ntc 5
ETHICAL CHALLENGES
JOYCAROLYNE MUIGAI
NTC/302
5/26/2020
INTRODUCTION
Ethics in business is mainly concerned with the good or bad actions and behaviors that often take place in the world of business
Ethical challenges have often resulted from lack of a clear and distinctive description of norms that ought to be used
Business ethics hence help economists to think productively along moral dimensions on matters regarding policy problems
Ethics could be a complex aspect in business as it influences all aspect of business as it provides the most adequate action that ought to be taken. Ethics causes huge conflicts as morality may not be clearly definitive and situations in many cases greatly vary (Nuseir & Ghandour, 2019).
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Ethics in intellectual property
Intellectual property rights is a socio-economic tool that create some form of monopoly for firms to charge a price for their innovations
For many innovative firms, it is a timely and expensive to come up with new innovations for the market yet other competitors in the market will attempt to copy new design of products launched.
Firms have however, taken advantage of intellectual property rights by asking for high prices for products
Intellectual property rights are a tool that protects innovators from losing their innovations to counter-feighting firms in the market. However many have leveraged this property rights to put high prices on their products to maximize their profits from their innovations (Sonderholm, 2018).
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Policy statement on Ethics in intellectual property
To ensure easy and right access of new innovated products, it is important to come up with an ethical way to reduce exploitation by firms.
Firms can take up he differential pricing strategy that has in the past been articulated to be of great influence and guarantees the firm’s profitability
Through differentia; pricing, the protected innovation can be offered at different prices based on the socio-economic demographics of the area. A product can be offered at a cheaper price at a low-earning area while it is offered at different price at a different location (Sonderholm, 2018).
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Corruption index
Corruption is seen as legal complication that is often manifested in the absence of controls over power
Corruption in business could come in many ways but it is always some grease payment paid to expedite decision or transactions
Connection are as well viewed as to have an effect on business processes as they have a negative connotation regardless of their informality.
In many business ventures, corruption has been indicated to grow over time and is often seen in terms of exchange of favors for the sake of expedition of certain process to take a shorter time without necessarily having to undergo the require stipulated process (Samuel, 2019).
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Policy statement in corruption index
Transparency is key in business processes hence all actions need to be accounted for
As a way to reduce the corruption index and subsequently put a stop to it, it is important to ensure that processes are made as clear and transparent as possible.
All relevant employees and officers ought be held accountable and responsible for all activities mandated to them.
Strict policies as well need to be implemented to discourage and curb avenues of extortion of favors
Reducing and subsequently curbing corruption may not be easy but it is a worthy measure in an attempt to mitigate any risks associated with corruption and guarantee transparency (“Ethics and corruption”, (n.d.)).
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Major religions
Studies indicate that there is a strong link between religion and ethical standards
People tend to share different beliefs both religiously and even culturally which may as well determine how certain business processes may be handled.
Just like morals, certain beliefs are not relative to everyone hence there may be a need to compromise in order to ensure that everyone is accommodated
Based on one’s cultural or religious beliefs, one may have different interpretations of policies, measure and processes set up in business hence all people within the organization ought to be equally considered (Tota & Shehu, 2018)
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Policy statement for ethical issues in major religions
For the functionality of the firm, all persons within the organization ought to be equally considered.
As way of ensuring that all major religions are covered, policy measures undertaken to facilitate productivity within the business environment ought to be mutually neutral or otherwise create an aspect of compromise for equal inclusion of all parties.
In business today, organizations are made up of religious and culturally diverse people. All persons relevant to the business ought to be equally considered and included within the firm (Tota & Shehu, 2018).
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CONCLUSION
There are a number of issues that are likely to face the management and other employees within the firm, however to guarantee productivity and a conducive work environment, it may be important to consider the diversity of the work force
Similarly, accountability and upholding all stipulated business process and policies should be a priority in facilitation of business processes.
Regardless of the differences in views of morality, there may be certain attributed that can be upheld in business to promote business ethics in order to facilitate productivity and accountability within the organization (Nuseir & Ghandour, 2019)
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REFERENCES
Ethics and corruption | Introduction to business. (n.d.). Lumen Learning – Simple Book Production. https://courses.lumenlearning.com/introbusinesswmopen/chapter/reading-ethics-and-corruption/
Nuseir, M. T., & Ghandour, A. (2019). Ethical issues in modern business management. International Journal of Procurement Management, 12(5). DOI: 10.1504/IJPM.2019.102153
Samuel, K. (2019). Corruption as a challenge to global ethics: the role of Transparency International. Journal of Global Ethics, 10(2), 231-237. https://doi.org/10.1080/17449626.2014.935982
Sonderholm. (2018). Ethical Issues Surrounding Intellectual Property Rights. Philosophy Compass, 5(12). https://doi.org/10.1111/j.1747-9991.2010.00358.x
Tota, I., & Shehu, H. (2018). The Dilemma of Business Ethics. the Procedia: economics and finance, 3, 555-559. DOI: 10.1016/S2212-5671(12)00195-5