Business Ethics Leadership Virtues Exposed

Question: Discuss the concept of Institutionalization and how it helps shape ethical conduct within an organization discussed in the case study. Discuss the importance of Ethical Leadership and Corporate Governance. What impact do they have on ensuring ethical conduct within organisations? Answer: Introduction According to the case study, Best buy is no longer in the business or in the other brands which are already established. The Best Buy Company is a famous company, and their name is known by most of the people. This Best Buy Company is famous within the United States and also outside the country. Throughout the United States, this retailer of an electronic item that is the Best Buy Company is the largest retailer who is specialized in electronic sector. Along with their high quality and discounted products, the Best Buy Company becomes famous (Bellingham, 2003). The Best Buy Company accepts some systems and programs which give them the flexibility to perform their work and also help their employees (Shapiro Stefkovich, 2000). As a result, the Best Buy Company has been awarded their employees with several honors about the initiatives of social and corporate responsibility which also include Ethispheres Worlds Most Ethical Companies and Forbes Americas Most Reputable Companies. In this given case study, it gives a short explanation about the history of the Best Buy Company. It also gives a clear idea about their expansion and the techniques which are used by them to become a successful retailer in the electronic field. For over 40years of the Best Buy Company, it has gone through several numbers of changes in their models, procedures, techniques, etc. throughout these 40 years. Richard Schulze is the founder of the Best Buy Company. Richard Schulze joined the job as a representative of a consumer-electronics manufacturer. Richard Schulze identified a demand which arises between the young-aged consumers for the products like audio equipment (Draft 2nd edition of the Tri-Council policy statement, 2008). For this reason, in the year of 1966, Richard Schulze opens a store specially for selling the audio equipment which is known as "Sound of Music in the Twin Cities (Minnesota) area." After one year, the Best Buy Company obtained the Kencraft Hi-Fi Company. Within nex t few years, the company gets developed and flourished and also reach an amount of $1 million as their yearly revenue in the year of 1970. The main target customer of the Best Buy Company is the young generation specially the college students. This is because, among the customers like a college student, they have a high range of demand about these audio or music equipment (Mendonca Kanungo, 2007). The Best Buy Company also operates their business in several places or areas outside the United States for example; the Best Buy Company also has their stores in Mexico and Canada. Main Body 1. The first part of the assignment accounts for a conceptual structure of the organization Best Buy to analyze, understand and identify how business people create the ethical decision making. Best Buy companies employees and the operations are subject to the rules of other countries and also jurisdictions throughout the world (Mallin, 2004). By taking significant initiatives to improve the sustainability quotient of the company, thus the company can do business sustainably and can provide maximum focus on the core business activities of the company thus able to gain competitive advantages. Agents and the employee's acts on the behalf of the organization Best Buy expected to fulfill by the code, and all are also applicable regulations, laws, and the rules. The business ethics of a company which helps to provide a broader range of detail information related to the organization. The main aim of the firm ethics needs to be revised with the support of the innovative examples and also sur vey the results to analysis the problems and concerns importance or the significance for the business ethics of Best Buy Company. Corporate governance, social responsibility, and the stakeholder relationships have been updated and recognized significantly with newly issues and examples. Ethical conduct or the ethical problems and the institutionalization are one of the business ethics, and it provides a subject matter to identify the ethical issues and also understand how the civilization by the legal system also attempted to keep the companies responsible for managing these problems (Solomon Solomon, 2004). The institutionalization business ethics examines the main core elements, or the best practices include the day to day besides regulation and legislation requirements which follow the business ethics initiative. 2. The company or the firm appointed more consumers and the employees that they can easily manage and also balanced in this proper way (Liu, 2015). The organization has already taken different steps in environment building now a day's worlds business is facing various types of ethical challenges. Moreover, there are multiple paths using the organization has begun interacting with the potential customers and buyers also. There are several stakeholders in the market related to this business. It starts with government, consumers, society, environment, shareholders and the customers. Business is firmly linked to this aspect. The Best Buy Company adopts two types of factors by following which they achieve a huge success in this field. Those two factors are sustainable outreach and customer-centered approach. The Best Buy Company incorporate a recycling program which spread throughout the United States after understanding and become conscious about the significance of sustainability toward s their customers. In this particular process which is known as the recycling program, the Best Buy Company itself earned a name and famous as a company which is socially responsible. 3. This is the correct fact that why the organization's environment became complicated. However, since the right profile or the name of the group or the firm spreads which provides the competitive edge to the team between the competitors (Mesa Graziano, 2002). Conversely, the customers need to buy willingly from the Best Buy Company than another retailer. But now a day shareholders want the better presentation as for this reason the share costs arises still, and the organization needs to provide more dividends. Today the customers want better and cheap quality goods either it is electronics products or the others. So, the government needs to compliance with the rules and tax more strictly, over all of the organization or the firm requires more responsive and responsible to the individuals as a whole (D'Adda, Darai, Weber, 2014). This is one of the reasons that are why the ethical problems arise towards the business and also the Best Buy organization fights against electronics produc ts or the goods. This scenario of the group's chief ethics officer whose name is Kathleen Edmond confirmed the importance and significance to communicate the organization when she formed the chief ethics officer Blog for the workers to view. Best Buy started to investigate the pricing strategies of other competitive companies, the aiming of a young demographic and internal expansion for maintaining their competitive advantages or benefits against their rivalries or competitors those who are also specialized in this electronic sector. Edmond used the cases of the unethical situations which took the position within the organization according to learn the employees or the workers about the ethical conduct. Her actions caused her to be Ethisphere listed that creates most influential the public in the Business Ethics in the year of 2009 (Standards of ethical conduct for employees of the executive branch, 2002). 4. At the organization Best Buy demonstrate the ethics by living the values like integrity and humility, show respect, learn from change and challenge, unleash the power of the public, and have fun that being the best. This also indicates the ethical values in our day to day life and also the interactions with the people such as shareholders, customers, communities and the competitors, business partners and also play and life. This also means the business decisions are not about the reward or the financial risk. In this scenario, we must follow to measure the consequences of the actions on the environment, people and communities also (Bischak Woiceshyn, 2015). This also means and need to be report any types of illegal violations or the conduct of the Business ethics code to a proper Best Buy Company representative, no exceptions, immediately and every time. To manage and control other people the primary role plays in this scenario is to maintain the ethical culture which is very cri tical. Managers of the organization Best Buy who receives the reports of unethical conduct or possible illegal are needed to take such immediate action by the authority. When the ethical conduct or the institutionalization comes then it arise a concern, it assists the Best Buy organizations correct identifies and the problems or the issues which probably required additional or improvement the training. It also tries to improve and assess the ethical awareness level that is important to achieve the goal of the organizations value (Starratt, 2004). Best Buys company devoted ethics website is available in 24*7 hours and also operated by a third party which one is independent. It need to help the Best Buy organization to resolve the problems online and also serves their contact information to form a report by telecom or the mobile phones. Moreover, the organization needs to need to enjoy the good in their future aspects. Best Buy is a customer electronic retailer that has captured the m arket 21% share in the U.S. In this given case study, an explanation is given about the issues related to the corporate governance. This corporate governance creates a difference between two mechanisms of ethical and legal compliances. For the last 20 years, the corporate governance has to pay attention and concerned about the dealings of the public interest for the reason of its perceptible and visible significance for the financial health of the organization or the company and the society also (Kim Nofsinger, 2007). The effective approaches for instilling integrity and ethics and also the utilization of codes of conduct are the chief elements which ensure a better management control and corporate governance. Leaders those who lead their team by following ethical values and ethics are considered as a role model. When a leaders work ethically, then he or she should communicate the significance of the ethical standards, significantly and importantly designing the working environment where others can perform the ir work and also can live and by the help of those ethical standards they can hold their employee's accounts which are liable to that standards (Olivier, 2012). According to the explanation of the case study, the leader who follows ethical leadership can also provide positive outputs in return for their jobs. They can also decrease the risk level of several negative outputs. That is why; Leadership is the chief and essential lever in an ethical system which is designed to give support to the ethical conduct. In recent days, the Corporate Social Responsibility (CSR) has become a buzzing word in the business. The ethical leadership and the Corporate Social Responsibility (CSR) are increases for just managing the ordinary daily tasks or jobs of the company which is performed by them every day. Corporate governance is a holistic concept which is concerned and aware of the company and also makes sure that the entire processes of the business and all the policies and strategies are sound ethically (Corporate governance, 2004). A responsible corporate citizenship involves an ethical relationship between the society and the company where it operates. Best Buy started to investigate the pricing strategies of other competitive companies, the aiming of a young demographic and internal expansion for maintaining their competitive advantages or benefits against their rivalries or competitors those who are also specialized in this electronic sector. Leaders those who lead their team and work ethically then he or she should communicate the significance of the ethical standards, significantly and importantly designing the working environment where others can perform their work and also can live and by the help of those ethical standards they can hold their employee's accounts which are liable to those standards (Dion, 2012). The corporate governance has concerned about the dealings of the public interest which have an impact on the economic condition of the society. The leader s will also consider a wide range of material which is related to the environmental, social and economic dimensions. These factors also have an impact on the company that how wills the processes are performed by the company in that community where it operates or functioned and developed the corporate strategy. 5. Leadership always has a direction. But when leadership takes place without including ethics in it then this leadership is absolutely worthless or valueless and also directionless. A leader always set the direction and helps and guides the people to follow him (Myers, 2015). When a leader try to achieve success then they should take in ethics in their conduct and remain unbiased at the time of dealing with those issues which are arises at the time of performing the job (Hilb, 2005). Leadership is process through which a leader can inspire and motivate a human being or an individual that they can give more effort to perform the job successfully and also achieve a good result. A leader who follows ethical leadership can also provide positive outputs in return for their jobs (Thoms, 2008). They can also decrease the risk level of several negative outputs. That is why; Leadership is the chief and essential lever in an ethical system which is designed to give support to the ethical cond uct. The leaders of the Best Buy Company can also provide a clear idea about their business expansion, tools and the techniques which are used by them to become a successful retailer in the electronic field in the international market. Corporate governance is the path or way through which an organization or a company can determine their policies and strategies itself (Monks Minow, 2004). Corporate governance is a concept which is concerned and aware of the company and also makes sure that the entire processes of the business and all the policies and strategies are sound ethically. The corporate governance has concerned about the dealings of the public interest which have an impact on the economic condition of the society. This corporate governance is a method or procedure by the help of which a company can govern them in such ways like a supreme ruler or self-governing state, instating their policies, laws and customs to their employees from a level of high to low. The Best Buy Com pany started to investigate the pricing strategies of other competitive companies, the aiming of a young demographic and internal expansion for maintaining their competitive advantages or benefits against their rivalries or competitors those who are also specialized in the market of electronics item. Corporate governance have a tendency to increase the rate of accountability of their company and to keep away from gigantic disasters before they take place. Conclusion Best Buy organization is a smaller player in this big field. But it also represents the way to move on and to the rest of the globally that incorporates the organizations from the same area since the organizations from another industry. Now a day almost of the renowned and well-known organizations requires more proactive for the reason of saving the environment. Moreover, the blind rush of the organizations to form the profit has destroyed the environment (Greuning Brajovic Bratanovic, 2000). But the organizations are raised to the top position, so they do something to save our environment. However, the steps have taken by the organization Best Buy reflects the direction that rest of others requires to protect the environment. Best Buy Company has shown how to include the business strategy and CSR for greater products of masses. The organization Best Buy has not made any profits or the benefits through the recycling program but it also tries to sensitize the consumers to save the en vironment globally. Though, it is an association in the supply chain so people can expect that the others in supply chain like suppliers and the manufacturer need to act as a more responsibly. They need to work in the way of sustainable business or the selling environment (Levine, 2013). Best Buy organization continuous efforts in abut of the ethical practices and sustainability earned the position amongst the list of the Ethispheres 2010 as it is the most ethical organizations for the second year in the row. The This here Institute has analysed the company Best Buy, which is a well-known organization that to operate at the highest levels of the business behavior. This also represents that how the respectable this organization has totally become. However, the organizations CSR program becomes a long term investment procedure that is running to profits never just in a short span but for several years to come. References Bellingham, R. (2003).Ethical leadership. Amherst, Mass.: HRD Press. Bischak, D. Woiceshyn, J. (2015). Leadership Virtues Exposed: Ethical Leadership Lessons From Leading in Rock Climbing.Journal Of Leadership Organizational Studies. https://dx.doi.org/10.1177/1548051815617629 Corporate governance. (2004). [Bradford, England]. 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