Its Good Business Essay Example

Its Good Business Essay Example Its Good Business Essay Its Good Business Essay It’s Good Business: Robert Solomon In â€Å"It’s Good Business†, Robert Solomon, a philosophy professor at University of Texas, explores the fundamentals and significance of practicing good business ethics in decision making. He tackles the correlation between understanding ethics and doing a better job, and the direct implications of not taking the value of right moral into account. In addition, he explicates the myth of amoral business. Lastly, he presents the three C’s of Business ethics and the eight essential rules for ethical thinking in business. In this essay, I will explain and cite examples why I agree or disagree with Robert Solomon’s point of views about business and business ethics. Some of his claims that I will discuss are â€Å"Good Ethics is Good Business†, â€Å"unethical conduct hurts business as a whole†, and â€Å"business is not fundamentally amoral or immoral. Business is not blind scramble for profits and survival but rather established practice with firmly fixed rules and expectations, and people in business are professionals†. According to Robert Solomon, â€Å"Good Ethics is Good Business† and â€Å"unethical conduct hurts business as a whole†. I agree with his point of view because in the previous years, we have witnessed the fall down of the â€Å"big companies† due to their unethical practice. The demise of Enron, Adelphia Communications Corporation, WorldCom is an example that a business without good ethics will not exists for too long. I also agree that being aware of the 3C’s, which are Compliance, Contributions, and Consequences, is the best tool to define Good Ethics in Business. He used Break Breaker Inc. case to prove that unethical business strategy will lead to the quick demise of business. Break Breaker Inc. o some extent comply with legal rules, but failed to comply with principles of morality and community, contribute to the society by producing honest high quality services, and account the consequence of damaging their reputation. Internally, the treatment to the employees is very harsh that results to high turnover due to burnout. The company also lied to the customers in order to earn profit. Apparently, Break Breaker Inc. is not aware of this 3C’s and the value of good ethics in Business. Just like other large corporation discussed above, Break Breaker Inc. ill not be successful because once the customers’ trust is ruined and business reputation is damage through deceiving, it will be extremely hard to gain those trust again. Therefore, good ethics is good business. Johnson and Johnson â€Å"Tylenol Murder Case in 1982† also exemplifies Robert Solomon claims that good ethics is good business. The Tylenol poisoning that caused the death of some consumer in Chicago was done outside their premise. However, the company decided to spend millions of dollars to protect the consumer. They did a massive recall worth $100 million dollars, and paid millions of dollars for advertising to inform consumer about the incident. Using the cost-benefit analysis, Johnson and John will be better off if they only consider the short-term, just like in the case of â€Å"Ford Pinto†. But the company decided to do what is ethically right, and that is to protect the consumer regardless how much it will cost them in the present. As a result, Johnson and Johnson gain trust of the consumer despite what happen and Tylenol is still the leading pain relief over the counter medicine.