XXXXXXXXXXHOLMES INSTITUTE FACULTY OF HIGHER EDUCATIONHC2121 Comparative Business Ethics and Social Responsibility Assessment: Individual Essay T XXXXXXXXXXMARKS DUE DATE: Week XXXXXXXXXXSeptember...

COMPARATIVE BUSINESS ETHICS AND SOCIAL RESPONSIBILITY
Table of contents
Introduction    2
Summary of the Article    2
Key ethical Issues    3
Opinion    4
Ethical decision making Process    5
Conclusion    6
Reference list    7
Introduction
Ethics can be defined as the set of moral principles that guide an individual's mind while conducting an activity. In simpler terms it can be defined as the branch of knowledge that deals with the moral principles. Business ethics may be defined as a part of professional ethics that help a person to tackle with the unwanted situations that can occur within a business environment. There are several philosophies that can be used to deal with the moral concerns rising in response to an uncertain business event. The study sheds some light on analysing the moral principles are to be kept in mind while making a business decision and justifications of the theories. The study also focuses on how an ethical decision making process should be like.
Summary of the Article
There are many ethical and moral concerns while making a business decisions. However, only a few of them are to be considered while making particular decisions. The first and the foremost thing to understand is the difference between good and bad (Tice et al. 2018). However, there are several controversies which define the notion of being good or bad. Immanuel Kant projected that goodwill for itself, when applied towards accomplishment, is the only good thing for itself. Some of the philosophies that can be used for making ethical business decisions are listed below
· Teleology specifies whether an act is morally right or can be accepted only when they produce result that can be ethically acceptable. This includes the realization of self interest or utility.
· Egoism specifies an action to be right or wrong only if the outcome of the action can broaden the outcome in compliance to one's own interest
· Utilitarianism specifies an action to be right or wrong only if the outcomes proves to be good for majority of people
· Deontology focuses on the preservation of the individual rights and the intentions that are associated with a particular behaviour rather than the outcomes of that particular behaviour.
· Relativist focuses mainly on mainly the basis of individual or group experiences.
· Virtue ethics looks at the virtue or moral intention of a person carrying out a particular action rather than focusing on the ethical duties that a person has to perform at that specific moment.
· Justice specifies whether an action done is fair enough to satisfy the needs of the majority or an individual.
There are two main concepts of goodness: one is monism, the other one is pluralism (George 2018). Monists mainly believe in one good thing and pluralists believe in multiple good activities. Monistic activities can be described as hedonism; an ethical theory that deals with the theory of pleasure and states that anything that can be done for pleasure is good. Moral philosophers who believed in utmost pleasure can be classified as quantitative hedonists. On the contrary pluralists believe in goodness of more than one thing. For instance they may take pleasure on aesthetic beauty and the skill of an artist together after watching a painting. It is not necessary for all pluralists to be non hedonist some of them are also hedonists.
Key ethical Issues
A person might use different moral philosophy and different way of thinking while making an ethical business decision. There are two things that can explain this kind of behaviour: firstly in a business coliseum, the way that is chosen for achieving the corporate goals is completely different from the way a person might choose outside his professional dimensions. Thus a person might have different viewpoint about particular action in compliance to both professional and personal life. Some of the key ethical issues that might riser in a business arena while...