Business Ethics Chapter 3

Ethical dilemmas

One of the ethical dilemmas faced by an individual is in regard to determine the price of their varied set of products (De Cremer and Vandekerckhove, 2016). The pricing of products is regarded as one of the important factor of the business which helps in attracting wide number of customers. Morrison and Booths supermarket need to follow various ethical issues while developing prices of various products or services offered to different clients. Fair pricing strategies need to be adopting in which retailers will charge accurate wholesale pricing costs along with reasonable profit margin included in the products. The MRP will be set by the government in order to protect the interest of various customers to protect them from the exploitation of the sellers.

Company response towards ethical dilemma

The ethical dilemmas faces by an entity will not only affect the business of an entity but all their stakeholders. The ethical dilemmas in the business of Morrison’s and the Booth supermarket is related with the pricing development of product with reasonable profit margin which disturbs overall operations of the enterprise. Stakeholders will not invest in the business as they get reduced amount of interest in return of the investment applied by them.

Recommendations

The gaps created in the pricing of products will help an individual in order to earn specific amount of profit. The business can take subsidies from the government in order to charge product on the MRP and the additional profit earned by the business without neglecting the legislations framed by consumer law (Wang, Cheney and Roper, 2016).

References:

• De Cremer, D. and Vandekerckhove, W., 2016. Managing unethical behavior in organizations: The need for a behavioral business ethics approach. Journal of Management & Organization, pp.1-19.
• Wang, Y., Cheney, G. and Roper, J., 2016. Virtue Ethics and the Practice–Institution Schema: An Ethical Case of Excellent Business Practices. Journal of Business Ethics. 138(1). pp.67-77.
• BIBLIOGRAPHY
• https://www.marketingweek.com/focus/morrisons/
• https://www.marketingweek.com/2016/03/17/the-man-tasked-with-reviving-the-morrisons-brand/
• http://www.groceryinsight.com/blog/2011/11/booths-the-waitrose-of-the-north/

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