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However, often firms face dilemma: should they recall the product and suffer loss or should they be silent? An organization that takes its ethical responsibilities seriously would recall the products, because it knows that in the long-run, consumers will trust the company and will have high confidence with the company's responsibilities.
Another thing that management needs to consider is that traditionally belief of firm relies on a 'win and loss" strategy. That means, if a business gains benefit, someone else will bear the costs. However, in the present time, the philosophical outlook has changed, which relies on a "win/win" strategy. That means, if a firm that follows ethical rules seriously will win as well consumers win by buying the reliable products and services from the company.
Recognizing interdependence between business and society, therefore, becomes important for managers for clearly visualizing the role of the ethics for the organizations....
By clearly able to look at the interdependence, management begins to see how the profitability of the firm is linked with the profitability of the society. Managers who fail to see such linkage often take actions that seek to justify as necessary means for attaining the ends of profits, but that are dysfunctional in an environment of interdependence.
Moreover, by considering business ethics as a critical view for the long-term profitability of the company, the management begins to restructure the mission of the company as a means of building trust and creating value for the customers. In sum, therefore the ethics cannot be relegated as a means to circumvent the short-term challenges and profitability of the company, rather ethics should be seen as means for increasing the longevity and profitability of the firms in the long-run.
Reference
Collins, John W. (1994) Is Businss Ethics an Oxymoron? Business Horizons (Sept-Oct).
Reference
Collins, John W. (1994) Is Businss Ethics an Oxymoron? Business Horizons (Sept-Oct).
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