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Social And Ethical Issues In Global Markets

3186 words - 13 pages

Abstract

The purpose of this paper is to identify and examine social and ethical issues within the global market. This document will also review how international management and cultural diversity are pertinent to the success of an organization that is operating in a foreign country. Based upon the above mention, this paper will focus on examining and providing frameworks and strategies that implement the concept of corporate social responsibility and cultural diversity. A number of factors are identified in the study, using literature reviews and numerous online research engines.
Introduction

Business firms that operate in foreign countries face an assortment of ethical and ...view middle of the document...

360).
These challenges are manifested when there are differences in culture or competing interest between the foreign company and host nation which can develop an environment of tension where stringent actions can be taken. In turn, this makes it difficult for business organizations to formulate some type of resolution and stability in honoring the cultural and moral principles of their home and host countries. Also, it must be annotated that ethics are culture bound because different societies consign different expectations and priorities on organizations for their ethical and social conduct which can poses complexity.
In conjunction with this, Cengage (2009) has also identified other culture aspects that can become ethical and social barriers to business firms that are operating in foreign countries:
* cultural differences become a barrier when “culture, customs, language, attitudes, and institutions vary from country to country that pose insurmountable obstacles to the success of the organization by making it difficult to differentiate a cultural issues from an ethical issue in this environment” (Cengage, 2009, p.363).
* business and government interaction differences “depend upon the region of the world and industry under consideration, in which the interactions may vary widely between these entities” (Cengage, 2009, p.363). Some industries may require more or less regulation than other industries or in some countries the government and private sector may or may not have a close knit relationship.
* management and control of global operations problems “exist when there is an issue with organizational structure and design and human resource management” (Cengage, 2009, p. 364).
* exploration of global markets comes into “question when strategic alternatives that may be used by a multinational company considering expansion into new foreign markets are not sensitive to the needs of its market, the impact of its product, and the political vulnerability of its products” (Cengage, 2009, p.364).
Therefore, the need to develop a viable core set of values and priorities is important. Godiwalla and Damanpour (2004), define ethics as, “the process of distinguishing the right and good from the wrong and bad, and they imply a moral duty to pursue the good and the right” (p.43). Diamond (1984) argues that companies have a moral responsibility to enforce high standards, especially in developing countries not yet ready or able to regulate these firms.
In consonance, an organization’s competitive performance and other commercial activities must be established with its core ethical values and socially responsible vision. For this on-going process, periodic evaluations of the effectiveness of such programs are important, will make strategic management focus not only on the evaluation of business and economic performance, but also on that of social responsibility programs.”If ethics does not get factored in at the...

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