The Media and Business Ethics

Introduction

Business organisations should address the issues associated with their non-market environments. Some of the common non-market issues include ‘workplace safety, technology policy, environmental conservation, and corporate social responsibility’ (Patterson 2004, p. 16). This paper analyses the role of the media in the non-market environment. The essay uses some examples to analyse the influence of the media on contemporary management.

Role of the Media in the Non-Market Environment

The word “media” refers to different technologies used to deliver information to more people. Some of ‘the common media technologies include radio, music, television, and film’ (Ward 2013, p. 8). The internet has also revolutionised the nature of mass communication. Companies can use these technologies to inform more people about their businesses, goals, and missions. The media can produce positive benefits. Such benefits can support the performance of many firms. For instance, mass media ensures every company communicates its business model. Some firms act ethically in order to retain their reputations.

The media has encouraged many companies to embrace new practices such as Corporate Social Responsibility (Richard 2011). Many companies can use these media technologies to get relevant support from different stakeholders. The media promotes the level of information-sharing, thus equipping leaders with better organisational practices. The media informs managers about various legal provisions and ethical practices that can produce the best organisational outcomes. On the other hand, the media informs more stakeholders about the misbehaviours of different organisations (Ward 2013).

Analysis of a Positive Influence

Forbes Magazine ranked the most ethical companies in March 2015. The list included companies such as Adobe Systems, Tata Power, Dun & Bradstreet, and Gap Incorporation. This example explains how the media can promote the best business practices. These rankings were broadcasted across the globe by different radio stations and television channels. Some television channels, such as Al-Jazeera, CNN, BBC, and CCTV, highlighted the ethical practices of these companies. Many stakeholders associate themselves with different ethical companies. Many ethical companies attract new clients much faster (De Blasio, 2008).

That being the case, the media is a powerful tool that encourages many companies to engage in ethical business practices. Every company should, therefore embrace the best ethical strategies. This practise will eventually encourage more companies to become responsible (Richard 2011). Some of the anticipated practices include ‘environmental conservation, community involvement, better working conditions, corporate social responsibility, and positive organisational practices’ (Ward 2013, p. 73). Many leaders and Chief Executive Officers (CEOs) are promoting the best strategies in order to make their firms ethical.

The media also identifies specific companies that fail to promote the best ethical practices. This ‘situation discourages more clients and stakeholders from doing business with such firms’ (Areal & Carvalho 2013, p. 3). Different ‘media technologies have increased the rate of information-sharing’ (Areal & Carvalho, 2013, p. 4). Social media networks such as Facebook, YouTube, and Twitter have increased the level of communication. Companies should, therefore pull up their socks in order to support their non-market environments.

The power of the media can influence the performance of many firms in the future. The wave of globalisation has emerged due to the continued use of different media technologies. Many companies are no longer competing regionally. The internet is encouraging different companies to share their ideas. The situation explains why more companies will be promoting better business practices in the future. The media ‘has become a powerful tool that links different customers to their respective firms’ (Areal & Carvalho 2013, p. 4). Many companies will therefore, be required to become ethical in order to remain competitive in the global environment.

Conclusion

Many companies are using the media to promote their non-market strategies. The media makes it easier for many businesses to communicate their missions and visions. The media is also supporting the needs of different firms. Mass media is also forcing many companies to embrace good practices such as CSR (De Blasio 2008). In conclusion, the media continues to reshape the ethical responsibilities of many organisations across the world.

List of References

Areal, N & Carvalho, A 2013, The World’s Most Ethical Companies: Does the Fame Translate to Gain. Web.

Bamber, G, Lansbury, R & Wailes, N 2010, International and Comparative Employment Relations, Sage Publications, New York.

De Blasio, G 2008, ‘Understanding McDonald’s Among the World’s Most Ethical Companies’, Electronic Journal of Business Ethics and Organisation Studies, vol. 13, no. 1, pp. 5-12.

Harrison, A 2007, ‘Off-shoring Jobs? Multinationals and U.S. Manufacturing Employment’, International Policy Center, vol. 1, no. 1, pp. 1-58.

Jung, J & Mercenier, J 2010, Routinization-Biased Technical Change, Globalization and Labor Market Polarization: Does Theory Fit the Facts. Web.

Kaufman, C 2007, Globalisation and Labour Rights: The Conflict between Core Labour Rights and International Economic Law, Hart Publishing, Oxford.

Patterson, P 2004, Media Ethics: Issues and Cases, McGraw-Hill, New York.

Reddy, S 2014, Globalisation, Labour Markets, and Social Outcomes in Developing Countries. Web.

Richard, S 2011, Ethics and the Media: An Introduction, Wiley, New York.

Ward, S 2013, Global Media Ethics: Problems and Perspectives, Blackwell, New York.