Assignment on Business Ethics and Public Image
Companies wouldn’t exist without shareholders and investors, so engaging with these crucial stakeholders while keeping business ethics in mind is critical.
When proof of unethical behaviour is discovered, it is usual for publicly traded companies’ revenues to collapse immediately. When a firm loses the public’s, investors’, and shareholders’ faith, regaining profitability can be difficult; it may take years to reestablish profitability.
Customers are the lifeblood of every business, and customers want to do business with ethical companies. According to a 2019 analysis by Toluna, a consumer intelligence organisation, customer purchasing trends are shifting to favour environmentally conscious items.According to the survey, which interviewed 1,000 customers in the United States, more than a quarter (37%) of consumers are seeking for environmentally friendly things and are willing to spend up to 5% more for them. 2 This is especially straightforward given the variety of alternatives available on the worldwide market.
The application of strong ethical policies by a corporation helps all stakeholders, from investors to employees to customers. Ones that create a basis for business ethics in all parts of operations are more likely to grow and maintain profitability than immoral companies.