Business and Society: Stakeholders, Ethics, and Public Policy
Clearly, both legal and ethical conduct is a concept that matter a lot to clients. They enhance reputation that boosts any type of trade. It does not matter whether the business is small or big. The two conducts enhances loyalty among consumers by ensuring that they are together for a long duration.
In addition, it is the right of every customer to be aware of the goods that he is purchasing and if they are legal. In this regard, it is vital to put into consideration that legal risks cannot occur when auditors implement strict legal conducts. The character of customers towards a certain firm matters a lot. This is because their behavior relies on honor that is attributed to these individuals by the firm. A good example is clear when a client returns to a restaurant after receiving good treatment.
Conversely, a customer who was not served well by the hotel staff will never return to the same place for services. This implies that clients feel appreciated when they are recognized and treated in an appropriate manner. It serves well especially if a genuine firm gives him attention. This promotes a good relationship between the two parties and makes them to have confidence in businesses that they conduct. In essence, when individuals appreciate efforts of others in society, it fosters development.
Conversely, stockholders embrace legal conduct when they perceive it to be vital to them. They further believe that any form of trade that is illegal ends up ruining a business. Furthermore, it ruins reputation of a firm and subject stakeholders to incur lose after investing in the venture. In this regard, stake holders embrace legal conduct to increase profits and foster progress in a business.
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