Business Code Of Ethics Assignment Focusing On Successful Business Growth Strategies
Question
Task: What Roles a Business Code of ethics assignment plays towards developing Successful Business Growth Strategies?
Answer
Outline
“This business code of ethics assignment discusses the principles required to develop an effective, ethical code for a new business and helping refine the ethical code to cater to all stakeholders' needs and requirements."
Executive summary
Every business must have and follow a strict Code of Ethics, thus making it an important aspect of every businesses development. With this in mind, this business code of ethics assignment will focus on the importance of understanding ethics so as to develop and nurture the positive traits of Ethics. In order to understand Ethics in different situations, some examples of Ethics shall be analyzed to help provide clear understanding related to the topic.
Ethics are experienced and practised in our personal and professional lives, and there are no limitations linked to what governs Ethics. With no proper guidelines governing Ethical standards, it falls on an individual to master the skill of practising ethics after analyzing a situation and determining whether it affects them and the entire society positively or negatively (Genoveva & Patruica, 2019).
Some areas this business code of ethics assignment will focus on includes:
- Individual affected by Ethics and how it must be practised
- Areas of Ethics Practiced by Mentors
- Ethics at the Work Place
- Ethical practice among Parents and Community
The category will help identify the individual who requires participating in ethics and the ways in which they require to participate in ethics. The business code of ethics assignment also provides an outline linked to ethics and how an individual must learn to develop flexible ethical approaches.
The next heading in this business code of ethics assignment will discuss areas in which Ethics requires to be practised and how the foundations of ethics require being mastered from a very young age. It describes the roles played by the mentor towards teaching ethics, practising ethics at the workplace and how parents and the community contributes towards developing as well as practising ethics.
The final category on this business code of ethics assignment will discuss the importance of developing and practising positive ethics in life as well as explain how an individual can learn and master to practice ethics both personally and professionally. Providing a compilation of how ethics must be learned and areas it is practised as well as providing an outline linked to how it is implemented with examples to refer to provide a clear outline linked to Ethics (Jalil & Azam, 2010).
Introduction
Every business must be able to develop its unique code of Ethics, but each businesses code of Ethics is different and must be uniquely developed. The business code of ethics assignment will help in developing the company’s reputation among consumers and its workforce, thus making it an important factor linked to every business. While developing a code of ethics, certain criteria require to be followed to ensure every aspect of the code is addressed to deliver a strong working foundation, relationships and growth. For the purpose of this business code of ethics assignment, we shall develop Acme’s Ace’s Code of Ethics and also analyze specific areas within each of the codes which require close analysis to achieve high performance. It’s important to assess and understand each of the different areas linked to developing a business’s ethics since this will determine the success of the business experiences. With more businesses being set up, developing acceptable business ethics has also grown to become an important part of every business and must be carefully managed (Radi, 2020).
Acme Chemicals Code of Ethics
Guiding Principles
Acme Ace specializes in the development and manufacturing of different beauty products and cosmetics, which results in the business requiring a strict code of ethics associated with quality control (Kennett-Hensel & Payne, 2018). It is due to the company using a large verity of chemicals which require being carefully mixed in the correct proportions to maintain safety levels. The business is ethically bound to deliver high quality and safe products to the consumer, but it’s important that the business develop a high code of ethics among all stakeholders so as to ensure each one's needs are met and addressed. The business specializes in the development and creation of beauty products, and this result in them being bound to delivering high-quality products that are safe for applications by users.
Purpose of this business code of ethics assignment
The purpose of the code would be to set guidelines linked to performance and quality for each of the products and stakeholders linked to the business. It will result in the creation of different codes of ethics, each focusing on a different aspect of the business ranging from product quality to customer and employee relations and management.
Mission Statement
To deliver high-quality Ethical approaches to all stakeholders linked to the business at all times with the focus on development and progress always in mind. The business code of ethics assignment also focuses on the importance of product and service quality and stakeholder comfort must always be upheld to ensure each individual is satisfied and prepared to contribute wholeheartedly towards the businesses growth.
Product quality ethics
Beauty and skin enhancement products are developed using a wide verity of chemical components, and many require to be used in minimal quantities to remain within safe levels. It is the responsibility of the business and its product development engineers to develop products which remain within safety levels yet deliver the high-quality output to help build the reputation of the product among consumers (Alwi et al., 2017).
Customer and employee relations and management
Every businesses workforce has been identified to be as important as its customer thus making it important to develop a code of ethics which addresses both the employees and customer requirements. Addressing the customer and employee needs effectively is necessary if the business expects to register progress and development.
Core Value covered in this business code of ethics assignment.
Acme Ace core focus is towards delivering high value to its customer through the delivery of high-quality beauty and enhancement products. The core values are closely associated with developing safe beauty products which will assist the individual gain the best result after application. Besides delivering high-quality products, the business also delivers high quality working environments to its employees and workforce, thus ensuring they remain focused and able to deliver high-quality products at all times.
Training and Education
Another important element to be included in the Acme Ace code of Ethics is linked to providing training and education to its entire workforce (Maranzan et al., 2018). While this may sound like it should be mainly focused on the businesses requirements, it’s important that the code of ethics also include provisions linked to employee interest development. Including employee personal interest, training and education programs is also an effective way of improving an organizations performance.
Business code of ethics for Acme Ace
Acme Ace’s code of ethics should not be limited to focusing only on the businesses development and growth but must be developed, keeping in mind all stakeholders interests. It’s important to remember that all stakeholders are also motivated by development and growth, and the company must be able to offer them the opportunities to develop and grow. Only through developing a code of ethics which equally balances all stakeholders needs will the business be able to develop a suitable approach which is acceptable and respected by the public. Acme Ace’s code of ethics must address each stakeholder’s interest, and it’s vital to also make sure both professional, as well as personal interests, are addressed in business ethics.
Stake Holders Covered in the business code of ethics assignment.
An effective code of Ethics cannot be limited to a certain group of individuals linked to a business but must be able to address all stakeholders needs. There are several stakeholders linked to every business ranging from the suppliers to employees, management, leadership and customers whose needs must be considered while developing a business’s Code of Ethics. Each stakeholder codes of ethics will also differ from the other thus effective combinations of the codes must be considered to deliver the most effective results. Involvement of all stakeholders towards a business’s ethical guidelines is very important towards ensuring the business achieves success and progresses to the highest levels (Mazza & Furlotti, 2019). It's critical to ensure all aspects linked to the Ethics are addressed at all times, thus ensuring the highest levels of success.
How will ethics be implemented and communicated?
Due to each organization developing their own unique code, new employees will be briefed on the codes of ethics after which they will be expected to gradually begin implementing the code. Communications regarding the code of ethics will be provided to all stakeholders both verbally as well as in written form to ensure all regulations and expectations have been met. Updates will also be addressed and communicated verbally as well as distributed through text and printed media.
Enforcement and reporting of business code of ethics assignment
Acme Ace leaders would be responsible for analyzing the code of conduct and evaluation regarding its effectiveness. It is very important to be left to the leaderships since the leadership has the power to deliver any required changes when required. Each stakeholder’s participation towards upholding as well as reporting towards improvements threats and developments shall be recorded to assist the organization improves on the ethics and continues registering progress (Bonham & Waldie, 2020).
Evaluation of Acmes Chemicals Code of Ethics
Stakeholders
A code of Ethics is only executable when all stakeholders are involved in making it, and it is important to involve each individual linked to a business while developing business ethics. It’s important to identify each stakeholder's needs and also identify guidelines in which they are supposed to abide by thus allowing them to make suitable choices linked to business processes. Acme Ace stakeholders include suppliers, employees, managers, leaders and the customer who all require following different set codes of ethics. Each stakeholder codes of ethics will vary from the other, but certain ethics such as time management and quality must remain universal for each stakeholder linked to a business. Individual stakeholder’s ethics can then be divided to address different aspects of ethics which comply with each individual.
Evaluation of strategy formation in this business code of ethics assignment
The business code of ethics assignment cannot be developed all at once, and it is a long going process which requires careful managing and developing over time. For a startup business like Acme Ace, the universally acceptable set of ethics shall be adopted, which would gradually be modified to include different aspects linked to the business. The development of a business’s ethics will mainly rely on the organization's operations and will gradually be developing and refining over time to ensure all aspects linked to the business have been addressed. In this business code of ethics assignment, it is observed that each business’s ethics will gradually develop over time as the business settles and identifies different aspects and qualities which require being addresses and maintained.
Strategic, ethical implementation
The implementation of Ethical guidelines and expectation is always a process which must be undertaken through small steps to prevent overstraining the business. The implementation of ethics would be based purely on evaluation and observation where the business leaders and all stakeholders would require a clear briefing regarding the businesses ethics and expected to uphold the ethics (Leonidou et al., 2020). It would be each stakeholder’s responsibility to participate in the implementation of business ethics where each would be expected to uphold the ethics as well as ensure their neighbours upheld the ethics as well. Taking a combined effort towards developing and implementing business ethics is vital since it will ensure the individual secure high-quality services at all times. The successful implementation of ethics is purely dependent on all stakeholders participating in the process with the common goal of ensuring the very best ethics are practised by all stakeholders.
Ethical monitoring mechanism
Business ethics are only effective if there is a way of monitoring them, thus making it very important for Acme Ace to develop a suitable approach linked to monitoring the ethics. The first step of effectively monitoring and implementing identified in this business code of ethics assignment is empowering all stakeholders. It is very important since the managers and leaders can only monitor a limited number of individuals at the same time. By involving all stakeholders, the business is more capable of monitoring each individual participation and adherence to the organization's ethics (Javed et al., 2018). Empowering each stakeholder also gives each one the power to question another individual when the ethics have been breached or not implemented in the correct manner. Involving all stakeholders towards monitoring Ethics is the most effective way of ensuring business ethics are implemented in the correct manner, and this allows the business to secure the most effective feedback which can be used to further improve the organization ethical guidelines.
Ethical performance
Each stakeholder’s performance towards implementing the ethics is based directly on how they intend and how well they understand the ethics. It makes it very important to educate all stakeholders regarding business ethics since this will allow them to implement ethics in the required manner. The business code of ethics assignment confirms the importance of involving the stakeholders towards the development and refinement of business ethics, which will allow the stakeholders to contribute towards developing the process (Russell et al., 2017). It is important due to the ethics needing to address different aspects linked to each of the stakeholder's needs, thus eliminating the possibility of the ethics being one-sided. It’s vital to make sure every aspect linked to the business is carefully managed at all times, and the main concerns addressed with the sole objective of promoting the businesses development. Ethical business performance is purely based on how the organizations develop their ethics, and stakeholder participation is critical if the organization is to secure high-quality information and feedback from the process.
Conclusion
For a business like Acme Ace, which specializes in the production of beauty products and cosmetics, it has become very important to promote positive ethics among all stakeholders. The business is not reliant on a single individual and must consider alternative approaches which also require being involved in the process to ensure the business achieves success. Business ethics are gradually developed and will require experiencing several amendments and changes over time so as to keep the business competitive. The business code of ethics assignment has highlighted the importance of a business to retain its competitive edge at all times and make the required modifications so as to secure the very best results through the development of effective ethics and business schemes.
