Reflective Journal 2

 This module has provided a unique experience since I have learned the role of ethics in business life and individual life.  It is important to understand the context of ethics and its importance in the modern business world. In modern economic times, businesses need to act morally to avoid corporate scandals. However, a lack of morality or failure of the business to behave legally will result to enormous effects on the business environment, individuals, and communities. Therefore, the main take away from this unit is that corporations need knowledge and experience to manage the business. However, knowledge and experiences cannot work without business ethics.  This indicates that corporations must apply moral code to help the members distinguish between right and wrong.  As the corporation practices business ethics, it improves business survival, creates a stable society, achieves business objectives, makes effective decisions, prevents business malpractices, and achieves business effectiveness.  The unit has provided a unique experience and I believe that as I enter into the business world, I will apply ethics and I am sure the knowledge will help in handling external pressures, I will make ethical decisions, and I will use solid ethical reasoning.

 The module gives valuable insight into the role of social contract theory. As a student who looks forward to entering the business world, the social contract theory has provided a satisfactory answer that individuals and society need rules and laws. Social contract means that individuals should have a collective understanding or each person should participate in enforcing rules (Donaldson & Dunfee, 1994).  From an economic perspective, business and society should form an agreement on moral obligations. This is because, business entities use society resources such as skilled labor, and land. Therefore, the society should communicate its interest and the business entity should strive to fulfill the interest (Donaldson & Dunfee, 1994). Note that the society is interested in social welfare and it only authorize the firm that maximized social welfare and minimizes harm.  In general, society wants business forms that are committed to bringing economic efficiency, stables levels of production, and liability resources.  I have learned that in social contract theory, businesses have a limited moral free space. This is because, business firms require consent through microsocial contracts, they must adhere to hypernorms, and they must adhere to rules and norms designed by communities (Donaldson & Dunfee, 1994).  As a result of the limited moral free space,   the rule-of-thumb principle has become meaningless. This is because, managers must follow rules, regulations, and laws.  In other words, individuals must join the context and the power placed by law may exceed the societal expectation.

  In this module, I have also learned about the importance of incorporating ethical considerations to influence consumer purchase decisions.  Note that consumers want ethical products. Corporations such as Body Shop have achieved commercial success through the strategy of ethical brandings. The major reason why I wanted to know much about ethical products is that I have noticed that business ethics do not focus on consumer's purchase decisions (Crane, 2001).  In this model, I have realized that considerable research has been done and found that consumers have ethical purchase behaviors.  This is a new concept that is not incorporated in the academic literature but popular and trade press have recognized that this is a concept that needs to be incorporated in business ethics.  Focusing on ethical products, my take on this concept is that corporations need to consider product safety, consumer privacy, fair pricing,  charitable donations, and other factors (Crane, 2001). These and other various issues need to be taken into consideration since these are the major factors that consumers look at while making purchase decisions.  I understand that marketing efforts may fail if the firms do not address ethical issues.

 The module has also enabled me to enjoy learning about a virtue-based approach. I have developed knowledge and understanding that ethics is all about virtue and character. As a student who look forward to participating in modern business, I have learned that I only need to develop ideal character traits to bring good consequences (Hartman, 2008).  Once I establish the traits, I need to nurture them. I rely on Aristotle's perspective that I do not need universal principles but what I need is to reason well, and promote justice and autonomy. I understand that rather than focusing on action, I should focus on my personal life in terms of character and behaviors (Hartman, 2008). This theory is useful in my life in that to become ethical does not mean identifying ethical principles but to become ethical needs good character. The latter is achieved by applying values, and virtues in decision making.

 Through class and group discussion, the ethics topic has influenced my life and wellbeing positively.  I have gathered enormous knowledge and information about ethics and now I have the confidence to go out and interact with people in the real world.  I have the confidence that I can relate well with clients, community, competitors, and more.  However, I have faced challenges in this module in trying to understand what I must do to be morally right.  In most cases, I make choices believing that the result will be right and according to ethical perspective,  I learned that choices need clarity ( provide an adequate explanation of making a particular choice) consistency ( applying principle behind the particular choice), and completeness ( put into account the effects of the choices).  Overall, I have benefited from this module in that even though ethical dilemmas are unavoidable, I now have the information and knowledge that I can apply and gain a conscious awareness and solve ethical issues.

 Finally, academic researchers should be aware that the business environment is changing and thus, they should provide comprehensive information about the topic so that corporations can gain knowledge on addressing potential dilemmas in the business environment.  Another recommendation is that the ethical teaching in the classroom is not adequate. This indicates that students should be allowed to go in the world and practice ethics to gain awareness and reasoning. To finish, graduate schools should offer professional development and in specific, ethical education should not be optional but it should be mandatory.  For example, I could not understand ethics and integrity but at the end of the module, I have gained personal and professional knowledge about ethics.  I have gained moral development and personal growth.  This module demonstrates important concepts such as ethical decisions and ethical awareness. It put emphasizes that every profession need these concepts for business and personal growth.  Business firms should also create realistic moral codes and managers should work toward achieving the reasonable goals so that other members can behave ethically.

 

 

 

 

 

 

 

 

 

References

 

Donaldson, T., & Dunfee, T. W. (1994). Toward a unified conception of business ethics:

Integrative social contracts theory. Academy of management review, 19(2), 252-284.

 

Crane, A. (2001). Unpacking the ethical product. Journal of Business Ethics, 30(4), 361-373.

 

Hartman, E. M. (2008). Socratic questions and Aristotelian answers: A virtue-based approach to

business ethics. In Leadership and business ethics (pp. 81-101). Springer, Dordrecht.