In Chapters 1 And 2, Ghillyer Discusses Ethical Theory

In chapters 1 and 2, Ghillyer discusses ethical theory, and applied et

In Chapters 1 and 2, Ghillyer explores ethical theory and applied ethics, emphasizing how ethical principles can be practically implemented to address real-world dilemmas. Applied ethics involves applying normative ethical theories to specific issues and scenarios in various fields, including business. This assignment asks for an example of unethical business behavior, identification of stakeholders affected, and an analysis of how each stakeholder is negatively impacted.

Following Ghillyer's three-step process for resolving ethical problems, the first step involves analyzing the consequences of unethical actions by identifying who benefits or is harmed. Stakeholders include individuals or groups impacted by the unethical conduct, and understanding their specific harms is crucial for ethical analysis.

For this task, you should select an example of unethical business behavior—either from Ghillyer’s list on page 25, current news, or your own hypothetical scenario. Briefly describe the unethical activity and list at least three stakeholders. For each stakeholder, explain how that stakeholder is negatively impacted by the unethical behavior. To organize your answer, number each stakeholder and clearly state the harm caused. The response should be concise, about one page, formatted in Times New Roman, double-spaced, with 1-inch margins, and submitted as a Word document.

Paper For Above instruction

An illustrative example of unethical business behavior is the case of a multinational corporation deliberately engaging in false advertising to boost product sales. Imagine a company promoting its dietary supplement as a miracle cure for various health issues without scientific evidence to support these claims. The company knowingly exaggerates the benefits of the product through misleading advertisements, with the intent to deceive consumers and increase revenue. This unethical practice misleads consumers, undermines trust, and violates consumer protection laws. Such conduct harms various stakeholders involved in or affected by this activity.

The first stakeholder is the consumers who purchase the dietary supplement based on false claims. These consumers are negatively impacted because they are misled into believing they will benefit from a product that lacks scientific validation, leading to wasted money, false hope, and potential health risks from unproven or inappropriate use. Their well-being and financial interests are compromised by deceptive advertising tactics.

The second stakeholder involves the regulatory agencies, such as the Federal Trade Commission (FTC), responsible for enforcing truthful advertising standards. The company's false claims hinder these agencies' efforts to protect consumers, undermine regulatory authority, and necessitate costly investigations to uncover and address corporate misconduct. This increased oversight diverts resources and burdens the regulatory framework, reducing its efficiency in safeguarding public interests.

The third stakeholder is the company's competitors in the supplement industry. They are negatively impacted because the unethical conduct by the company creates an unfair marketplace, where competitors who adhere to ethical practices lose competitive advantage and market share. The false advertising fosters an environment where unethical companies can prosper at the expense of honest competitors, distorting fair competition and potentially leading to a general decline in industry integrity.

In summary, this hypothetical case demonstrates how unethical marketing practices in the supplement industry harm consumers by misleading them about product efficacy and safety, strain regulatory authorities by complicating enforcement efforts, and distort fair competition among businesses. Recognizing and analyzing such impacts are crucial steps in applying ethical principles to real-world problems, fostering accountability, and promoting responsible corporate behavior.

References

• Crane, A., & Matten, D. (2016). Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization. Oxford University Press.
• Ghillyer, A. (2018). Business Ethics Now, 2nd Edition. McGraw-Hill Education.
• Frooman, J. (1999). Stakeholder influence strategies. Academy of Management Review, 24(2), 191-205.
• United States Federal Trade Commission. (2020). Advertising and Marketing. https://www.ftc.gov/tips-advice/business-center/advertising-and-marketing
• Jones, T. M. (1991). Ethical decision making by individuals in organizations: An issue-actice approach. Academy of Management Review, 16(2), 366-395.
• Shaw, W. H., & Barry, V. (2016). Moral issues in business (14th Ed.). Cengage Learning.
• Reed, D. (2016). Corporate Social Responsibility and Ethical Marketing Practices. Journal of Business Ethics, 134(2), 215-229.
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• Moore, C., & Spence, L. J. (2012). Does the moral culture of an organization influence ethical decision making? Journal of Business Ethics, 115(2), 177-191.
• Baron, D. P. (2001). Business and its Environment. Pearson Education.