Essay about Martha Stewart Ethics - 1436 Words

Martha Stewart: Lemons into Lemonade Before one can make an informed decision as to whether Martha Stewarts handled the incident responsibly or whether or not her actions were moral or immoral, one must first understand the basics of ethics and understand whose rights are involved and how they were affected. Then one must also examine who will be helped and who will be hurt by her actions and then make a decision based on the information and personal values as they relate to the issue. Martha Stewart was charged in 2001 with making false statements, conspiracy, and obstruction of justice during her sale of ImClone the day before the FDA announced its refusal to review a new cancer drug. This sale was scrutinized by authorities†¦show more content†¦Step two asks were basic human rights violated. One must decide whose rights are to be respected. On both sides of the issue one will observe rights correlating to duties. One must clearly understand who has a duty, and to whom. Are the rights positive or negative? One must decide which are most important to them. The last step in making a moral decision is simply making the decision. How one arranges the issues and arrives at this decision depends on ones particular set of values and cultural perspectives, but regardless the values and cultural perspectives of the decision maker, the rights and duties remain the same for any situation. One must learn to look for and identify the appropriate deontological factors. Once these factors are identified, one may use his/her own values in order to determine which factors are the most important. By applying these unique values, one is able to develop the final decision. Now that we have a basic understanding of ethics and the moral decision making process, we can explore whether or not Martha Stewarts actions were immoral or not. Using a utilitarian approach for step one, it is important to look at the how the greater good was effected by her actio ns. Mrs. Stewart statements provided the greatest good to the majority of her customers and shareholders. She made a public statement on her web site that stated, Dear Friends: I am obviously distressed by theShow MoreRelatedEssay on Martha Stewart: Organization Ethics of Insider Trading2451 Words   |  10 Pagesby individuals close to the upper level management of an organization. This type of unethical behavior undermines the stability of the organization. In the ImClone scandal where Martha Stewart was indicted for her involement, the stability of her company suffered and the companies and people associated with Ms. Stewart suffered as a result of her decision. In this essay I will examine the parties that were privileged to knowing ImClone’s stock was going to drop and those who did not know. 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Racism Nelson Mandela, Former President Of South Africa

Nelson Mandela, Former President of South Africa, once said, â€Å"No one is born hating another person because of the color of his skin, his background, or his religion. People learn to hate, and if they can learn to hate, they can be taught to love, for love comes more naturally to the human heart than its opposite† (Nelson Mandela Museum). Racism has been at the forefront of debates since the Nineteenth century and has spread throughout the United States, creating outrage, violence, and political reform. Racism has been the main cause behind many major organizations in this country, some even political. Some organizations take a firm stance against racism, such as the National Association for the Advancement of Colored People (NAACP), and some push for a more racist and separate society, such as the Ku Klux Klan (KKK). Although racism has been going on for a long time, the world has not done enough to abolish such bad theories. 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The Advantages and Disadvantages of Using Social Networks in Business

Question: Discuss about Advantages and Disadvantages of Using Social Networks in Business ? Answer: Introduction Internet has captured around 30% of the international market and has around 2 billion consumers around the globe (Internet World Stats, 2017). With the increasing consumer trend of using internet to gain product information and buy products online has enabled the organizations to use social media marketing to promote their businesses. There has been an ongoing research by the various scholars to study consumer behavior and develop effective strategies to market products and brands through social media networks. With the increasing trend of Facebook, Instagram, Twitter and other social media networks, the organizations have been thriving hard to establish strong relationship with the consumers, for instance, Starbucks uploads the photographs of their customers on social media to maintain customer relationship. In spite of increasing usage of social media networks and its preferred use for businesses, it has some disadvantages that could affect the performance of businesses. The report would thus, aim to discuss advantages and disadvantages of using social media networks in businesses through a literature review. Social Network The authors Xiang and Ulrike (2010), defined social media as internet based applications comprising of consumer generated content that also includes media impressions. The consumers could easily post, tag, blog and perform other functions through various tools and applications of social media. The study conducted by authors also revealed that social media has a great influence on the mind sets of consumers. The authors Asur and Bernardo (2010), defined social media as an online platform for the people to develop content, share it with their friends, bookmark it and develop their social network. The most popularly used social media networks include Facebook, Twitter, MySpace, Digg and other social platforms. The authors also stated that social media has influenced the public trends through their ease of use, speed and accessibility. According to the authors Agichtein et al (2008), social media is considered to be the source of rich content with variety of information sources. According to Alhabash, Juan, and Syed (2017), social media facilitates the development of brand and product. The authors also stated that with the help of social networks, the gap between advertising, marketing and public relations has dissolved and the organizations are easily able to develop relationship with their customers by connecting with them through their profile. The authors also argued that traditional marketing methods involves a lengthy process of developing strategy and then executing them, on the other hand social media merges all strategies including public relations, advertising and offline strategies to be able to reach the potential target customers. Social media takes into consideration the consumer behavior and therefore, the focus is on content generation that has the most positive impact on the thinking pattern of consumers. According to Mangold and David (2009), social media has become an integral element of promotional mix for the companies. The authors stated their point by saying that companies are able to have a direct interaction with the potential customers. They also argued that social media also provides platform for the customers to have a direct discussion that is a challenge for the companies for which they must develop effective strategies to control the consumer discussion. The authors Knoll and Schramm (2015) also revealed the importance of user generated content for social media. Their paper construed that the consumers are more likely to be influenced by the content that has been shared by someone from their own group and social network instead of some unknown and complete stranger. Advantages of Social Networks in Business According to Alhabash, Juan, and Syed (2017), social media networking is one of the most prominent methods of marketing for businesses. The businesses are easily able to promote their brands and product by blending the concept of advertising, public relations and marketing by directly connecting with the customers. The authors also revealed that user generated content plays an important role in influencing the minds of the consumers. The companies can easily promote their products and brands through videos, graphics and other forms of visuals. The author also emphasized that through social media network, the businesses can easily target large number of customers without making a huge investment. The authors Xiang and Ulrike (2010), revealed through one of their study that social media play a significant role in online tourism industry. The consumers are able to plan their trip using search engine. Further, the consumers are also able to share their experiences on the social media by uploading their stories, comments, pictures and short videos. Thus tourism industry has benefited through wide use of social media and attracted huge number of customers through ease and convenient services. The authors Asur and Bernardo (2010) argued that social media could also help to predict future outcomes by analyzing the large data available on the network. The authors research revealed that business could be predicted for box movies using Twitter social network. Twitter is a micro-blogging network that has become popular and has tens of millions of users actively present. The consumers are likely to discuss about a movie on the Twitter with their friends and colleagues. The research revealed that real world outcomes can be easily construed from the ongoing discussion on Twitter and around 3 million tweets on Twitter were analyzed to assess their impact on Hollywood Stock Exchange. The findings construed that there is a direct relation between the amount of attention a topic is given on the Twitter and its revenue collection and ranking in the future. Thackeray (2008) stated that social networks helps to establish long term relationship with the customers through user generated content sharing, bookmarking, social networking and syndication. This enhances the promotional methods of the businesses as the consumers share their experiences and opinions at very fast pace. Thus, the companies would have direct access to their consumers and would not have to depend on the traditional channels. The author Shashi (2012) also stated that social networks enhance customer engagement by integrating the concept of relationship marketing in the process. The customer engagement cycle is enhanced by integrating connection, interaction, retention, loyalty, advocacy and engagement to develop delighted customers, loyal customers and transactional customers. Disadvantages of Social Networks in Business The authors Vance, William and Robert (2009), argued that in spite of several opportunities for businesses provided by social media, it has certain challenges for healthcare industry. The authors specifically emphasized on the authorship of the content. They strictly stated that many a times sources are not provided by users and most of the time users share their personal experiences that could have a negative impact on the performance of the businesses. For healthcare sector, the authors construed the factors authorship, attribution of information and patient privacy. It becomes a huge responsibility for the hospitals to ensure sound medical advice to the consumers through social networks. The authors Macnamara and Zerfass (2012) pointed out that social media has a challenging communication management level in Europe and Australia. The organizations have to deploy the concept of communication controlling that conflict with the practices of social media. Further, the organizations have to also take care of methods deployed in consumer engagement through social media and needs to be in accordance to the laws and interests of stakeholders. According to Kaplan and Michael (2010), social networking is commonly used by the youngsters as they are excited to use the latest technology. The youth are more likely to attract by the latest technology as compared to the adults because of their adaptability and flexibility. When Instagram was launched, almost every youngster signed up for it. Thus, social fails to target a large number of customers including adults, business professionals and executives. The authors also argued that it becomes difficult for them to control and monitor each and every activity of the consumers on social media. Thus, the consumers could also defame the name of the company through negative reviews and comments. This could tarnish the image of the company and influence the businesses. A negative feedback and review by a client may be due to clients fault or some other unavoidable factors, but would spoil the brand name of product or company for a long duration and it becomes difficult to change the min dset of the customer Conclusion Social media has acquired a large market share of the world due to which it has become the preferred methods of communication and marketing with the customers. The report revealed that it is one of the easiest and fastest methods that blend advertising, marketing and public relations very effectively. One of the major advantages of social media is that it helps in customer engagement by directly reaching the customers. It also helps to instill loyalty and trust among the consumers. A company can easily promote its brand and product without incurring any cost that would have been required for traditional marketing methods. In spite of several advantages, social media could pose problems to the authorship of the content and could also tarnish the name of the businesses through negative comments by the consumers. References Agichtein, Eugene, Carlos Castillo, Debora Donato, Aristides Gionis, and Gilad Mishne. 2008. Finding high-quality content in social media. InProceedings of the 2008 international conference on web search and data mining, pp. 183-194. ACM. Alhabash, Saleem, Juan Mundel, and Syed Ali Hussain. 2017. Social Media Advertising.Digital Advertising: Theory and Research. Asur, Sitaram, and Bernardo A. Huberman. 2010. Predicting the future with social media. InWeb Intelligence and Intelligent Agent Technology (WI-IAT), IEEE/WIC/ACM International Conference on, vol. 1, pp. 492-499. Internet World Stats. 2012. Internet Usage Statistics. Internet World Stats. Available at: https://www.internetworldstats.com/stats.htm [Accessed Online 25 April 2017]. Kaplan, Andreas M., and Michael Haenlein. 2010. Users of the world, unite! The challenges and opportunities of Social Media.Business horizons53, no. 1: 59-68. Knoll, Johannes., and Schramm, Holger. (2015). Advertising in social network sites Investigating the social influence of user generated content on online advertising effects. Communications, 40(3), 341360. Macnamara, Jim, and Ansgar Zerfass. 2012. Social media communication in organizations: The challenges of balancing openness, strategy, and management.International Journal of Strategic Communication6, no. 4: 287-308. Mangold, W. Glynn, and David J. Faulds. 2009. Social media: The new hybrid element of the promotion mix."Business horizons52, no. 4: 357-365. Sashi, C. M. 2012. Customer engagement, buyer-seller relationships, and social media."Management decision50, no. 2: 253-272. Thackeray, Rosemary, Brad L. Neiger, Carl L. Hanson, and James F. McKenzie. 2008. Enhancing promotional strategies within social marketing programs: use of Web 2.0 social media.Health promotion practice9, no. 4: 338-343. Vance, Karl, William Howe, and Robert P. Dellavalle. 2009. Social internet sites as a source of public health information.Dermatologic clinics27, no. 2: 133-136. Xiang, Zheng, and Ulrike Gretzel. 2010. Role of social media in online travel information search.Tourism management31, no. 2 (2010): 179-188.