Importance of Ethics in Business

If you are a business then you may have quickly realized the importance of ethics in the market. We all seek an ethical code of conduct in our day to day lives. However, there is something different about ethics when it comes to selling and buying products and services in the market.

Business Ethics

The reason behind this difference is because there is a question of money being paid in exchange for a product or a service. As a producer one's primary goal may be profit maximization, but how he/she achieves this goal has a lot to do with ethics (or the lack of it).

When you are advertising for a product you are trying to convince the consumers to buy your product on the pretext of its use to them. In this case, if you are honest and ethical you should project your product or service just as it is. At this point it is imperative for you as a seller to understand that not everyone will be willing to buy your product or service.

Every product or service in the market has its own niche consumer base. However, if you try to dupe or coerce the customer against his or her will to buy your product only so that you can profit from it, you will not be spreading goodwill in the market for yourself.

•Consumers understand when they are being tricked into buying something and they don't appreciate it for two main reasons (among many others):

•It almost seems like they are being robbed of their hard earned money. No one wants to spend money on a product or service which is of no use to him/her.

•The consumer feels fooled (or insulted) when a seller tries to manipulate him/her into buying something.

In order to maintain a healthy relationship with all your customers in the market you need to behave nicely with them. It is not just about buying and selling things. Neither is it about the money all the time. Some products may be of a higher value to the consumer than what is required to be paid to attain it.

Spread the Smile

You as a seller will also feel nice about your business when a customer leaves the shop with a smiling face. It doesn't cost to be polite or respectful to people. In fact in business, it pays to behave well with others. However, if we consider it from an ethical point of view, one should not behave well because it may be profitable in the long run. One should do it because it is a good thing to do.

At the same time it is not counted as being ethical if you start giving your products away for free. Like consumers buy products and services with their hard earned money to satisfy their wants, you as a seller also need to realize that the price paid by your customer to purchase your product or service is your mode of living.