“The most effective way for a businessperson to maximize profits over a long period of time is to follow the highest standards of ethics.”
Discuss the extent to which you agree or disagree with the opinion stated above. Support your views with reasons and/or examples from your own experience, observations, or reading.
Companies apply various strategies to gain profit in the business. Above statement is suggesting that following the highest standards of ethics (i.e. principles of business and society) is the most effective way for a businessperson to maximize profits over a long duration of time. After deep analysis I would like to say that I don't agree with the author. I agree that following standards of ethics in an important guideline. But I don't think that it is the most effective way of earning profit.
First of all, businesses cannot achieve profits just by following standards of ethics. For instance, it could be that a company is following all principles of ethical business, but if that company doesn't have latest technology or competitive products or talented labor then that company could fail in market. Based upon type of business and situation other things such as investment in Research and Development (R&D), implementation of latest management theories such as Six Sigma and Lean manufacturing or innovation in technology or reducing product costs or training labor could be the most effective ways to achieve success.
To enforce my views I would like to provide examples of few successful businesses. Businesses such as Microsoft, Google and Apple Inc. are successful because they introduced products which are completely different and advanced as compared to other products in their time era. One can see Chinese goods in almost all parts of the world because Chinese businesses can produce goods in mass quantity at low cost. These businesses are mainly successful because of reasons other than just following the highest standards of ethics.
To summarize, I think that to be successful companies need to apply various strategies. Moreover, following the highest standards of ethics might not be the most effective way for maximizing profit. But following the highest standards of ethics is important for society and to entire world. Therefore, governments, society and as well as companies should ensure that companies are not breaking any ethics when they are pursuing various ways of achieving profit.
Discuss the extent to which you agree or disagree with the opinion stated above. Support your views with reasons and/or examples from your own experience, observations, or reading.
Companies apply various strategies to gain profit in the business. Above statement is suggesting that following the highest standards of ethics (i.e. principles of business and society) is the most effective way for a businessperson to maximize profits over a long duration of time. After deep analysis I would like to say that I don't agree with the author. I agree that following standards of ethics in an important guideline. But I don't think that it is the most effective way of earning profit.
First of all, businesses cannot achieve profits just by following standards of ethics. For instance, it could be that a company is following all principles of ethical business, but if that company doesn't have latest technology or competitive products or talented labor then that company could fail in market. Based upon type of business and situation other things such as investment in Research and Development (R&D), implementation of latest management theories such as Six Sigma and Lean manufacturing or innovation in technology or reducing product costs or training labor could be the most effective ways to achieve success.
To enforce my views I would like to provide examples of few successful businesses. Businesses such as Microsoft, Google and Apple Inc. are successful because they introduced products which are completely different and advanced as compared to other products in their time era. One can see Chinese goods in almost all parts of the world because Chinese businesses can produce goods in mass quantity at low cost. These businesses are mainly successful because of reasons other than just following the highest standards of ethics.
To summarize, I think that to be successful companies need to apply various strategies. Moreover, following the highest standards of ethics might not be the most effective way for maximizing profit. But following the highest standards of ethics is important for society and to entire world. Therefore, governments, society and as well as companies should ensure that companies are not breaking any ethics when they are pursuing various ways of achieving profit.
