Answer any three of the following questions. Each question carries the same weig

Question

Answer any three of the following questions. Each question carries the same weighting (33 points each for a total of 100 points). Answer each question on a separate page. The questions are as follows: Question 1: How has 'Business Ethics' evolved over the past two decades? What have been the main drivers of these changes? Question 2: What ethical dilemmas might a clothes manufacturer face when considering suppliers based in Bangladesh? How could these dilemmas best be dealt with? Question 3: Describe briefy why national law might not be a sufficient safeguard against unethical practices. What steps can organisations take to apply higher ethical standards in their own business when a countiy's laws are considered below standard"? Question 4: Compare and contrast: a) Virtue based ethics b) Prinoiple-based ethics q) Uhiitarianism. Provide your own (short) examples for each approach and where it might be appropriate Question S: How might corporate oulture influence ethical decision-making? What can senior managers do to develop and maintain an 'ethical culture? Question 6: Your company's Finance Director is sceptical about investing in any CSR initiative beyond legal compliance. What arguments in favour of developinga more strategic approach would you put forward?

Explanation / Answer

1) Business ethics and its evolution over past two decades:

Business ethics refers to how ethical principles guide a business's operations. Common issues that fall under the umbrella of business ethics include employer-employee relations, discrimination, environmental issues, bribery and inside trading, and social responsibility. Practicing strong ethics keeps a business within the parameters of the law; as well as building goodwill and brand equity.

Well, now let's check what role did business ethics play two decades back. Mid 1990s saw a rebirth of environmentalism, social responsibility reaching new heights and graver legal ramifications for ethical missteps. Tobacco companies and junk food manufacturers faced heightened scrutiny, along with several highly publicized lawsuits, over the public health ramifications of their products. Oil companies and chemical companies had to tend with increasing public pressure to answer for environmental damage. Class action lawsuits rapidly gained in popularity in this phase.

After the year 2000 and forward, business ethics have expanded to the online realm. The big ethical dilemmas of the 21st century have mostly centered on cybercrimes and privacy issues. Crimes such as identity theft, almost unheard of 20 years ago, remain a huge threat to anyone doing business online - a majority of the population. As a result, businesses face social and legal pressure to take every measure possible to protect customers' sensitive information. The rise in popularity of data mining and target marketing have forced businesses to walk a fine line between respecting customers' privacy and using their online activities to glean valuable marketing data.

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