Business Ethics Palmeri, Candrupp Essay

Pages: 16 (5051 words)  ·  Style: Harvard  ·  Bibliography Sources: 12  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT . . .

The research of Trudell and Cotti (2012) investigates the relationships of ethical business practices as corporate social responsibility in terms of its impacts on business performance. The business performance of the organization is determined with respect to the number of items sold or revenues generated over a period of time in comparison with the pervious sales. The business targeting the consumers of high ethical standards tend to gain advantages for their corporations. The business deploying ethical business processes should take into account multiple factors influencing their consumers.

It is also required that the business takes a route of thorough investigation prior to take any investment decisions. The businesses seeking support of the ethical business practices such as usage of organic raw materials and adopting manufacturing processes according to labor ethical labor standards should also research about the cost of adopting such practices. The cost required to maintain effective ethical business practices is ultimately transferred to their customers. Therefore the opinion about such developments should also be sought from their customers. However key issues similar to the ones mentioned in the work of Palmeri and Rupp (2013) are of particular importance. The business should not only implement but ensure that all the partners of supply chain follow the similar standards as expected by the final consumers.Download full Download Microsoft Word File
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TOPIC: Essay on Business Ethics Palmeri, C&rupp, L Assignment

The issues related to other less important ethical consideration can be left as electives for corporation's management to decide. A qualitative and quantitative market research is required to assess the views of consumers. The businesses doing prior research to judge consumer trends should also involve providing information about the additional price projected for ethically manufactured products. The ultimate goal of a business is to provide maximum value to their stakeholders including investors, shareholders, employees, and customers. In case the customers are not willing to pay an extra cost of desired ethical practices deployed by the business it is not a viable recommendation to adopt such advancements. However the business can also gradually shift its target market from low income groups to high income groups including the ethically high standard target markets.

The ethical practices adopted by the businesses have brought benefits for numerous organizations. It is also a standard practice to acquire sustainability in business processes through adopting ethical business advancements. The business can attain a high level of sales as well as increased business performance. It is also observed in the research of Trudell and Cotti (2012) that a vigilant adoption of ethical business practices are helpful in creating a sustainable product line. Having said that all these efforts are directed towards the business profitability and increased prestige for the brand. In some cases it is also observed that outcome of all these efforts does not necessarily result into similar advantages. The increased price is rejected in certain cases as the targeted consumer does not value the cost of ethical business practices. It is highly recommended for consumer goods producers as well as industrial business suppliers to conduct appropriate market research prior to incorporate changes in their business processes as well as the product line.

The article highlights the issues of corporate social reasonability and ethical considerations. It also explains the highly ineffective regulatory situation in Bangladesh with respect to the occupational health and safety standards (Levy, 2006). The industry in the country has experienced a gain in growth and foreign investments have provided them the required capital to improve economic situation. In return the multinational organizations benefit from low cost products manufactured through OEM and subcontracted suppliers. However the recent events causing death after building collapse and fire in the manufacturing facilities providing assistance to global businesses has raised concern about the situation in the country. It is observed that key players are either considering aborting their procurement from the market or trying to develop a comprehensive mechanism to improve the situation (Alam, Amin & Rives2012). There are number of countries including Brazil and Valenzuela where similar condition provoked Disney to exclude these countries as manufacturers.

The concerns about health and safety of the workforce as well as framework to ensure that these risks are managed within the industry are highlighted. The organizations are coordinate with the local authorities and businesses to improve such situation. The impact of foreign investment in the country's economy has played a vital role in developments. The country including other emerging markets should adequately address issues of corporate social responsibility and follow ethical practices in order to create an impact on the western corporations as reliable partners.

The cost of improving the situation may result into additional price for international players and finally their consumers. It is also required that the businesses conduct a thorough market research and cost benefits analysis to assess the impact of improving the situations. The negligible cost can earn increased profits for organizations with multinational presence. The role of international notifying bodies cannot be ignored in efforts to ensure that global standards are followed as industry practices for fire, infrastructure, and employee safety. The approach taken by Disney cannot be appreciated as it will have multiple effects on Bangladesh economy. The approach adopted by GAP, Wal-Mart, and J.C. Penny is appropriate as they are willingto coordinate and improve the situation in the country. The corporations can also take measures at their own to encourage supplier for adopting international standards of health and safety.

Van Voris, B 2013, April 27, Novartis Treated Doctors to Fishing, Hooters Outings, U.S. Says, Retrieved from http://www.bloomberg.com/news/2013-04-26/novartis-paid-for-doctor-fishing-hooters-outings-u-s-says-1-.html

Van Voris (2013) highlights an important issue faced by the United Sates healthcare industry. The research provides significant insight in terms of the healthcare industry's malpractices. United States case against Novartis, one of the largest pharmaceutical giant is discussed. The business is allegedly involved in malpractices related to pay kickbacks, discounts, and bribery to physicians and pharmacies to promote their products. It is also observed in the article that there are multiple cases against Novartis regarding involvement in unethical practices. The government's intervention in the case filed according to the False Claims Act in 2011 provides the evidence that authorities are convinced about the alleged violation of Anti-Kickback Statute. The business is also found to be involved in unlawful promotion of their two hypertension drugs. It is also implicated in promoting its diabetes drug Starlix. The law suit is requesting the courts for triple damages and civil penalties applied to the drug manufacturer.

The business is also accused of spreading corruption in prescription drugs dispensing process through its million dollars incentive programs. The business has increased its sales of the drugs through pharmacies and doctors. The incentives given to the pharmacies resulted into increased sales and profits as a result of the alleged kickbacks given to the culprits. The list of allegations and court verdicts against the company are increasing with the passing time. The business is ordered to pay for $2.1 million in a trial regarding the Aredia and Zomets. The jaw of the cancer survivor is reported to be damaged by using these drugs. However the business sources disputes the charges and court verdicts. Novartis had to pay for damages amounting $422.5 million to settle criminal and civil charges. The charges of paying kickbacks and illegal promotion of drugs for unapproved uses are the cause of such fines.These drugs are used for bone strengthening. The alleged payments of discounts and rebates are regarded as the business involvement in kickbacks to pharmacies for persuading customers to switch to the company drugs instead of what is being prescribed for them. It can be a clear indication that the business is practicing against business ethics as well as creating issues regarding the healthcare system.

The most significant development is the imposition on the corporation to sign five years corporate integrity agreements that requires the business to comply with the regulation. Moreover it is an agreement to restructure the promotion activities of the business involving a major consideration to the public healthcare and pharmaceutical code of conduct. The agreement is between the business and Health departments of United States.

Furthermore the identified ethical issues are challenges for the healthcare system within U.S.. It is observed that U.S. healthcare system is governed according to the social security health care benefits system. The system is also capable of providing a nationwide support to the clinics and patients. It is also noted that the business cannot be allowed to cater their markets through kickbacks and discounts of unethical nature. The United Sates is home to numerous pharmaceutical giants. The alleged influence of these corporations on the political and governmental officials is also one of the factors which provide them to utilize the system loose loops. The industry wide practices used to promote products through direct access to sales activities with doctors, physicians, and pharmacies enables the inclusion of kickbacks and bribes for prescribing specific company's drugs. The doctors and physicians are given multiple advantages for prescribing the drugs. It… [END OF PREVIEW] . . . READ MORE

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