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Business ethics consists of business and ethics. Ethics is a notion that deals with normative questions, which are of good and bad and of how we should behave (Stahl, B., 2002). Obligation or duty is most fundamental concept in ethics (De George, Richard T., 1999). By using newspapers, magazines and library sources, I can identify one current issue, from the time 1 April 2009 - 31 March 2010, which presents an ethical problem for a company. This essay will firstly discuss the characters of the 888 Holdings Plc Company. Following this, it will explain the summary financials of 888 Holdings Plc Company. Subsequently, it will explain the International Corporate strategy in past and present of 888 Holdings Plc Company. Then, it will analyse and discuss how 888 Holdings Plc Company manages any identifiable. After that, it will describe the context of the ethical problem and explain why it is a problem by using relevant theories from the course. Finally, it will give some recommendations about what should be done about the ethical problem.
The characters of the 888 Holdings Plc Company
Now, the size, turnover, industry, market share, market report and other relevant information, such as Location of markets and sourcing of raw materials of the 888 Holdings Plc Company will be introduced.
Size: It has an incorporated operating subsidiary, Cassava Enterprises. And the operating subsidiary operates under the laws of Gibraltar.
Turnover: Gigi Levy, who is the Chief Executive of the company, is paid an annual salary of $841,000 and an annual bonus of $1,007,000.
Industry: It operates several high-profile gambling websites. It also develops and manages principal aspects of its operations in-house, including software development, marketing, business development, back office payment processing, risk management, and member relationship management.
Market share: It is a constituent of the FTSE 250 Index. 888's marketing is principally planned, sourced and executed through its in-house marketing arm which has accumulated significant creative and marketing experience focusing on achieving high return on its investment-driven campaigns.
Market report: It owns and operates a number of gaming sites, which are both for real money and educational sites, such as 888.com, Casino-on-Net, Reef Club Casino, Pacific Poker, 888ladies, and 888sport.
Location of markets: 888's main headquarters and main operations are located in Gibraltar.
Sourcing of raw materials: A gaming license which was granted by the government of Gibraltar.
The summary financials of 888 Holdings Plc Company
It will describe the trends over 5 years and comments of this trend information on gearing, EPS, dividend policy and financing policy.
The trends over 5 years and comments of this trend information on gearing, EPS, dividend policy and financing policy are good.
The International Corporate strategy in past and present of 888 Holdings Plc Company
It will describe the major developments over recent years. Comment on key areas of strength or weakness and degree of competition and geographical location.
888 Holdings Plc Company is one of the world's most popular online gaming entertainment companies in the global Internet gaming market.
How 888 Holdings Plc Company manages any identifiable
It will describe the exchange rate risk, Country and political risk.
The practice mode of 888 Holdings Plc Company is without risk.
The context of the ethical problem and explain why it is a problem by using relevant theories from the course
There are many ethical theories such as virtue ethics, duty ethics, and utilitarianism, the corporate social performance (CSP) model, stakeholder management, religious ethics (E. ten Pierick, V. Beekman, C.N. van der Weele, M.J.G. Meeusen, R.P.M. de Graaff., 2004). It is important to realise the acceptance of corporate social responsibilities and the usefulness of describing and operationalising many ethical theories.
It is often assumed that business, like the market, has to be left alone to do its own thing. If interfered with, it fails. Trade unions, the state, pressure groups and so on are in the way of doing capitalism well. But what if we don't assume this? What if we assume that businesses, management, markets should be tools of our intentions, and not the apology that we provide for not being able to do better.
Stakeholder model build into all business practices forms of audit, accounting, reporting, HRM, strategy that takes account of multiple stakeholders, not just shareholders. Who are the stakeholders? How do we force businesses to do this?
Law establish a legal structure that fines organizations that produce too much carbon, that contracts non-unionised workers in the third world, that is proved to discriminate, that discourages unions amongst its own workers, that pays its workers poor wages and rewards its managers too highly.
The 888 Holdings Plc Company, which is one of the largest online gambling companies and has a long history with World Gaming, has ethical problems. Because the United States passed legislation effectively banning the company from serving U.S. customers, shares in the company were down. Later, 888 Holdings, Plc Company merged with PartyGaming, Plc Company. It is said that the merger between the two rival companies would create a £1.6 billion.
Some recommendations about what should be done about the ethical problem
There are many kinds of ethical problem, such as administration ethics and management ethics. The study of ethical problem has actuality meaning. Now, I give some recommendations about what should be done about the ethical problem.
First, the interests and rights of enterprises and the society should be unified. In the aspect of space, the enterprise is part of the whole society. In the aspect of personality, the enterprise should be the integration of society and economy and morality. In the aspect of role, operators and consumers are interdependent. In the aspect of target, economic benefit should be consistent with social culture diversification.
Second, things and people should be unified. In pursuit of wealth and limited by things, this can reverse the correct relationship between things and people. Things serve people and people dominate things. That is the right choice.
Third, the enterprise ethics should go from spontaneous to consciously and discipline to the process of self-discipline. The practice of the enterprise ethics is the process of development from immaturity to maturity. The ultimate purpose of enterprises is to satisfy the people's needs and improve people's life quality.
Fourth, enterprises should undertake the responsibility of enterprise ethics actively. Enterprises must bear the corresponding social responsibility, which is the basic requirement of the enterprise ethics. Multinational companies' social responsibilities range should be adapted to the development of its economy, and it is not only a weak and narrow ethical appeal. Economic globalization itself contains globalization of responsibility consciousness. Otherwise, the process of the economic globalization will be incomplete and dangerous. Moreover, companies must establish strong awareness of environmental protection. The reasonable utilization of resources and environmental protection are obligatory responsibility of all enterprises. The companies should not only protect the environment, concern worldwide environmental protection problems, but also make effort for the sustainable development of human all-round development and make due contributions to develop rapidly (Annan, K.A. 2002).
Fifth, the enterprises should adhere to the customers, and the enterprises should adhere to honesty. Honesty is the basic moral principle to sustain the contract relationships between the various contacts of enterprises. The essence of honesty is to fulfill the responsibility of the enterprises to support market contract with customers. It is necessary to keep trust relationship for the enterprises to survive and develop well. In the new context of globalization, trust has played an increasingly important role in the management, marketing and other fields. Trust is particular important in china, which is deeply influenced by Confucianism. Some conclusions can be drawn by analyzing the trust in relationship marketing, and enterprises should pay attention to the development of trust relationship.
In the following, I list five ways to build customer trust.
1. Set up trust in your company. Make sure to manage sales reps to develop their compentency if your company has any type of certificates that attest to the trustworthiness of how you do business.
2. Set up trust in your products and services. To build customer trust in what you sell, especially those letters that describe how life or business changed for the better after a customer bought from you, you can use testimonial letters. Put color copies that you made in plastic page protectors and then let all the sales representatives or sales reps carry them and design them for your office walls.
Moreover, another great way to increase trust is hiring outside companies to measure your results. When I see an Underwriter's Laboratory tag hanging on any electrical device, I trust its safety more. When I see statistics with a footnote that the results have been approved by a certified accounting agency, I trust the facts more. There are many simple ways. Using those simple ways, you can help your customers trust your offerings more absolutely and quickly.
3. Set up trust in yourself. It is necessary and basic to earn a customer's trust, which can set up trust in you. You should be on time. If you say you will be at a place at nine in the evening and you show your face at a quarter past nine, you can expect that your customer cannot believe you when you say your copying machine makes thirty copies per minute or your products are within 0.002 mm of the specifications.
You may not think being on time and the quality of your offerings are related, but when a customer is just getting to know you, they do not have a lot of history to evaluate, so every bit counts.
4. Set up trust in your marketing. You should not stretch the truth in any of your sales or marketing materials. For sins of omission, errors, and commission, customers have their radar on, so you should insist on the truth. This applies to all your marketing- materials, sales presentations, press releases, advertising, business cards, and Web sites.
5. Set up trust in your industry. Now and then, entire industries have a bad reputation. Even if you run a trustworthy operation in such an industry, you not only have a selling challenge persuading your customers to trust your industry, but also your particular operation.
You should be careful to look for articles in respected media that show the good side or the progress in your industry. You should make copies available to your customers when you find them, as a result, they can judge for themselves based on current information.
Sixth, the enterprise ethics culture is an important content of the enterprise management. According to the historical materialist view, enterprise management originated from common labor of human, anyone with a human life. Through enterprise management, production, life, and other activities of people can be done objective and orderly. For an enterprise, management is the organized activities for people to achieve certain objectives. At the same time, this kind of practice cannot exist without ethics and shall not discard human needs. From the angle of philosophy and ethics, management is the activity and behavior, which is caused and promoted by the needs of people. Modern enterprise management process also needs to deal with how to treat the problem of the relationship between the human beings and machines. The modern enterprise is usually mechanization and automation of the enterprise, the person (whether laborer or managers) often becomes the mechanization, automatic machine system in an attachment. This raises a question: is the man as an integral part of the machine system, or manage with the machine body. If a point to management according to the former, which may ignore the particularity of people, if a viewpoint, after may violate administration system of machine. Obviously, according to the principle of technology, economy, according to the principle of ethical principles we can solve this problem. People enter the company get a job, at present, the main purpose is to make a living, but people to come to work labor and various enterprises, spiritual and cultural, ethical and moral need, the nature and not single person in its inherent abstraction. In reality, it is the sum of all the social relations. People hope enterprise is not only a work place, or a people to contact the society, the social contacts of others, which require us to have a place in the management of the enterprise, make people in enterprise labor and work, culture and spiritual and moral satisfaction, development and perfection.
In conclusion, in information era of economic globalization, the meaning of existence of the enterprises is not only promoting social prosperity through economic benefit, but also influencing social development directly through certain ethical behavior. Although international outstanding enterprises have implemented the modern enterprise ethics, yet the implementation of enterprise ethics still looks weak. The enterprise ethics has become from the evil for good, with the change from profit maximization to social responsibility. The truly universal promotion of enterprise ethics is still very arduous. The change of enterprise ethics is the process of the unifation of right and obligation. The major change of Western business ethics is the theoretical and ideological change, direction change. Many people opposed of the transformation, still some people do not approve that corporations should take social responsibility. The enterprises should not only have pursuit of profits and fair, pay attention to the enterprises' rights, but also emphasizes the social responsibility and obligations of the enterprises, which embodies the unity of rights and obligations. In enterprise development, the enterprise ethics culture will have increasingly significant position and play an increasingly important role in modern market economy. It is an obvious unstoppable historical trend of the development of enterprises and modern market economy.