Select one key idea from each chapter that you found particularly interesting,
engaging, surprising, or noteworthy.
• Write an essay of 2-3 pages in which you briefly describe the four key ideas you
selected, citing Weiss.
• Explain why the key ideas are compelling, engaging, or otherwise appealing.
• Draw connections between these key ideas and your current business
experiences, either as an employee, a manager, or a consumer.

ANSWER

Ethics and Business

In his book Business Ethics, Weiss, discuses numerous interesting, engaging, and surprising ideas, especially in the viability, implementation, and efficacy of business ethics in a continuously changing corporate milieu. Within the first four chapters of his book, the identified ideas that meet this criterion (interesting, engaging, and surprising) include the following. In the first chapter, Weiss presents an engaging subject where he argues that ethics matter in business operations and milieus, as “doing the right thing” saves businesses billions of dollars from saved lawsuits and legal non-compliance. This right thing also helps boost relationships of various stakeholders, improving morale and productivity among employees (Weiss, 2014, p. 18). This idea is engaging as it is subjective among different schools of thoughts and thinkers. For instance, rationalists like Thomas Hobbes will begin asking ‘what is right?’ and Spinoza will argue that something is defined as good if it is useful to people.” In a book Morality by Design, it shows how companies and businesses revolutionize business ethics and morality, showing how defining what is right and wrong is subjective. In reference to utilitarianism, an action or decision is morally justified if the consequences or results produce a greater good, without minding whether the decision or action was right or wrong (Rowland, 2019). Therefore, when Weiss argues on doing the right thing saving a company billions, ethically, it is essential to identify if they are corrupt and buy their way from legal compliance or are truly socially responsible.

In chapter two, Weiss introduces a rather exciting concept namely moral creativity, which shows the need for increased skills to recognize the complexities associated with business ethical dilemmas, mainly due to the ever-changing aspects, trends, and consumer needs in the markets and corporate world (Weiss, 2014, p. 82). This concept is interesting because despite seeing its effectiveness in helping solve conflicting interests among stakeholders, we still have the issue of conflict of interest as a prime source of business failure. For instance, family-owned businesses fail due to the conflicts of interests; however, why does this concept seem not to be implemented widely. Perhaps, creativity is amoral as it communicates originality or later in life, this originality will form the new values that will guide morality and business ethics. In the third chapter, Weiss explains a moral dilemma mostly experienced among marketing managers, including having to choose between profitable ideas, which forms their corporate responsibility to shareholders or developing socially responsible marketing strategies. This dilemma, however, is addressed using stakeholder analysis, as it helps them balance profits and service providence. This is a unique idea, bearing in mind that many people in businesses do not understand the power in conducting effective stakeholder analyses (Weiss, 2014, p. 136). It is noteworthy because it provides efficient and helpful ideas in solving business dilemmas that challenge an employee’s corporate responsibility, business ethics, and personal moral fortitude. It is crucial to note and apply this idea, as through understanding all stakeholder’s interests, feelings, and reactions towards profits and responsibility or services effective strategies are adopted that result in a win-win situation for all involved parties as well as a balance of employee corporate responsibility, business ethics, and personal moral fortitude.

Finally, an interesting and noteworthy idea Weiss makes is that reputation remains one of the most potent assets among companies when managing stakeholders effectively (Weiss, 2014, p. 199). This idea is interesting as reputation is considered a perception that needs to be measured when assessing it to identify the effectiveness in companies to manage stakeholders. Measuring can be qualitative using a company’s context or objectives and quantitative in terms of product quality, financial health and performance (Horn, 2015). It should also be noted, while referring to reputation as an asset, it is susceptible to risks such as the ever-changing stakeholder creeds, expectations, a reputation-reality notch, and the quality of internal stakeholder coordination.

The identified ideas are applicable both in theory and in practice. The ethical issue concerning the right and wrong thing in a working place is a dilemma and source of debate among many employees. Employees are torn between making decisions that show corporate social responsibility, meet their personal moral fortitude, and are socially responsible. The main problem in finding this balance is defining whether an action or decision is right or wrong. A decision could be ‘evil’ or wrong, but it provides a greater good for a large number of people, which shows social responsiveness, although some aspects of morals are compromised. As a manager, to find this balance is one of the most challenging skill and ability that managers should learn or possess. This brings about the need to learn moral creativity to ensure all interests of stakeholders are taken into considerations while making a decision. As power increases, so does responsibility increase; thus a manager needs to learn to find the balance, use moral creativity to determine what is right or wrong and make decisions that promote positive reputation, maintains personal moral fortitude, and maximizes individual corporate responsibility by serving the profit part of the business existence and CSR compliance.

References

Horn, I. S. (2015). Business reputation and social media: A primer on threats and responses. Journal of Direct, Data and Digital Marketing Practice volume, 16, 193–208.

Rowland, W. (2019). Morality by Design: Technology’s Challenge to Human Values. Chicago: University of Chicago Press.

Weiss, J. W. (2014). Business Ethics: A Stakeholder and Issues Management. Berrett-Koehler Publishers.