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Why organizations set ethical objectives - Coggle Diagram
Why organizations set ethical objectives
Build up customer loyalty.
Customers are vital, and are likely to return a business they trust and respect.
Ethical objectives and action foster this.
Creating a positive image.
Customers likely to shop in businesses with good reputations.
Developing a positive work environment.
Businesses with well-motivated staff have competitive advantage.
Businesses with strong ethical objetives attract employees, serving to improve morale and motivation.
Reducing the risk of legal redress.
Being unethical cost money, from no return customers and bad-word reports generate unethical behaviour.
Can lead to legal redress by government, other businesses or customers.
Even if they won in court, its expensive and damage image.
Satisfying customers' ever-higher expectations for ethical behaviour.
With ICT and Internet, decisions are more visible.
Today,custoemrs are aware of what's ethical and unethical.
Often "punish" unethical by not patronizing, few business can disregard public opinion.
Increasing profits.
Opportunities to behave ethically grow.
Customers buy from ethical businesses, that lead to higher profits.
Often banks don't lend to dunobious businesses/