Homework Question on Law and Business Today and Immoral Behavior
- Looking at the legal environment of business today, discuss where you see the law has fallen short for businesses or consumers. State a rationale for your answer.
Homework Answer on Law and Business Today and Immoral Behavior
An increasing number of businesses enterprises are struggling to cope with the gradually more demanding privacy laws. The laws are so complex that business enterprises are failing to comply with the regulations of safeguarding consumers’ data. Secondly, some laws have been abused by managers of the business enterprises with the main goal of maximizing their profit margins at the expense of consumer satisfaction. In some other instances, managers have pursued their self-interests at the expense of other stakeholders, by taking advantage of the laws and regulations that are not strong enough to compel them in behaving ethically.
Even though businesses are upgrading their policies and procedures like training to keep up with the privacy laws, it has become a challenge to thwart data theft risks given the dynamics of people that they deal with, who include the employees and the service providers.On the other hand, the managers in any type of business are very important stakeholders as they are tasked with the responsibility of using the business’ financial capital and human resources to enhance its profitability and stock.
The managers always have a claim in the business and have the right to anticipate a good return or a reward since they bring in their skills, experience and expertise. Some corrupt managers have taken advantage of this and instead of building the overall company’s wealth, they ruthlessly device means of maximizing their own. This is why their behavior must be checked to ascertain that they are not behaving illegally or unethically, or rather they are not pursuing goals that in a way may threaten the interests of other stakeholders in the business, including consumers.