DISCUSSION QUESTION AND REPLIES
*How would you describe the schools of ethical thought?*
In my reading, in modern philosophy, there are three primary schools of thought: (1) Consequentialism; (2) Deontology; and (3) Virtue Ethics. It has got different faces and tactics. The main idea is that ethics is based on our actions rather than on laws, sympathy, or goals. Consequences Gladness and joy is good. For example, for the maximum number, the benefits of being right are visible. Morality has different types of morals in law. The main idea is that ethics has a basis on rules, expectations and good intentions. The results are meaningless as long as the human heart is in the right place (Bostock, 2000). Good happiness, whether it brings joy or suffering, is adherence to rules and sacred laws.
Generally, faith is religion. Morality is a new type of honesty. This function is a test of all morals, and the central concept is that for all, even children, it is free. Promises that are immoral or violated are irreversible; this relies on ethics (Bostock, 2000). For those who advocate justice, believe that sometimes referred to as a goal, or at least a goal of personal pleasure, if someone lives with practical intelligence. One is living in harmony with man’s nature. There are four central or classic virtues: wisdom of care, power of justice (courage), and the same (self-control). These are being tested in the work of Plato. Religion also has three well-known religious attributes: belief, optimism, and devotion. Certain qualities, such as excellence, loyalty, dedication to caring, integrity, and patriotism, are generally described as multiplication and citizenship (Bostock, 2000). Therefore, with excellence and perfection, modesty and resolve to recognise and eject, they may contribute to the value of the’ five kings.
Bostock, D. (2000). Aristotle’s ethics.
In our societies and organisations as a whole, ethics plays a vital role. Ethics has made a significant contribution to guidance, unity and stability between today’s people. Organisational ethics, on the other hand, have encouraged organisations to create a stable work environment and culture to help bring harmony among employees and employers and make the company more productive. Various people have come up with different ethical viewpoints that are in use now. Including these legal universities. Consequentialism-This ethics school propagated that ethical behaviour could have an assessment by looking at the effects of an individual’s or a group of people’s actions. Therefore, this means that one cannot have the interpretation of what is moral or not based solely on the activity, but instead use the consequences of the acts and make the final decision on the behaviour.
The personal views and principles in deontological philosophy of ethics. From the viewpoint of an adult, what is moral or not is decided according to this school. It has been criticised, however, because people can act in a certain way. This approach is considered evil, and it defends itself that it is moral according to them. Thus, it would lead to chaos as each individual has the freedom to act as they wish and protect themselves. Virtue ethics-This is the last school of ethics which centres on defining universal moral values that can be used to decide what may or may not be ethical. This system of ethics is one of the most widely used by individuals and organisations today as it seeks to create a code of conduct that is universally accepted. So which of the above is the best ethics school?
*Reason as to why Goldman Sachs was a disciple of the “business is a poker game” theory of Albert Carr, and we’re all bluffing.*
Ethics is something related to personal mater, according to Albert Carr, and it has no place in business. Business seems to be a mean game. The participants’ ultimate goal is winning. There is no standards ethics in doing this. There is cheating, show their cunning alongside hiding their strength as well as strategies so as to win. Further more he justifies that an enterprice is a poker game. Nobody knows what is happeing on in the mind of the the other. May critics illustrated Carr’s attitude and in a company with no morals. They have an understanding of Carr only seeing the rules of business as a set of regulations imposed by the governing authorities.
Seeing that some players breach such ethical standards to achieve success is quite reasonable in a market. Goldman Sachs is known for what is termed as fine. These fines are received at the time alongside after the financial crisis. They became renowned for their tremendous legal negligence. They have committed actions that are not illegal but immoral. Several cases fail to have communication with investors via email(Chell, et al, 2016). The invistaors advantage was taken by the company through hiding vital information as to how the bonds were structured which prompted customers not to take the offer.
Chell, E., Spence, L. J., Perrini, F., & Harris, J. D. (2016). Social entrepreneurship and business ethics: Does social equal ethical?. *Journal of business ethics*, *133*(4), 619-625.
Goldman is connected to the Securities and Exchange Commission’s $550 million settlement. The offer was seen as a success as the price was small, an investment made in three weeks by the firm. Goldman acted unethically and negatively. Therefore, Gold Man, a follower of the market philosophy of Albert Carr, is a game of poker. we are all bluffing because there is an assumption that bluffing will be legitimate. Carr and Goldman believe that both poker and industry are contests, so any side can profit from this Misrepresentations or take advantage of them. It includes daily bluffing in company (Carr, 1968). Also, business movements that don’t violate laws, like Goldman’s, qualify as a bluff.
Goldman had no responsibility to provide the customers with the information, and he was not responsible for the omission of the data. The information omission is not bad, but considered unethical, in other words. Since investors were well had risk awareness inherent in the securities as well as Goldman didn’t do anything wrong as all transactions had a consideration of “crime” that is not illegal or unethical. This generated the illusion that a practitioner of the philosophy of Albert Carr was Goldman Sachs.
*Explain why wrong choices made by some players affect others who comply with the rules by using the MLB doping case as an example.*
The explanation the customer needs to tag. What is the customer’s demand? Through understanding all sorts of customer needs, the tremendous profits are created. We need to grasp the handwriting of customers to achieve massive success in businesses. By Payne & Frow, P., 2017 companies also operate on customer-level requirements to link their goods and services with customer-level. However, it was a controversial question that the consumer will always do the right thing?
The companies now use lots of cheap tactics such as who to draw the buyer on goods and services and drive customer satisfaction as seasonal discounts. Of example, many companies approach the consumer with ads and promotions based on a monthly or weekly basis. Reducing the prices of goods and services efficiently was done by using the strategy of discounts and aggressively marketing them ( Baker, et al , 2019). Huge brand ads and modern sharing of promotions on social media and even using Television, radio and newspaper.
Companies offer enormous benefits for consumers in the form of a 30-day return policy that covers minimal goods and large items so that buyers can get in touch with how to manage the company by this choice there is a lot of risks that companies receive loses from those clients. Companies are still pursuing the demand and supply chain cycle as a kind of “old school system.” This process is about to make their products happy to end customers. Organisations also agree that consumers are the key to success for any goods and services because of their well-known fact, but this indicates that not only do customers profit, but they also need customer satisfaction( Baker, et al , 2019). The companies offer a considerable discount in these operations, and a lot of investment in marketing can lead to loss.
Baker, B. L., Dant, R. P., & Weaven, S. K. (2019). An empirical examination of the dark side of relationship marketing within a business-to-business context. In *Handbook of Research on Distribution Channels*. Edward Elgar Publishing..
Nonetheless, businesses claim that consumers are always wrong as of now. Since we assume that clients are the primary line for the company, once the market push-starts in growth and development strategy is begun immediately as coupons and warranties companies are still talking about revenues and revenue schemes, so they provide end date on coupons and promotions selling , this could allow businesses not to lose profits deeply consumers. Which also means that consumers are not always wrong because if they don’t like any purchases or goods, they start spreading unnecessary consumer activity.
I may assume that it is not always right for the consumer. You can avoid using the profits to solve the need for these businesses to advertise the best-selling products and a good marketing campaign. It will support customs and companies alike
Many players ‘ unethical decisions affect those who abide by the rules because they are cheated of their opportunities. Of starters, the Major League Baseball teams use the steroids to make different results relative to their rivals. We tend to make their success by using these medications too convenient for this situation. Players spend a lot of money on collecting the requisite quantities of these drugs, whereby the team management is typically ignorant of the situation at hand. Nietzshe represented the coming importance of power in coping with hurdles that carry the rewards of overcoming the run without much hard work. The act of using drugs in the major league of baseball is cheating and it is dangerous to those who follow the rules. Teams using these drugs have the advantage of getting more strikes, resulting in a considerable paycheck. On the other hand, athletes who do not use such drugs are impaired as they are beaten by those who use the steroids, which in most situations leads them to risk their career. In respect to the Major League Baseball participants who do not use the drugs, they found that their paycheck was lower than the players who use the product ingredient.
*How would you describe that factors that determine the tone at the top?*
“Tone at the edge” is a phrase used to describe the power and responsibility of the director to be open, trustworthy, honourable, and spiritual. It is the regulating condition’s most vital part. The standard at the highest is set by all organisational levels and has a downstream effect on all representations. If the administrator’s voice retains trustworthiness, integrity, and values, members are likely to maintain the same attributes (Griffiths, 2016). Setting’s most reliable voice begins with directors at all grades telling us how it’s done and frankly.
Pioneers must show their obligation to genuineness, spiritual value, unwavering quality, and dignity through their particular actions. Without these characteristics, the administrator cannot act and expect others to work unexpectedly. Clearly, the administrator must express their values and principles throughout the area they are supervising. Such benefits could be communicated systematically, through-composed collections of policies and procedures, gatherings of staff, notes, and so on and spontaneously in the middle of regular activities.
Another step manager should take to provide a means for staff who see improper conduct to be able to report that behaviour. Representatives can report this movement to the administrator and should feel safe from reversing (Griffiths, 2016). While the importance of setting the stage at best is nowadays getting more consideration, constructing it – and improving it after some time needs a concerted exertion including the CEO, the load up and the core continuity of the company.
Griffiths, P. (2016). *Risk-based auditing*. Routledge.
The protocol includes responding to questions such as: “Which part should the board take? What steps should the CEOs make to set the tone in the best possible way? What position can the CCO have in helping to bring the atmosphere to the middle and beyond in the best possible way? “Creating and maintaining the right tone at times is the foundation stone of a heartfelt system of integrity and continuity. Through cleaning up and making it more useful to orchestrate the essential pieces of the CEO, staff, or CCO, associations can create a voice at the highest that checked the association. The starting stage for setting the tone begins with the oversight expert of the association; this mostly implies the directorate.
Most of the board’s essential failures will usually involve hiring the Chairman, endorsing the plan, testing the scheme operation, setting risk craving and practising fitting control over chance alleviations, with the general purpose of saving and appreciating shareholders.
Rachel was in an ethical dilemma in the case study proven either to obey her employer’s unethical practice or to value the subscriber’s privacy on their platform. In this scenario that Rachael was exposed to, both options are conceivable for her. This is because the aspect of unethical dilemma could allowed her to set her targets as the company’s marketing agent by phone, whereas the moral part of it, although it did not guarantee her priorities or her obligation to work, ensures her that she will maintain the number of subscribers for whom she was subjected. It was a very critical situation to make a decision here because Rachael had to choose to use even the unethical forms to accomplish her goal and forfeit her goal by sticking to what is ethically correct and preserving her website’s number of subscribers. To resolve her dilemma, Rachael had to adhere to both the project’s short-term and long-term goals and objectives.
*Explaination of the correlation between a country’s level of corruption and economic development?*
Corruption is a generally accepted trend that induces a decline or lag in a country’s economic growth. In different circumstances, different countries develop and are made up of people from different walks of life. Independence and the years the nation has had to grow post-independence still play an enormous role in a bribery and its impediment to the country’s economic growth. Many find corrupt as simply the greasing of the wheel through which moves are increased in a particular phase of economic development in return for favour or commodities.
Now considering a nation’s ethics-the nation and his people are governed by the country’s laws that are rules agreed upon by the land leaders. Immanuel Kant’s dissertation on Deontology explicitly states that people behave more or less the same way in a given situation to decide the right and wrong of a specific situation (Cornell, 2016). In some circumstances, Corruption falls into being when there is no wrong governance in the nation, i.e. a dictatorial government that does not encourage economic development in society through definition. Finally, in most situations, bribery hinders the growth of a country, financial or otherwise (Cornell, 2016). Corrupt exists as a solution created by the masses in a tiny subset of instances. Defending one’s industries typically leads to corruption inside. This is because the barriers to tariffs alongside other set protective measures provide encouragement to the private sectors in offering bribes to the public official. The bribe is for asking for favours in avoiding these protective measures as well as barriers to tariffs. The measures of the market economy have negative collration with the level of corruption. Meaning that the economy of the market will collapse when there are levels of crime and vice versa.
Cornell, D. (2016). *The philosophy of the limit*. Routledge.
Bribery usually leads to the loss of economic growth since bribery decreases the opportunities that contribute to domestic and foreign investors in general. Foreign investors typically go through the history of the nation as well as the economy’s sustainability.Then they decide to invest in a country. When the nation faces the history of corruption, it creates fear among stakeholders because a nation’s economy cannot be stable when the levels of corruption are high. Allocating funds to a nation’s various regions typically leads primarily to public investment, and then bribery, on the other hand, generally promotes unproductive investment, because it usually has the wrong structure of public spending by increasing the efficiency of public investment. This is achieved by reducing network efficiency as well as public services. There are also instances of higher goods and services prices which contribute to a decline in the value of the services offered.
The phrase “misuse of state power / moral degradation” originates primarily from bribery. This has grown into the act of corruption that included the public servant benefiting entirely from the public resources. This has a fundamental connection with economic development. (Lash, August 2014). A nation’s economic growth increases when the country’s resources are allocated equally; thus, when few selfish public servants use these commodities, this harms the nation’s economic development in general. The two usually interact in many respects that are not seen by some of the senses. Corruption is well-known as financial crime. This is because the review of the most reported cases of fraud is aligned with a nation’s low economic growth. Such forms of bribery include low wages, weak purchasing power, and also insufficient labour capital. It is good to note that these conditions are not the real causes of corruption, but they have an impact on the overall development of the country. When a nation faces any financial deficits, low wages for public servants can lead to other unjustified ways of looking for more revenue relative to the private sector.
*Discuss the risks of avoiding confrontation of a problem employee*
Organisations are dynamic groups that travel from different angles toward a common goal. Such extremely complex teams consist of persons of having differences in ages, background differences, functianlty disticnction, alongdside various roles. It is possible for disputes to occur when such differences exist when there are decisions to be made. Aslo miscellaneous assignments are performed. Conflicts are sometimes triggered if a discussion’s emphasis changes from what is right to who is wrong (a quest for political influence within an organisation).
Different types of people can interfere when such instances occur. The initial choice for course of action is the direct manager when both subordinates to the same director and managers of the two different teams are handled by the participants. If at this step a conflict resolution is not identified, the issue may escalate higher in search for resolution. For example human resources partner for business for the question company/ leader overseeing the two teams in the conflict (Howard & Embree, 2019). If it delays addressing a troubled worker, the company makes a risky decision.
Upon validating that the worker must be identified as a “client” employee, managers must immediately indulge in a conversation that gives feedback to the employee involved and creates a plan for proper action. To order to avoid conflict with the employee problem, management sends the message that the actions of the employee problem is rational and that the damage of the employee problem is not worth any effective leadership action (Howard & Embree, 2019). This makes similar behaviour acceptable within the community adding to the team or business having an inferior culture.
Howard, M. S., & Embree, J. (2019). It’s Time for a Solution! Overcoming Incivility in our Workplace.
A confrontation is a violent dispute that can escalate to a fight. As specific issues emerge at the office, workers have different perspectives and beliefs. Sharing these different views can contribute to a difference. Discrepancies can often be seen as discrepancies, which is false. This is because, without any intention to set up a battle, one can express a favourable opinion. However, staff and all team representatives need to be able to handle disputes and differences in a reasonable and safe manner. A workplace dispute should not be minimised or dismissed, as it can negatively affect the overall quality of the job. Unresolved disagreement can lead to the separation of workers at the workplace, as conflicts can affect the self-esteem of individuals involved in a feud. This can be seen in general due to emotional pain in spontaneous exchange of words. Individuals may also feel distracted by other people’s involvement, particularly those who may have been engaged in a confrontation.
Employees may also prefer not to be in a contradictory job situation, but to be absent. Division results in disunity, it also makes leadership more difficult, thereby altering a company’s smooth operation.
Unresolved conflict can contribute to low working morale, resulting in lower productivity. It can, though, add to a dull work environment. However, as a result of emotional stress build-up, it can result in a stressful working environment. As a product of workplace discontent, this will lead to the retention of workers. Stressed workers may choose to respond as a way to lift their pressure burden to customers. This will result in poor customer service quality in return. Ultimately, this will result in increased frustration among customers, leading to low sales and a decrease in revenue. Prolonged stress can lead to mentally disordered anxiety. Poor mental health impacts an individual’s overall health and hurts the level of work output, resulting in reduced productivity as stated
*If you were a manufacturer of one of the drugs, would you voluntarily disclose the study information?*
Discussion on “Can Drug Manufacturers Voluntarily Disclose Drug-related Information”
The case in question refers to an ethical dilemma as to whether or not the drug manufacturer will warn patients of the information related to the prescription. A study conducted by medical researchers at Stanford University found that there is a link between the use of fertility drugs and ovarian cancer in which these findings are derived from a small sample (Kılıç & Kuzey,2018). As a drug manufacturer, then, the decision must be to disclose the information and keep it as a secret to drug users. Drug manufacturers are expected to develop their guidelines as to whether or not they will report the pharmaceutical-related information to consumers, but ensure they enforce these rules in compliance with the HIPPA law. But, in most cases, despite violating the rules of HIPPA, companies have viewed it as a marketing strategy.
It is therefore imperative to adhere to HIPPA while at the same time taking the freedom to model the disclosure of information related to drugs. Kılıç & Kuzey investigated that drug manufacturers or marketing authorisation holders in the United States (US) are expected to disclose any drug-related, hazardous and any sudden drug-related effects within 15days. As with the U.S. FDA code of federal law; 21 CFR 314.80, if any follow-up information relating to medications is available, it must be disclosed within 15days of the original report (Kılıç & Kuzey,2018).Hence, if I am a drug manufacturer, then I will maintain*. Transparency and disclose drug-related information to customers. This factor is significant because adhering to the regulations formed by the respective governments creates a good reputation in the market.*
Kılıç, M., & Kuzey, C. (2018). Determinants of forward-looking disclosures in integrated reporting. *Managerial Auditing Journal*, *33*(1), 115-144.
I think I’m going to publish the research data voluntarily. I will do the same for two reasons: 1) moral considerations and 2) brand image enhancement. I agree that it is reasonable to disclose the information available to consumers so that they can get an understanding of the downside of using this drug. I would report the research data freely if I were a drug manufacturer. There are federal regulations that define dangerous drug results as those “related to human use of a substance regardless of whether it is due to treatment or not. Health care professionals and physicians can knowingly disclose adverse drug effects to the U.S. Food and Drug Administration (FDA) or the drug manufacturer.
Unanticipated AEs is defined as’ any adverse drug experience not specified in the existing labeling of the prescription product. Severe and severe events are classified as being expedited, and businesses receiving these reports are expected to forward them to the FDA as soon as possible, but no later than 15 calendar days after the initial receipt of the results.Previous studies have shown that records of adverse severe product effects by distributors to the FDA have been steadily increasing over the past decade.
It is unclear that the supplier complies with the requirement to report serious or unforeseen AEs to the FDA within 15 calendar days, although some media coverage has given anecdotal examples of delays. Because the FDA needs this data to review medication alerts, reporting delays can have significant public health consequences, mainly when companies postpone reporting narrowly depending on specific patient outcomes.
*The effects of the takeover of industrial and retail companies by private equity firms.*
Private equity firms can be described as a company specializing in financial activities, funding businesses and acquiring companies that are not listed publicly in The Marketplace. Such companies fund businesses that are not traded publicly by supplying them with financial resources to improve their operations and sometimes by firms that fail, run them and bring them back to their operating strength and from there they can decide to sell the firms for benefit. Such companies purchasing manufacturing and retail firms have an influence on the newly acquired business. The impact of buying from them a manufacturing firm can vary from the effect they have when acquiring a retail company. This is because a manufacturing company is concerned with bulk distributors while the retail company is working with the individual customer on the marketplace.
Because of their investment capacity, these firms can run and bring manufacturing companies to a higher return point when a private equity firm acquires a manufacturing company. A strong asset base allows private equity firms to engage in purchases of raw materials, while increasing the efficiency of the production business. After a manufacturing company has been acquired by a private equity firm, it becomes the duty of private equity firms to ensure that the manufacturing company gets the best out of the brand’s position, thereby using their financial resources to promote such a manufacturing entity, thereby raising awareness of the presence of such a manufacturing entity.
Bloom, N., Sadun, R., & Van Reenen, J. (2015). Do private equity-owned firms have better management practices?. American Economic Review, 105(5), 442-46.
Cao, X., Chan, K., & Kahle, K. (2018). Risk and performance of bonds sponsored by private equity firms. Journal of Banking & Finance, 93, 41-53.
When a manufacturing company is purchased as a private equity firm, there is a high chance that the manufacturing company will be able to establish its value in the market place. Once the management firm is acquired by a private equity firm, they are actively involved in the firm’s operation. Sine, this is an opportunity, they spend as much as they can to create more demand in the market place for production. With the leadership of the private equity firm responsible for managing the production business, they keep a close eye on the quality of the investments they have spent in buying the firm and track the assessment of the operations. Because of this high level of accountability to see the manufacturing company, there is a high possibility that under the leadership of the private equity firm, the manufacturing company will maximise its return from the market place (Bloom, 2015).
When a private equity firm acquires a retail company, there are noticeable changes that are seen as the effect of such investment family. The impact is more detrimental if a private equity firm acquires a retail company than if it receives a manufacturing company (Cao, 2018). When a retail company is purchased by a private equity firm, there is a high chance that the retail business may fail after the private equity firm steps down from the local company board. When a private equity fund acquires your retail store, there is a high chance that they will give you loans as much as you want, and take control of your retail company’s management in exchange, using their large investment they have offered you as a justification to pay themselves huge dividends from the retail business ‘ earnings. We may then push this company to repay their debt, and sine the primary receiver was the private equity fund, we were forced to close due to bankruptcy. Of example, retail businesses such as Toys R, which is closing, are related to a private equity fund’s takeover of the retail sector.
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