“sustainability Is the Key Goal for Business Ethics” Discuss This Statement with Reference to Both Theory and Practice.

“Sustainability is the key goal for business ethics” Discuss this statement with reference to both theory and practice.

Behaving ethically in businesses is very important in the modern world. According to Crane and Matten (2007), Business ethics is the study of business situation, activity, and decision where issues of right and wrong are addressed. These are the moral principles and guidelines which govern good behaviour in businesses (Riley, 2012).

Historically, corporations’ goal was to make profit, and others factor often got ignored. As a result, environment, social and economic prosperity begin to suffer. However, this situation has started to change; businesses are taking further action to care for society’s welfare (Study.com, 2013; Crane & Matten, 2007). This means that marketing managers are also interested in society’s health rather than just short term corporate interests. To achieve this, one concept has been widely promoted and increasingly being used: that is sustainability. Sustainability is the development that meets the needs of current generations without compromising the ability of future generations to meet their own needs (WCED, 1987, p. 45). Being ethically sustainable is important because it brings benefit to the company. In modern times, when concerns for humans’ rights and the environment are at the forefront of corporate progression, social media can put pressure on corporations when they fail to meet increasing ethical standards. As a result, businesses that weren’t ethically sustainable have gained negative reputations and put them at risk of closing if they do not make the right choices in how they operate in the long-term. Governments increasingly stipulate measures for sustainable growth, as it is safer in a volatile economy (Bradshaw, 2015).

The Triple Bottom Line (TBL) is an accounting framework coined by John Elkington (Crane & Matten, 2007). It is the three components of sustainability: Economic, social and environmental. They are also called the three Ps which stands for profit, people and planet. John Elkington stated that the idea of TBL is to represent that a business shouldn’t only have a financial bottom line, but also that environmental and social lines should be included. Many organisations like profit non-profit and government sectors have adopted the TBL framework to evaluate their performance in a broader context. The bullseye below shows the circle of TBL. It demonstrates the constructs that are ultimately shaped by our environment. How and where people live influences a society’s direct needs, and from

this, an accommodating market is constructed to cater for them.

With today’s globalisation, and wide choice of consumable items, businesses can easily operate around the world, and so outsource services. With global operations must come a standardised ethical