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he position they
incurred heavy costs to repair the vehicles of up to2.8 billion dollars and the
president and the company are anticipating heavy penalties and fines will be
incurred of close to 20 billion dollars. The companies are also anticipating that
there might be civil or even criminal charges or even both brought by the
lawsuits.

It then follows it is
not only right that businesses practice business ethics to cut down on costs
and to preserve their survival.

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Business
ethics in creating competitive advantage

The ethics in the workplace
should be integral to the corporate codes and should be part of the firm’s
philosophy and should help the firm in achieving competitive advantage.

The firm should
endeavour to create a sustainable strategy based in good ethics that should
give it an edge compared to its competitors. For instance a business that has a
very strong leadership anchored on good ethics will increase the business
reputation and in turn increase its competitiveness.

With the globalization
of the marketplace, customers are becoming very choosy and are discriminating
those organizations that do not practice business ethics. It therefore follows
that this can be a method of creating competitive advantage.

Business
Ethics Guides the Business in times of Uncertainty

In today’s world changes
occur very often and times and again the employees and the owner of the
business may not know how to react to this changes. During the time of changes
there is no set out way of action by the business and no moral compass. It is
therefore up to the managers of the business to choose the course of action to
follow. Doing the right thing guarantees that the business chooses the best way
and avoids repercussions later. Repercussions may be in form of costly legal
suits or the concerned authorities taking action on the business that can even
lead to closure of business

CONCLUSION

It is therefore of
great importance that businesses strive to act ethically as has been shown
above.

 

REFERENCES

Fandray,
Dayton. “The Ethical Company.”Workforce.December 2000.

Holland,
William R. “Ethics in a Plain Manilla Envelope: Simple Guidelines for
Doing Business Honestly.” Industry Week.March 18, 1996.

Kaler,
John. “Reasons To Be Ethical: Self-Interest and Ethical Business.”
Journal of Business Ethics.September 2000.

Lynn, Jacqueline.
“A Matter of Principle.”Entrepreneur.August 1995.

Reder,
Alan. In Pursuit of Principle and Profit: Business Success Through Social
Responsibility. G.P. Putnam’s Sons, 1994.

Roleff,
Tamara, ed. Business Ethics. Greenhaven, 1996.

Scott,
Mary. “Bottom-Line Blues: Is Ethical Business Only a Dream?” Utne
Reader. January-February 1997.

Solomon,
Robert C. A Better Way to Think About Business: How Personal Integrity Leads to
Corporate Success. Oxford University Press, 1999

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