Ethics plays an integral role in shaping business values inherent for reducing risk and making ethical decisions. Therefore, business ethics allows the development of a code of ethics as a means to foster a culture of ethical selling. As such, the capacity to avoid elephants’ pits resonates with the incorporation of business ethics (Business Queensland). For example, it allows the seller to recognize the importance of honesty in business and offering accurate information to customers. In so doing, it facilitates marketing that prioritizes the needs of consumers and limits on misleading information, to attract and retain consumers. Also, business ethics allows the organization to sell products that are of the right quality and quantity in alignment with the price features to encourage them to return tomorrow (Business Queensland). However, failure to do serve as the stepping stone towards traps, given poor quality, misleading information, and improper communication with clients affects the prospects of the business. This means the code of ethics developed creates an understanding of the desirable and undesirable selling behaviors. For instance, business invokes practices, policies, and strategies that promote professionalism and guides a reputation for competitive advantages. Secondly, business ethics promotes standards of practice during marketing or sales (Business Queensland). This, in turn, limits dishonesty information and allows the employees to demonstrate ethical behaviors for fair trading. The action leads to the reduction of risk.

Continue reading...