Why is ethical behavior important to business quizlet?
Business ethics are a reflection of the standard of business that either an individual or business uses when conducting transactions. Business ethics are important because they add a line of defense to protect the company, enable company growth, save money and allow people to avoid certain legal implications.
How ethics contribute to customer satisfaction?
Good ethics dictates that a salesperson should help customers find the most suitable product for their needs, not necessarily the one that results in the greatest revenue or highest profit margin for the company. … Precisely meeting customer needs translates into higher customer satisfaction.
How business ethics helps your business?
Having a code of ethics helps your company define and maintain standards of acceptable behavior. A good ethical framework can help guide your company through times of increased stress, such as rapid growth or organizational change, and decreases your firm’s susceptibility to misconduct.
Social Responsibility is a crucial part of business ethics. A responsible organisation considers and recognises the impact that its decisions and activities impact on society and the environment; and behaves in a manner that positively contributes to the sustainable development, health and welfare of society.
How business ethics can help a company or organization to attract more customers?
Enhance a Company’s Reputation
A company’s reputation for ethical behavior can help it create a more positive image in the marketplace, which can bring in new customers through word-of-mouth referrals.
Why is ethics important in customer relations?
Ethics in customer dealings presents your company in a good light and customers will trust your company irrespective of high prices or minor service lapses. Ethics in customer dealings improves the quality of service and fosters positive relationships. … For a business to be successful and even exist, it needs customers.
How can ethical business practices still be profitable?
All the company’s stakeholders benefit from managers’ ethical conduct, which also increases a business’s goodwill and, in turn, supports profitability. Customers and clients tend to trust a business that gives evidence of its commitment to a positive long-term impact.