Business ethics is a form of applied ethics that examines just rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting; and any special duties or obligations that apply to persons who are engaged in commerce. Negotiations between businesses could be accomplished with more consideration for the other company in mind, which would only help both. It may even be against the company’s policy that relates to how employees interact with customers. Not only will the community take note of the ethical nature of a business but also so will customers.
Consideration from the point of view of a businessman is money and performance or the delivery of the said goods and services. To illustrate, United States law forbids companies from paying bribes either domestically or overseas; however, in other parts of the world, bribery is a customary, “accepted” way of doing business.
When employees know the true how and why behind organizational strategy, decision-making, and performance management, they generally feel more trust toward the management of their organization and thus can become more committed and engaged in their work.
Therefore, a company that would like to encourage extra investment is a company that has a strong sense of business ethics. Texas Instruments is an example of a company that embodies this new organizational paradigm of management. Since this type of marketing excessively relies on making social contacts with others, people who are averse of socializing might not make any money at all.
The philosophy today is as outdated today as media plays an increasing role in public life and people have zero tolerance toward unscrupulousness. However, it did cost him his job, and there wasn’t much etiquette – or ethics – involved in that, mostly on the part of the company that he represented.