Banking on Ethics
In marketing as in other aspects of business, it is critical that professionals make sure to act in an ethical manner both legally and socially. In this age of interconnectedness, one unethical move can become an Internet video or comment that spreads rapidly, not just locally but potentially throughout the world. From a marketing standpoint, it is critical to take into account the impact of an organization’s decisions on other people and the environment.
However, how you communicate the expected conduct required in a business is as important as the ethical expectations themselves. Most companies have a written Code of Conduct as well as other corporate statements that communicate the expected behavior and values of the firm.
In this Assignment, you will engage in the development of the following professional competencies:
- Make ethical decisions and solve problems
- Written Communication
In this Assignment you will read the Cengage® Case Study: “Barclays Bank: Banking on Ethics” and then respond to the checklist items in a critical essay based on a scenario.
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Unethical behavior damages business reputation. This is well illustrated by the LIBOR manipulation by Barclays bank that saw it lose the public confidence. As noted BBC Business (2013), the scandal ruined the stakeholders’ confidence in the bank. The monumental ethical failure by the then executives of the bank indicates the lowest level of ethical development as per Lawrence Kohlberg’s Morality stages. The bank displayed a preconvention morality level of ethical development. Evidence points out that it was all about the interest of the bank. As The Economist, a London base weekly newspaper asserts, the bank displayed a very self-centered behavior in the scandal. Particularly, the bank’s action seemed to have fallen in stage two of Lawrence Kohlberg’s preconvention morality. Everything seems to have been driven by the potential reward. Reputation and the impact of the actions of the executive on other external parties were never considered (J McBride, C Alessi & Sergie, 2015)……………………………
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