What Are Good Business Ethics?
Good business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.
Business ethics – Wikipedia
Businesses must operate with a good foundation of ethics in order to retain a positive image which relates to the proper treatment of employees and fair market practices in terms of price and consumer treatment.
Wealthy Affiliate is a prime example of a company that uses good business ethics. From the treatment of its members and consumers to an outstanding education platform, WA continues to set the standard in today’s online market.
What Has Happened To Ethics Today?
From the year 2000 on, business ethics have expanded to include the online realm. Major ethical problems of the 21st century center around cybersecurity and privacy issues. 20 years ago identity theft was unheard of, but remain a huge threat to doing business online.
Because of this businesses face ever-increasing pressure socially and legally to protect their consumers’ sensitive information. This is one of the reasons why GDPR was enacted so customers have the right to refuse or accept their information is used on any website.
The popularity of data mining and target marketing have forced businesses to respect the consumers’ privacy and question using their data to collect valuable marketing information.
Incorporating Good Ethics In Business
Acting in ways consistent with what society and individuals typically think are good values. Ethical behavior is good for business and involves demonstrating respect for key principles that include honesty, fairness, equality, dignity, diversity and individual rights.
What is ethical behavior? definition and meaning …
Ethics In Marketing
Ethical marketing is the strategic approach to the marketing process with the establishment of specific guidelines that govern proper moral or ethical standards for operation by the owner of the business. The idea behind this approach is to use a degree of morality in the development of business practices.
This allows the company to pursue business opportunities and connect with consumers via its marketing and sales strategies. Factors such as community, industry standards, cultural aspects, all influence the marketing approach and the sector of the consumer market that your company wishes to engage as customers.
Ethical marketing usually begins with the owners of the company determining what they consider to be moral and ethical be applied to the business model. From there, the application of those moral and ethical standards in the operation of a business, help define the mission of the company.
The Process Of Ethical Marketing
The overall process of ethical marketing is establishing standards of behavior. These are conducive to creating good consumer relations and public image. This will aid the company to connect with its target audience.
When successful, an ethical marketing approach to build and maintain a loyal client base will provide a steady flow of revenue.
Note: The companies that reflect good morals and ethics in operation of their businesses and marketing campaigns are more likely to hold their customers for a number of years.
Those companies that are found to operate with a different set of standards other than those of the buying public tend to lose consumer confidence and find it hard to stay in business.
Practice Good Business Ethics
We all know what the “Golden Rule” is, but do we practice it? Are you treating your customers like you would like to be treated? Is what you are asking your customers fair as far as price and obligation? Do you communicate with your customer in a personal way that helps build trust and loyalty? Are you setting the standard for good moral and ethical conduct in your company?
These are questions you should be asking yourself as owners of your respective companies. Honesty, fairness, equality, dignity, diversity and individual rights all play an extremely important role in whether or not your business is trusted. Your business will prosper and grow if you use good business ethics.
5 Bad Business Practices To Avoid
To succeed and gain a loyal following, avoid the following at all cost.
- Do Not Be Personally Offensive – It’s not about image only, you must have appropriate behavior. Don’t have a potty mouth, cuss or make sexist and racist remarks. Treat your business like a business, not a backyard BBQ.
- Fail To Fix A Problem – Some problems you can do nothing about, show a willingness and listen to a customer’s complaint. Help them find a solution. You will have happy customers and repeat business.
- Use High-Pressure Sales – Telling your customer he or she only has 3 minutes to buy a product or service or the opportunity will disappear, is a bad tactic. No one wants to feel pressured making an important decision. High-pressure sales tactics also tend to cover up something, so the consumer doesn’t have the time to make an informed decision.
- Hiding Upsells – This kind of tactic really tics consumers off! The owner has a product or service they sell. They purposely hide the fact the customer has to buy several other items in addition to the original sale. Be upfront and straight of the sleeve about everything.
- Misrepresenting – Misrepresenting your credentials or your abilities is a good way to run yourself out of business fast. It doesn’t matter if you’re just trying to help someone or trying to save them money. If you don’t have the qualifications then you have no business doing it.
I hope this information has been useful and you put into practice good morals and ethics when conducting business. Let’s make the online business realm one that we can be proud of using good business ethics.
Jeff Herman – CEO and founder of Biz Builder Online
Please comment with your feedback or questions. Your input is definitely appreciated!