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Ethical decision making in business involves evaluating alternatives with a moral compass, guided by principles like responsibility and integrity. It's essential for managers to consider the impact of their decisions on stakeholders and uphold the organization's ethical standards. Various models and theories, such as Ferrell and Gresham's Contingency Framework and Kohlberg's Theory of Moral Development, provide insight into the factors influencing ethical choices in management. Case studies like Patagonia's sustainability efforts highlight the practical application and importance of ethical decision making for business sustainability.
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Managers must have a clear understanding of ethical principles to make ethical decisions
Recognizing an Ethical Issue
The first step in the ethical decision-making process is identifying an ethical issue
Weighing the Consequences
Managers must consider the potential impact of their decisions on all stakeholders
Taking Action and Reviewing the Decision
After making a decision, managers must take action and evaluate its effectiveness
Decision-makers must be aware of their biases and consider the potential impact of their choices on all stakeholders
Managers must take ownership of their decisions and be accountable for their actions
Ethical decision making requires treating all individuals fairly and conducting business in an open and honest manner
Managers must maintain a commitment to truthfulness in their decision making
Organizations should strive to create a culture that values ethical behavior
A code of ethics serves as a guideline for expected conduct and decision-making
Regular training and clear communication about ethical standards reinforce their importance in decision making
This model examines the interplay of individual, situational, and opportunity factors in ethical decision making
This model suggests that ethical decision making is influenced by both individual moral development and situational factors
This model emphasizes moral sensitivity, judgment, motivation, and character in ethical decision making
This theory outlines stages of moral development from obedience to authority to principled conscience
This approach aims for the greatest good for the greatest number in ethical decision making
This approach prioritizes individual rights in ethical decision making
This approach seeks equitable treatment in ethical decision making
This approach focuses on moral virtues in ethical decision making
Analyzing real-life examples, such as Patagonia's environmental initiatives and Uber's privacy challenges, provides valuable insights into the practical application of ethical principles
Ethical decision making involves considering multiple factors, including moral, legal, financial, and reputational considerations, for long-term business sustainability
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The ______ often includes identifying an ethical dilemma, contemplating alternatives, assessing outcomes, deciding, acting, and evaluating the outcome's influence.
ethical decision-making framework
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Bias awareness in decision-making
Recognizing personal biases is crucial to ensure fair and ethical choices, avoiding skewed judgments.
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Stakeholder impact of decisions
Decisions must consider effects on all stakeholders, including employees, teams, and the organization.
