Course : Diploma in Business English

Semester : Final

Total Marks : 40
Learner Name: Saw Yu Nwe Assessor Name: Julia

Date Issued: 23-Jan-2021 Completed Date: 5-2-2021 Submitted on: 6-2-2021

1. Present a corporate profile that is creative, concise and attention – grabbing by focusing
on pertinent information.

2. Presentation for an informal talk about the business culture of your country.

3. Write up why should a business act ethically?

Question 3

Business ethics refers to the standards for morally right and wrong conduct in
business. Law partially defines the conduct but “legal” and “ethical” aren’t necessarily
the same. Business ethics enhances the law by outlining acceptable behaviors beyond
government control.

A business should act ethically because it has to exist in the competitive world.
Most people want to be ethical in their business dealings. Values give management
credibility with its employees. Only perceived moral righteousness and social concern
brings employees’ respect. Values help to make the good decision. Having good ethics
should be just as important as any other business characteristic; the importance of good
ethics should be seen in much the same way the business community has recognised
the importance of a good company culture on the success of a business. Good ethics
help to build stronger business, offering benefits not only just externally, but also
internally to staff and the company as a whole.

Good ethics play a significant role in your business decisions, staffing,

branding, motivation, customer retention and so much more. Having a strong ethical
core can directly affect the strength and the future of company. Good ethics help ensure
a good reputation for every business that acts ethically. When we have a reputation for
consistently being ethical in how we source the products and treat the employees, more
people (especially-customers and the community) will want to do business with us.
Good ethics at a business start from the top management. When employees see that
we make ethical choices, it lets them to know that they can have confidence for working
in the company that acts ethically, they can feel the job security and zero tolerance for
the sexual harassment ( especially-bully) and they know that we will do ethically for all.
This boosts morale and as word spreads about how the we treat employees well, we
will draw in good workers. Having strong employee retention rates will help to save
money and time in recruitment, selection and training.

Firstly, managing with good ethics helps in making good decisions. Ethical
practices benefit business as a whole to make less short-term decisions that may result
in long-term business failure and more decisions that are likely to support the long-term
success of the business. Having poor ethics has directly played a role in the demise of
many companies. Enron is a famous example of a company with poor ethics, a toxic
culture that led directly to the ultimate collapse of the company.

According to research, 42% of the employees want to work for an organisation

that has a positive view on the world. A company with a proper focus on ethics is more
likely to retain their team and to have the good communication between the staff and
employer. Good working practices and ethics inspire a feeling of purpose to every staff
role. All of which makes growth and success a more likely long-term outcome. There is
a growing number of politically engaged job seekers who require more than a
reasonable wage and a company focused on profit; they require their employer to hold
embody values that align with their own and an ethical business model.

And we may believe that business ethics has no place in a customers’ purchase
decision but on the contrary. In a similar manner to company culture, customers like to
be associated with companies with a positive image; it includes a reputation for good
ethical trading. A reputation for ethical behavior is a trust building tool with customers, it
brings in both new and repeat business as it helps to communicate your business
identity before you reach the point of sale.

Branding can also benefit from ethical business policies. Customers are wise to
brands who sell themselves on the basis of being ethical but don’t necessarily practice
what they preach; it trends to come to light at some point and cause more damage than
good. Consider Brands such as ‘Lush’ who don’t actively market or heavily brand
themselves with the terms ‘Ethical’, ‘Eco’ or ‘Sustainable’ and instead conduct business
ethically and in turn are regarded in customers minds as being eco-friendly and
sustainable nonetheless.

In mainly, if our business act ethically, we will get generally profits such as clients
and customers will believe in our company and want to support it, trade and community
organisation will want us as a member, investors want to help our business grow,
communities want to host our business or events, other business want to be the partner
with us, newspapers, magazines and other media want to offer us special recognition.

Business that practice good business ethics face less risk for fines and other legal
trouble. The law and regulations are complicated but a lot of trouble can be avoided just
by doing what’s morally right. If business decisions are made with that in mind, we can
save the stress of having to defend our company against lawsuits and fines. When
executives and employees at all levels of a company make good, ethical decisions, it
good for the company. Acting ethically can help the company grow, have bigger profits
and a strong bottom line. So, we think that a business should act ethically.

Reference

1. Investopedia. 2021. Why Are Business Ethics Important?. [online] Available at:
<https://www.investopedia.com/ask/answers/040815/why-are-business-ethics-
important.asp> [Accessed 5 February 2021].
2. https://www.employmentcrossing.com/employers/article/900049756/Why-Should-
Businesses-Be-Ethical/