Name: Jessie James Tan
Course: BS-IM
Title: Business Ethics a Management Approach
Book No.: HF5387
IT-ETHICS
(Book Review2)
Chapter1 (Scope and Meaning of Business Ethics)
Quotation:
”Business Ethics deals with the right and wrong of doing things in business. Thus,
the terms right and Wrong relate to the means or acts. To a large extent, right is that it
ought to be, otherwise, it is wrong. Right is right. If a wrong had been committed, then it
must be corrected.”
Reaction:
I can draw from the quotation that ethics in that sense is the distinguishing factor
whether ones action is right or wrong. By being right means doing the right thing and
acting ethical to every situation that is present and by being wrong means doing things
wrong and the actions are unethical. It also states that if there is a wrong action that has
been done corrective actions must be implemented in order to be ethical. An example of
this is that when a person for example a manager acts right on the thing that he is doing
this means that he is ethical. To be more precise a manager will reject bribery and instead
of accepting the cash he is going to reject the money this means that he is being ethical
for his job by not accepting the money but when the time comes that he accepts the
money then the manager now is having an unethical actions. The manager must have
corrective actions by returning the money in order to be ethical again.
Chapter summary:
This chapter is about what business ethics means. Business ethics is said to be
effective for the business organizations. Since business ethics deals with the right and
wrong the business organizations must learn ethical standards in order to be ethical in
their business. It says in this chapter that there is a choice in every individual if a person
would be doing the right thing or not. Everybody knows what is right and what is wrong
it is only doing what is right that is hard to do for everyone of us. We should all do what
is right in every business in order to be ethical and to stand out among the others.
Chapter6 (Wages and Working Conditions)
Quotation:
“Such lack of loyalty to a company also has side effect of decreasing productivity
and forces constant training as new faces forever appears”
Reaction:
This means that for every business the employees are the most crucial asset of a
company. An employee will make the company or break it. The employees will have the
option to work for a company or not to work for a company. If the bosses are not in good
terms with their employees the company will have a big problem because the employees
will have a bad attitude towards their job and will not act according to their jobs. This is
all because to the employees and their terms and condition like for example the salary is
not enough, the compensation is also not good and other conditions that were not
satisfied by the management. If the company will remove the employees then training
will again be done which is a waste of time and money for the company. So the right
action for this is to be in good terms with the employees and to give the proper salary and
other benefits so that the employees would not do such things to the company.
Chapter summary:
This chapter is all about the wages and working conditions of an employee. It is
important to know the proper ethics in this situation because different people would react
differently to different situations. Business should also consider a lot of things when it
comes to handling their employees. It is necessary to have proper compensation and right
wages for each employee. For each employee the business has they should do different
approach to ensure the quality of work and also for the savings of having a lot of training.
Chapter10 (Competition in Business)
Quotation:
“In business, there must is competition when two or more firms try to sell to the
same customer. Firms compete for customer by trying to outdo one another in some
way.”
Reaction:
Competition among businesses is strict nowadays. The customers today are not
looking at the customer satisfaction because for a lot of years ago the customer
satisfaction must and should always be included in the product that you are selling or
service that one business is providing. They are now looking for the added value in the
product that they are buying. They are making sure that every peso that comes out of
their pockets should be worth spending. That why today there is a tight competition and
so companies are winding ways to outdo their competitors by nice way or not. If this
happens there should be a right way of settling things and in an ethical way. An example
is to increase advertising. They should not do unethical things that will ruin the
competitor so that the companies will fight fare and square.
Chapter summary:
In this chapter the topic is about the ethical standards of each business in dealing
with the competitors. There is an ethical issue when it comes to competition. Since
Businesses today have a lot of same activities meaning their competition is tight and the
competitors have the same strategies when it come to attracting customers . There is an
ethical way of settling things and not just by any way. The competition is a great way for
both the business and so as the competitors because this will be their chance to enhance
their product and service to become efficient. The competition must be fair and they must
do the right thing when competing. An example of a healthy and fair competition is by
making more advertisements and by improving the product not just by the output itself
but also by adding value or to augment the product. This will help in making the product
or service increase its sales and also to have more customers. By doing the right way
there is no need to be threatened by any other competitor.