Impact of business ethics on business policy and business strategy

Asked by admin @ 04/08/2021 in Business Studies viewed by 329 People

Impact of ethics on business policies and strategies

Answered by admin @ 04/08/2021

Practicing high ethical
standards is a good business strategy as it results in customer loyalty, low employee
turnover and a positive image in the community and within the industry.

The first impact of ethics starts
at the very early stages of a company’s development, when the owner creates a
mission statement for his business plan. This describes the type of company he
wants to build.

Secondly, Business ethics
also provide a code of conduct to give specific direction about how his
employees should perform and act in situations they come across.

The ethical code of conduct acts
as set of policies that the business owner expects employees in the company to
follow.

Thirdly, Ethical standards also
help in Customer Relationship Management in the form of honesty to the customer.

Also, avoiding false promises to customers such as claiming something the business
can’t deliver or exaggerating a product’s benefits.

And last but not the least,
a company’s business ethics also contribute towards strategies to ensure
employee retention and create a more productive organization.

This includes
managers treating employees with respect and recognition.

Impact of business ethics on business policy and business strategy

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