Virgin Group, Business ethics, Stanford encyclopedia
The Stanford encyclopedia of philosophy describes business ethics as an applied discipline in which the moral attributes of commercial activities are addressed within the fabric of the firm. Recently academic business ethics are founded particularly on the concept of corporate social responsibility. It addresses issues across the wide functional aspects of business operations by firms. Thereby, leading to the origin of specialized business ethics relating to the particular operative areas of business e.g. accounting ethics, marketing ethics, human resource ethics and so on, so forth.
Business ethics broadly postulate that the conduct of business in the pursuit of capitalism must not supersede the greater interest of the society where the business operates. This constitutes the fundamental unit of commerce today (Solomon). Kant, a renowned theorist in business ethics argued in the defense of the principle of respect for persons that any commercial practice that puts money at an equal with people was immoral (Bowie). Several theories advance the individual's business ethical obligations including the stockholder theory, stakeholder theory, social contract theory, and the utilitarian theory. These normative theories more or less argue about the question of what needs to be done such as to produce the best possible consequences for all involved.
[...] However, this theory fails to distinguish more specifically about the nature of the action. It instead proposes that the values enjoyed are universal (common) and that they are equally distributed. Therefore, it fails to make cognizance of the fact that there are differences between groups as much as there are differences amongst individuals. Virgin Group's ethical and moral role is coined in its objective of providing unique, enjoyable and quality customer service at most affordable pricing. To this end, the group “refuses to follow the industry leaders.” Sir Branson, as well as the Virgin Group, do not necessarily venture into business to make profits. [...]
[...] However, what exactly is it in a decision or policy that is moral and, by extension, ethical? How does one ascertain the nature of an action before its resultant effects have occurred thus providing a basis for assessing the given action? Can ethical practices by one group of stakeholders negatively affect the needs of another group of stakeholders? The Deontological theory is a class of ethical theories involving moral rules. It adopts two approaches: a non-consequential approach where the results of an action are not considered in determining the decision i.e. [...]
[...] Cengage Learning Print. Mill, John Stuart. Utilitarianism. CreateSpace Print. The Philo Cafe. The Cultural Dimension of Business Ethics. Web March Weiss, Joseph W. Business Ethics: A Stakeholder and Issues Management Approach. Cengage learning Wood, Allen W. Kant (Blackwell Great Minds). Wiley-Blackwell Print. [...]
[...] Intellectual property rights are a collection of legal doctrines that assist in regulating the use of various original works of creativity. These works include ideas, discoveries, inventions, and insignia. Presently, the importance of intellectual property rights is crucial for ensuring that the creators of such original works maximize the economic gain from them especially in light of the ever-increasing risk of duplication. Such intellectual property rights can be broken down into: copyright laws, patent laws, trademark laws, trade-secret laws, and right of publicity. [...]
[...] By allowing the public to own part of the companies, the firm can have access to capital in the secondary security market segment i.e. the stock exchange. One thing is evident, that the Virgin brand is not stopping anytime soon. Its ability to identify new enterprising ventures means that the potential for expansion and diversification is limitless. Consumers stand to benefit from the increased consumer approach meaning that in the near future similar services and products offered from competitors will continue to become cheaper, although with a significant compromise on their quality. [...]
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