Future of ethics in business

Many of us would probably imagine a grim scenario of ethics in business in foreseeable future. Perhaps the corporate scandals in the western world and frequent malpractices in the eastern world are responsible for such an opinion. Well, I beg to differ.

There are reasons why I believe business ethics would be seen with increasing importance in future operations of reputed brands. First, look at the changing trend of global curriculum of business schools. You will feel the pulse that business ethics is gradually getting a stronger ground than it had been ever before. In line with frequent whistle blowing in corporate houses in the western world, many corporations are incorporating business ethics in their internal training programs. Recent decisions by Unilever and Proctor & Gamble in Europe may be cited in this regard. While sometimes a brand can get away with some unethical practices, the reality is, somewhere along its journey, it will get caught and exposed in public with overnight extinction of its credibility and reputation. It takes years (and more) to build a brand, and it takes a day (or less) to ruin a brand. Who would be intelligent enough (?) to take this unnecessary risk? Probable answer: those who think “branding” is not important!

This ethical positioning of brands will probably bear huge importance in future in the midst of increasing unethical practices of corporations. After all, businesses run in a human society, that inherently requires businesses to be aligned with an ethical “personification” of itself, just as we expect a human being to have a level of ethical standard. If businesses and brands want to position themselves as a part of the society to be welcome and accepted by consumers in their hearts, business ethics need to be practiced as one of the core competencies in foreseeable future. We must not forget the fact that “brands” reside in human hearts, and we need to take proper care of that through business ethics.

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About 1mmarketing

Working as Associate Professor, School of Business, United International University, Bangladesh; a North-American graduate, with doctoral studies from UUM, Malaysia; cherishing a wide-view of the world, with multiple interests in culture, people, traveling, and specifically marketing science. I have a colorful and diversified background with a blend of corporate experience, research, consulting, training, public speaking and teaching. I love to write about marketing issues that affect our lives, and talk about its direction that would promote the greatest human welfare.
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3 Responses to Future of ethics in business

  1. Abdullah Al Mahmud says:

    “Now we look at ethics from a micro level – what it means to you – and at the macro level of what it means to the greater economy”. “The big debate is how we talk about bribery.
    “We were seeing that, with such diverse classes, that there are different perspectives. We could not look at ethics as a stand-alone but in terms of government and the world the students will encounter.” – By Diane Morgan, the associate dean of the London Business School (LBS).

  2. Tanzila says:

    This is something like a life-cycle I guess! We know about product life-cycle, brand life-cycle which state that something starts its journey from the Introduction stage, and ultimately it ends up to the declining stage. So here, the traditional way of business which we have been seeing till now and that is often not concerned about ethics will be at ‘declining stage’ in the foreseeable future; while the new way of doing business will start its journey as the new era, that is doing ‘ethical business’, rather than ‘only business’. That will be a new life which will be started and be expected to grow to the matured stage, but the only exception is, it will be expected to remain at the maturity level always and never will get declined. My writing is somewhat philosophical, but since it is question of ethics, so it can’t be always grounded by only the objective facts and figures which may ensure only ‘profit’ but not the ‘closeness to human hearts’.

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