Hagendorff, T. (2020). The ethics of AI ethics: An evaluation of guidelines. Minds and Machines, 30(1), 99-120.

Kumar, R., Singh, R. K., & Dwivedi, Y. K. (2020). Application of industry 4.0 technologies in SMEs for ethical and sustainable operations: Analysis of challenges. Journal of Cleaner Production, 275, 124063.

Lobschat, L., Mueller, B., Eggers, F., Brandimarte, L., Diefenbach, S., Kroschke, M., & Wirtz, J. (2021). Corporate digital responsibility. Journal of Business Research, 122, 875-888.

Sun, W. (2020). Toward a theory of ethical consumer intention formation: Re-extending the theory of planned behavior. A Premier Marketing Standards Review, 10(3), 260-278.

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