Behaving ethically gives a better image to the world, especially consumers, resulting in greater profit.
Can increase costs for businesses e.g. have to pay employees reasonable wages.
Expensive and potentially embarrassing public relation disasters are avoided.
If business is truly ethical this means the same standards must be passed down to the supply chain meaning no longer doing business with suppliers who are not prepared to meet the same standards.
If the business is seen to behave ethically it will recruit more highly qualified employees leading to better motivation where employees are proud of their jobs.
If society does not always have clear standards how does a business decide what to do? E.g. some argue animal testing is cruel while others say it benefits human health.
The main role is to make a profit and while for some businesses behaving ethically may do this if this is not the case for others they should ignore ethical standards.
To be wholly ethical a business may have to change its whole business practice and organisational culture, which is a time consuming and expensive process many may see not worth doing.
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Terms in this set (98)
administers trade agreements, facilitates future trade negotiations, settles trade disputes, and monitors the trade policies of member nations; addresses economic and social issues involving agriculture, textiles and clothing, banking, telecommunications, government purchases, industrial standards, food sanitation regulations, services, and intellectual property; and provides legally binding ground rules for international commerce and trade policy.
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