MGT610 GDB 1 solution Spring 2022

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MGT610 GDB 1 solution Spring 2022

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      Topic:

      To make an enriched discussion you are required to go through the article titled “Why an International Code of Business Ethics Would Be Good for Business?” uploaded in the download section of your course website at VULMS.

      Discussion Question:

      Cultural relativism asserts that “words such as right, wrong, justice, and injustice derive their meaning and value from the attributes of given culture” (Donaldson, 1989). Thus, to the cultural relativist, ethical standards are culture-specific, and one should not be surprised to find that an act that is considered quite ethical in monoculture may be looked on with disdain in another. Many international business training programs present a viewpoint of cultural relativism that encourages business people to adapt to the host country’s culture. However, there is an argument that cultural relativism is not always appropriate for business ethics; rather, a code of conduct must be adapted which presents guidelines for core ethical business conduct across cultures.

      Discuss which steps should be adopted by the companies to ensure implementation of their ethical standards internationally.

      Note: The article is available in downloads section at VULMS as “Business Ethics-GDB Spring 2022”. Copying as it is from the article or any other source would be considered as cheating and would be graded 0 marks. Try to produce your own answers with the help of the article. You can search additional material apart from the given article as well.

      Important Instructions:

      1. Your discussion must be based on logical facts.
      2. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
      3. Obnoxious or ignoble answer should be strictly avoided.
      4. Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.

      SOLUTION:

      IDEA SOLUTION

      Moral evidence is provided to support the argument for a universal code of ethics.
      1.	Ethics may vary from country to country; however, an international code of business ethics is possible when based on the tenets of free market operation. 
      2.	Capitalism requires that economic goods enhance product value for all consumers. Conduct cultural, political, economic, and financial evaluations prior to commencing operations in any country.
      3.	Use internal auditors extensively in foreign operations and allow foreign operations as a priority item in the internal audit schedule. 
      4.	Employees should be trained with involving issues of honesty and fairness. Business evaluation of the country’s atmosphere for competition and its ability to survive without compromising a company’s atmosphere for competition and its ability to survive without compromising a company’s ethical standards.
      5.	Businesses should adopt a code of international ethics for employees so they can better meet its financial goals. Absolutes should exist. 
      

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