Behavior Of Firms: Ethics And Apologies For Company Mistakes

Behavior Of Firms Ethics And Apologies1 Company Mistakes When A Com

Company Mistakes: When a company does something wrong, what do you think the company should do? 50 word minimum

Business Behavior: Discuss the expectations you have regarding the behavior of a business. 50 word minimum.

Values: Discuss fully the values you believe a business should adopt. 50 word minimum.

Employer Values: Discuss the values stated by your employer and how they successfully integrated into the organization. In other words, how did they do that demonstrates they are living by the values they have on the company website, annual report etc. What values do you feel your employer should adopt? 50 word minimum.

Stakeholders: Discuss who you feel are stakeholders in a marketing driven company and why? 50 word minimum.

Business Behavior: Discuss the impact unethical behavior will have on a company. 50 word minimum.

Paper For Above instruction

In the realm of corporate ethics, the manner in which a company handles its mistakes is pivotal to maintaining trust and integrity. When a company errs, it should first acknowledge the mistake transparently and take responsibility. Apologizing sincerely and outlining corrective measures demonstrates accountability, rebuilds stakeholder confidence, and fosters ethical culture. Avoiding denial or deflecting blame preserves credibility and aligns with ethical obligations (Lange et al., 2011). Such openness encourages a culture of honesty, which is vital for sustainable success.

Expectations for business behavior encompass honesty, fairness, respect, and transparency. Companies should act ethically toward customers, employees, suppliers, and communities. Ethical conduct includes delivering quality products, respecting consumer rights, maintaining confidentiality, and avoiding deceptive practices. Such behavior builds goodwill, loyalty, and ensures long-term profitability while reinforcing social responsibility (Crane & Matten, 2016).

Core values for a business should include integrity, accountability, respect, innovation, and social responsibility. These values guide decision-making and organizational culture. Integrity ensures honesty and trustworthiness; accountability promotes responsibility for actions; respect fosters positive relationships; innovation supports growth; and social responsibility emphasizes ethical contribution to society. Embedding these in organizational policies shapes ethical practices (Kaptein, 2011).

My employer states values such as integrity, teamwork, customer focus, and continuous improvement. These are integrated through leadership example, clear communication, and employee training programs emphasizing ethical behavior. For instance, ethical guidelines are included in onboarding and performance evaluations, demonstrating a commitment to these values and encouraging employees to embody them daily (Hartman et al., 2014).

Stakeholders in a marketing-driven company include customers, employees, suppliers, investors, communities, and regulators. Customers influence brand perception and revenue; employees contribute to operations and innovation; suppliers determine quality and delivery; investors seek returns; communities impact social license; regulators enforce compliance. All are vital to sustainable success (Freeman et al., 2010).

Unethical behavior undermines trust, damages reputation, leads to legal consequences, and can cause financial loss. It erodes stakeholder confidence, hampers employee morale, and results in regulatory sanctions. The long-term impact is diminished competitiveness and potential organizational collapse. Maintaining ethical standards is essential for resilience and corporate sustainability (Carroll & Buchholtz, 2014).

References

• Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
• Hartman, L. P., DesJardins, J., & MacDonald, C. (2014). Business Ethics: Decision Making for Personal Integrity & Social Responsibility. McGraw-Hill Education.
• Kaptein, M. (2011). Understanding unethical behavior by unraveling ethical culture. Human Relations, 64(6), 843-869.
• Lange, D., Lee, P. M., & Dai, Y. (2011). Moral identity as a moderator of the ethical judgment–ethical behavior relationship. Journal of Applied Psychology, 96(6), 1344–1352.
• Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B., & De Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge University Press.
• Other credible sources to be included based on further research.