Ethics has no place in businessDiscuss this statementSolutio

Ethics has no place in business-Discuss this statement

Solution

This statement was valid by all counts in business of previous generations.

However, in recent times customers are more sensitive to the business practices that firms exercise. Customers being one of the key success factors of any firm, in order to be financially successful, firms must be sensitive to customer satisfaction. Customers are increasingly placing more importance to ethical business conduct as a key to their purchase decisions, which is a result from the wake of keen market competition. An ethically-run business is likely to be more successful than a cut-throat, profit-driven firm. This shift in business model is more apparent from the increasing expense that firms are incurring on sustainability and corporate social responsibility initiatives, to project themselves as socially and environmentally responsible businesses.

Therefore, we can no longer agree with the comment that ethics and business are mutually exclusive.