According to Michaelson (2016), business ethics involves the relationship that exists between different parties in business. It often focuses on the moral principles guiding the behavior between consumers and businesses on multiple economic and social levels. As a result, it can be defined as the relationship between the business and the customer, an aspect that can apply to the employees, community, or various aspects of the government. This paper will examine the background information on business ethics and its advantages to the success of the business. Many studies argue that business ethics analyses the moral behavior in activities and practices of businesses hence regarded as a reflection of the values and morals in a given society (Grosser, Moon, & Nelson, 2017). It is also obvious that every business directly or indirectly affects our lives both at social or individual levels. However, it is essential to understand the role that business ethics plays in the ways employers treat employees. In doing so, it will be easier understanding the ways that businesses affect the treatment of consumers, competitors and the environment.
With the stiff competition in the current business environment, Michaelson (2016) denotes that business ethics have developed into ethical and moral responsibility standards for both small and large-scale businesses globally. As a result, the demand for ethical and moral behavior in every aspect of international and domestic business partnerships and communications have encouraged the evolution and development of business ethics. The rights and expectations of the consumers are gaining increased attention in the business environment as a result of international business development and the internet influence that demands further structuring and development of business ethics in different countries with different cultural backgrounds. Business ethics as well plays a vital role in the financial world is commonly proven in news accounts of insider trading, junk bonds proliferation, and leveraged boycotts (Abend, 2013). It hence means that the developing business standards in the business are vital in bridging the economic and moral gaps between countries and the manner in which business is conducted. Therefore, business ethics have a great impact in the manner in which businesses are carried out in the 21st century.
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