400 Wordsputting It All Togetherduring This Course You Have Reviewed ✓ Solved

400 words PUTTING IT ALL TOGETHER! During this course you have reviewed many areas of law and various ethical frameworks and applied them to both real companies and hypothetical situations. These have illustrated the ethical challenges of doing business in today's society in the U.S. and globally. Regardless of size, a business faces governmental regulations and a myriad of issues that are often in direct conflict with the notion of making a profit. You are engaged in obtaining an MBA.

These are all real issues for your consideration in the future. In this week's discussion: · Reflect on these business challenges and share what you believe to be the best ethical framework for a business operating in today's world. · What is your recommendation for a business to be both ethical and successful? · How will your recommended framework work in decision making? · In response to each other, do not hesitate to ask questions. Use your discussion to further develop your thoughts. · In considering your answers to these questions, remember to use sources from your readings and other research that are relevant to and support your ideas.

Paper for above instructions

Putting It All Together: Ethical Frameworks in Business
Navigating the complex landscape of modern business involves grappling with various ethical dilemmas that arise both domestically and internationally. As future MBA graduates, we need to be equipped with a solid understanding of ethical frameworks to ensure that our decisions align with best practices in corporate governance.
During this course, we have scrutinized several legal and ethical challenges that businesses face, including regulatory compliance, corporate social responsibility (CSR), and stakeholder engagement. A primary takeaway is that the pressures of profitability can often conflict with ethical considerations, leading to a delicate balancing act for management. Hence, the ethical framework I believe is best suited for businesses operating in today’s complex world is the Stakeholder Theory.
The Stakeholder Theory posits that companies have responsibilities not only to their shareholders but also to a broader array of stakeholders that include employees, customers, suppliers, and the communities in which they operate (Freeman, 1984). This framework encourages businesses to create value while considering the impact of their decisions on all stakeholders. In recent years, numerous companies have embraced this perspective, recognizing that sustainable success cannot occur without a committed focus on the well-being of all parties involved.
To be both ethical and successful, I recommend that businesses adopt a stakeholder-oriented approach while integrating it with the principles of transparency and accountability. One practical strategy is the creation of a CSR committee within the corporate governance structure, tasked with monitoring adherence to ethical standards, promoting sustainable practices, and assessing stakeholder concerns. By doing so, businesses can proactively address potential ethical issues and foster a culture of responsibility throughout their organization (Porter & Kramer, 2006).
The Stakeholder Theory's application in decision-making involves a systematic approach to stakeholder identification, analysis, and engagement. Businesses should take the following steps:
1. Identify Stakeholders: Determine who the stakeholders are in relation to the business. This includes internal stakeholders such as employees and shareholders, as well as external stakeholders like customers, suppliers, and community members.
2. Assess Needs and Interests: Understand the needs and interests of these stakeholders that may affect or be affected by the company's operations. This requires engaging with them to gather insights and feedback.
3. Evaluate Impact of Decisions: Before making significant business decisions, assess how they will impact each stakeholder group. Consider both immediate and long-term consequences and analyze potential ethical implications.
4. Transparency: Share information openly with stakeholders about decision-making processes and company operations. This builds trust and fosters a collaborative business environment.
5. Continuous Improvement: Regularly review and adapt business practices in response to stakeholder feedback and evolving ethical standards. This demonstrates a commitment to continual learning and ethical responsibility.
Ultimately, businesses that embrace the Stakeholder Theory and prioritize ethical decision-making are better positioned to build trust, enhance their reputation, and achieve long-term success. Organizations are finding that consumers are increasingly valuing companies with ethical business practices, as evidenced by the growing demand for socially responsible products and services (Nielsen, 2015).
In conclusion, as we prepare to enter the workforce, it is imperative to acknowledge the ethical challenges posed by a global marketplace. By adopting the Stakeholder Theory as our guiding framework, we can enhance our decision-making processes, cultivate a culture of accountability and transparency, and foster ethical business practices that serve the greater good.
References
1. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman.
2. Porter, M. E., & Kramer, M. R. (2006). Strategy & Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12), 78-92.
3. Nielsen. (2015). The Sustainability Imperative: New Insights on Consumer Expectations. Nielsen Global Corporate Sustainability Report.
4. Treviño, L. K., Hartman, L. P., & Brown, M. E. (2000). Moral Person and Moral Manager: How Executives Develop a Reputation for Ethical Leadership. California Management Review, 42(4), 128-142.
5. Carroll, A. B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48.
6. Schwartz, M. S. (2011). Corporate Social Responsibility: An Legal Perspective. Business Ethics Quarterly, 21(3), 565-585.
7. Campbell, J. L. (2007). Why Would Corporations Behave Ethically? Evolving Corporate Governance. Business Ethics Quarterly, 17(3), 381-408.
8. Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2015). Business Ethics: Ethical Decision Making & Cases. Cengage Learning.
9. Agle, B. R., Mitchell, R. K., & Sonnenfeld, J. A. (1999). Who Matters to CEOs? An Investigation of Stakeholder Attributes and Salience, Corporate Performance, and CEO Behaviors. Academy of Management Journal, 42(5), 507-525.
10. Kolodinsky, J. M., & Elmore, R. P. (2012). Ethics and Business: A New Paradigm for Organizations. The Journal of Business Ethics, 109(3), 405-412.