Contemporary Management issue (waleed) Essay Example | Topics and Well Written Essays - 2500 words

Contemporary Management issue (waleed) - Essay Example The Traditional theories of ethics look into the aspects in terms of an absolutist view. Under this regime, the theories are either claimed to be right or wrong. On the other hand, the Contemporary theories that are framed on ethics concentrates on the relativist positional views. The correctness of a given situation is determined by the Normative ethical theories (Warren, 2011). According to the views of Richard D. George, on the basis of Pluralism, the ethical theories can be conveyed in terms of two opposing patterns, Ethical Absolutism and Ethical Relativism. There are also other types of theories related to ethics, they are: Theory of Egoism Theory of Utilitarianism Theory of Egalitarianism (on basis of rights and justice) Theory of Non-Egalitarianism On the basis of the contemporary view, the ethical theories can be on: Virtue Ethics Feminist Ethics Discourse Ethics Post Modern Ethics The theories of morality and ethics are somewhat similar to each other. Some of the morality t heories are: Moral Subjectivism Cultural Relativism Ethical Egoism Devine Command Theory Kantian Theory Contractarianism The case deals with the consciousness of the U.S. government over the health hazards caused due to cigarette smoking. It claims that the Gladys Kessler (U.S. District Judge) would claim a penalty of $280 billion from the famous tobacco companies such as, Philip Morris, Liggett and Reynolds. These companies would be penalized if they are found to knowingly deceive the public regarding the addictive nature and risks associated with smoking. It was noted that about 400000 Americans die yearly due to the health issues caused from cigarettes manufactured by these companies. This paper would concentrate on an aspect that deals with the duties that the modern organizations cater to their customers. In the later stage, the essay would focus on the different theories of business ethics and morality. The theories in the course of the discussion would be related to the case study of the paper. The Duties to Customers from Companies In the contemporary world, the organizations are supposed to suffice three primary business goals. When describing about the duties of a company it is essential to shed light on the theories of business ethics. In simple terms, business ethics is often dubbed as the form of professional ethics or applied ethics which examines the ethical principles within a business environment. Moreover, it also appeals to every business aspect and is highly pertinent to the organization as well as the individuals. Business ethics encompasses both descriptive and normative dimensions. Hence, business ethics plays a crucial role in shaping the duties and activities of the consumers towards the company. Similarly, the theory of stakeholder holds high relevance in the field of business ethics. It states that a company has equal real responsibilities towards its stakeholders, but the activities differ from one group to the other. (Source: Elkin gton, 1999) As stated in the above diagram, the organizations must try to improve the state of environment, economy and society. This is as per the theory of Triple Bottom Line stated by John Elkington in 1999. This theory also states that the organization, by uplifting the societies, must try to bridge the gap between the poor and rich customers (Wright, 1995). However, catering to the social justice is the most essential factor that must be addressed by the