Importance of Ethics in Business
Module 1 - SLP
Assignment Overview
Advocating Business Ethics
The first course in your Trident MBA journey opened a dialogue about ethics and how it is intertwined with corporate social responsibility. The main focus of the class was on critical errors and company missteps that became infamous headlines.
It’s time to analyze what constitutes proactive and continually evolving ethical/sustainable behavior for organizations from a multidisciplinary perspective. The resources below address ethics in the news from MBA disciplines. We can now expand that to the concept of sustainability. Use quality research published within the last year. Articles from the library databases are a good choice. Library databases allow searching by date. In Google search, click “Tools” and enter the date range.
Session Long Project 1 Resources
Corporate Ethics and Social Responsibility (2022)
There's More to Sustainability Than Eco Design: How the Three Pillars of Sustainability Will Enrich Your Business (2022)
Data Analysis: Implementing change: Leveraging data for sustainable business (2022)
Economics: Gen Z cares about sustainability more than anyone else – and is starting to make others feel the same (2022)
Financial Operations: The Digital Transformation of Sustainability Data (2022)
Marketing: What are the biggest social media challenges for HR? (2022)
Leadership: Insights on Sustainability (2022)
Management of Operations: Shaping the Sustainable Organization (2022)
SLP Assignment
Multidisciplinary Business Ethics Applications
For this project, research how ethical/sustainable business behavior is applied in disciplines represented by classes completed in Trident’s MBA program. Focus on quality research published within the last year. Write ¾ of a page of fully research-supported content for each discipline:
• Data Analysis
• Economics
• Financial Operations
• Marketing
• Leadership
• Management of Operations
3/4 of a page for each, 4 ½ pages total. Research required.
Overall Ethical/Sustainable Strategy
• Formulate connections between all of the areas covered which may be applied to an overall Managerial Strategy for an ethical organization. (1/2 page). Research required.
No quotations are permitted in this paper. Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: Failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” across the grading rubric. This is a professional paper, not a personal one based on feelings. It must be written in the third person. This means words like “I,” “we,” and “you” are not appropriate.
Assignment Expectations
Use the attached APA-formatted template (MGT599 SLP 1) to create your submission.
• The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links.
MGT599 SLP 1
Your Name
Trident University International
MGT599 Strategic Management
Due Date
MGT599 SLP 1
Ethical and sustainable business behavior is crucial in today's business landscape. In this paper, we will explore how ethical and sustainable practices are applied in various disciplines represented by classes completed in Trident's MBA program. In the succeeding sections of this article, the author will focus on understanding the importance of ethics in business to provide a comprehensive understanding of the relationship between each discipline and ethics.
Data Analysis and Ethics
In the field of data analysis, ethical considerations are of paramount importance. Research indicates that organizations must handle data responsibly, ensuring privacy, security, and transparency (Dawes, 2010). Ethical data analysis involves obtaining informed consent, maintaining data accuracy, and protecting against bias. Furthermore, organizations should prioritize data anonymization and adhere to legal and regulatory requirements to build trust with stakeholders (Ayala-Rivera & Pasquale, 2018).
To ensure ethical data analysis, organizations can implement robust data governance frameworks that outline the proper handling and use of data (Johnson, 2022). This includes establishing clear guidelines for data collection, storage, and sharing. Organizations can uphold privacy rights and foster trust by obtaining informed consent from individuals and communicating transparently about data usage (Ayala-Rivera & Pasquale, 2018). Thus, maintaining data accuracy through rigorous quality control measures is essential to prevent misleading or biased analysis.
Bias in data analysis is a significant ethical concern. Organizations should actively address bias by implementing diverse and inclusive data collection methods and leveraging statistical techniques to identify and mitigate bias in data sets (Szafir, 2018). Organizations can ensure more accurate and fair data analysis outcomes by incorporating multiple perspectives and considering potential biases.
Moreover, organizations should prioritize data anonymization to protect individuals' identities and sensitive information (Smith, 2023). This involves removing or encrypting personally identifiable information from data sets to prevent unauthorized identification. Adhering to legal and regulatory requirements, such as data protection laws and industry standards, is crucial for maintaining ethical practices in data analysis (Alaali et al., 2022). Organizations must stay up to date with evolving regulations and make necessary adjustments to their data-handling processes.
In line with the business model of businesses, it could be seen that by embracing ethical data analysis practices, organizations not only uphold the rights and privacy of individuals but also build trust with stakeholders, including customers, employees, and regulatory bodies (Johnson, 2022). Overall, ethical data analysis contributes to a positive organizational reputation, fosters customer loyalty, and ensures compliance with legal and ethical obligations.
Economics and Ethics
Aside from the field of data analysis, the intersection of economics and ethics highlights the importance of conducting business in a socially responsible manner. Recent studies emphasize the need for businesses to consider their financial success and their impact on society (Bapuji et al., 2020). Ethical, economic practices involve fair pricing, responsible resource allocation, and the avoidance of exploitative labor practices. Organizations that incorporate ethical considerations into their economic decisions tend to foster long-term sustainability and build strong relationships with customers and stakeholders.
For instance, ethical considerations in economics encompass various aspects of business operations. Fair pricing is a critical component of ethical and economic practices, ensuring that goods and services are priced reasonably and transparently (Jones, 2021). By avoiding price gouging and deceptive pricing strategies, organizations demonstrate integrity and respect for their customers.
It must be noted that responsible resource allocation is another key aspect of ethics in economics. Organizations should strive to use resources efficiently and responsibly, minimizing waste and environmental impact (Bapuji et al., 2020). Implementing sustainable practices, such as adopting renewable energy sources or reducing water consumption, aligns with ethical values and contributes to long-term cost savings and environmental stewardship.
Furthermore, ethical, economic practices involve treating employees and suppliers fairly, avoiding exploitative labor practices, and fostering positive working conditions (Bapuji et al., 2020). This includes ensuring fair wages, providing safe and healthy working environments, and respecting workers' rights. Organizations that prioritize ethical labor practices uphold human rights, enhance their reputation, and attract talented employees.
Incorporating ethical considerations into economic decision-making leads to long-term sustainability and positive stakeholder relationships. By aligning business goals with societal well-being, organizations contribute to the overall welfare of communities and build trust with customers, employees, and other stakeholders. Ethical and economic practices create a positive brand image, attract socially conscious consumers, and enhance long-term profitability (Zhang et al., 2020).
Financial Operations and Ethics
In the realm of financial operations, ethical behavior is crucial for maintaining trust and credibility. The research underscores the significance of financial transparency, accurate reporting, and compliance with laws and regulations (Johnson, 2022; Miller, 2023). Ethical financial operations involve responsible budgeting, sound risk ...