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Business Ethics Essay

2234 words - 9 pages

Business Ethics and Global Dimension of Business

Ethical issues have been around for a long time and its association with globalization has been documented. The effects on the association with globalization are similar and closely related to that of international marketing. As a result, the increased globalization over the years has brought an increase in many problems associated with global trading including ethical ones. (WTO, 2011). As indicated by World Trade organization in 2011, there was significant expansion in world trade from 1950 to 2000. This increase was documented to be over twenty-fold with foreign direct investment and exports playing a significant role.
This increase ...view middle of the document...

Some of the organizations lack the capacity and competence to deal with these challenges and this could lead to some of the organizations indulging in practices that raise ethical concerns in order to maintain growth and keep their profit potentials. (United Nations, 2010). Several conditions challenged business operations in the global marketplace; including non-tariff barriers, environmental restrictions, food standards, safety and varying understandings of labor exploitation and hygienic risks. These conditions were realized as consumers increasingly demanded for higher standards of product quality (UN, 2010). Organizations sought to satisfy the culturally learned needs of the targeted customers of a host country of their business operations. Therefore it was obviously important to these organizations to understand clearly what the habits, customs and inherent ethical differences of the host countries were. The ability for one to respect and understand the culture of others and put aside their own cultural mores is generally a distinguishing factor for successful international businesses.
Conducting business in this century has place a burden on the organizations pursuing international business. These organizations are not able to restrict their activities to the productions and marketing of products and services but have to consider the potential impact of their business activities on society. Failure to adhere to this may cost the company economically since almost all organizations place a huge emphasis on earning the trust of the customers, employees and the entire public in the host countries. (Andjelković, Barac & Milovanović, 2009). With all the awareness created by available technologies, the consumers and general public have become very conscious of what factors impact their societies. This increased knowledge of the public of their societies due to the technology advancement has increased their sensitivity to social and environmental issues. Corporations and organizations planning to pursue cross border trade should seriously consider their role within the countries they internd to invest in and have a genuine expectation of expanding roles. (Andjelković, Barac & Milovanović, 2009).
There governmental and legal systems at companies’ home countries differ from those of the host countries involved in global trading. It is very important to spend time and a resource to understand all the differences in these legal and governmental systems before major investment is made. (Custom Edition, 2010). Typical examples are the Asian countries where their governmental and legal systems differ drastically from that of the western world, it is crucial for the participating organizations to obtain a thorough knowledge of the systems in the host countries where they are planning to invest and intend to operate. This will make it a little easier to adapt and hopefully bring about a smooth transition and also help the adaptation process quickly...

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