BUSINESS ETHICS

Instructor: Le Vinh Trien Group 6

Assignment 1

1/ Do Thanh Phat 2/ Phan Thi Thuy Vinh 3/ Nguyen Chi Kha 4/ Nguyen Hoang Trang 5/ Dang Hai Binh 6/ Nguyen Minh Hoang 7/ Le Huynh Minh Tan 8/ Nguyen Tri Cuong 9/ Nguyen Ngoc To Vy

BABAIU10163 BABAIU10181 BAIU09499 BAFNIU11123 BAFNIU11164 BAFNIU11068 BAFNIU11049 BAFNIU11022 BAIU09216 BAFNIU11042

10/ Nguyen Thi Thanh Thuan -

Question 1: what do you think about ethics? Ethics is an everyday aspect of human life and it is the way people present themselves in a relationship according to a standard of right verse wrong behavior. Ethics is open to individual psychological interpretation. In ethics definition, it is hard to distinguish between right and wrong, good things and bad things. People have their personal point of view in ethics, which is most affected by society or groups they belong to, perhaps even as small as family. For some, ethics are the rules governing the conduct by which they live their life and they make all their decisions affected by ethical principles that provide guidelines which are designed to set out right behaviors. For other, a baseline for understanding the concepts of right and wrong is not so clear, so that their ethics come from their everyday way of looking at how others around them behave. Ethics concerns a variety of behavioral qualities such as honesty, respect, responsibility, fairness, caring, so that being ethical is the way people improve themselves and build a good relationship with others. It also plays an essential role in social stability and culture development. Question 2: why business ethics will help to be success? Generally, ethics concern an individual's moral judgments about right and wrong, so that in simple terms business ethics is knowledge of right and wrong in the workplace. It includes codes of principles and values that are used to make decisions and perform actions within an organization. Behaving ethically in business is widely regarded to effects of products/services and in relationships with co-workers and customers. Business ethics brings many benefits to companies, individuals, society and the world business. First at all, for a business to achieve long-term profits, customer relationship is essential. The main factors that influence a successful relationship and make customer return for the business are customers trust. The trustworthiness of a business, which is created from quality customer service, customer care, the way of dealing with customers and retain their old customers, is a part of ethics in business. Business ethics leave a long-lasting impression on the customers and the impression on their minds builds trust. Secondly, business ethics brings big value to a corporations public image. Each corporation has a particular public image, which represents the way in which the public views the corporation. These public images are the results of a number of different things, such as the way

they be responsibility with customers, satisfy employees or their contributions in society. Part of business ethics is respect and responsibility to the employees, customers and society and for that reason companies with strong reputations in the field of ethical business behavior will be aware of. Public image is largely a result of company behavior and important to success in most cases, which are the reasons as to why business ethics are important to a company's overall success. Thirdly, the importance of business ethics goes beyond the direct relationship between its employees and management team. It also is benefit to individuals. Being ethical helps individuals build good relationship with their company, satisfy the relationship with co-workers, and recognize ethical issues so that they could make ethical decision. Personal ethical behaviors are strongly influenced by the work culture of the business organization. Therefore, a business driven by strong ethical values will attract more employees wanting to work for the business, reduce recruitment costs, enable the company to get the most talented employees and also increase productivity. Overall, in order to achieve long-term existence, creating an ethical culture is definitely a key concept that the organizations need to focus on. Business with ethical behaviors may maintain better customer relationship, attach and satisfy more employees, be aware of society and the world business, which could be major elements lead the business to their success.