Whether transparency directly correlate to long time
Writing prompt: Quote from the article that is attached to support this question, “Does Being Ethical Result in Better Performance?” On page 18 of the text Business ethics: Ethical decision making and cases includes an insert titled Debate Issue Take a Stand. Prepare a whether statement from 1. or 2. and support- Here’s an example to get you started. Whether Ethical businesses are the most profitable. Please note the whether statement is not a question.
Whether transparency directly correlates to long-time stakeholder’s satisfaction.
There are many companies that want to be immediately successful. Although an honorable goal, there is a difference between immediate success and long term success. Long term success required work, time and patience. In the text Business Ethics: Ethical Decision Making and Cases, O.C. Ferrell, John Fraedrick and Linda Ferrell clearly state the importance of ethical behavior within a company, with trust being “essential to a good long-term relationship between a business and customers” (2017). For a company to be transparent with their stakeholders is imperative to the long term success of zed company. For a company to be successful it is important that they aim for “quality management [to] satisfy or preferably exceed the needs and expectations of the customers with a reduced amount of resources.” (Garvare and Johansson 2010). Honestly must be part of quality management if the company wants to be successful for long term profits. For example,Enron, which was once a sought after company worth well over a billion dollars collapsed over night because the CEO was lying to the shareholders about the profitability of the company. In consequence, many head employees are either undesirable for hire or even in jail for lack of transparency. The examples devastating effects further prove that” standardization, legislation and increased transparency” (2010) is crucial. Companies that hold to a higher standard of ethics are more likely to be more profitable and have a better relationship with their long term stakeholders. This paper will discuss the importance of transparency in business.
Ferrell, O., Ferrell, L., & Fraedrich, J. (2015). Starbucks Mission: Social Responsibility and Brand Strength(11th ed.). Boston: Cengage Learning.
Garvare, R., & Johansson, P. (2010, July). Management for sustainability – A stakeholder theory. Total Quality Management, 21(7), 737-744.