Enron, Ethics and Today’s Corporate Values, Essay Example

Abstract

This paper discusses conscious capitalism and analyzes the four principles of value-based business as applied in the Coca-Cola business values. In addition, this paper also tackles the factors that affect ethical practice in an organization and identify the key characteristics of a value-based leader.

Value Statement of Coca-Cola

Coca-Cola is one of the top companies whose successes are remarkable. This is due to the fact that the company values leadership, diversity, integrity, accountability, collaboration, quality and passion.

Conscious Capitalism

Conscious capitalism is defined as a form of marketing strategy wherein the corporation or any business for that matter appear to be aware of all the effects and the consequences of their business activities, undertakings and practices to both the environment and the human race. In this regard, it cannot be denied that a company should be aware of the effects of its actions, whether positive or negative.

Principles of Value-Based Business

It must be noted that in order to be so, there is a need to function based on the 4 principle of value-based business. Coca-Cola fits the definition of a value-based business. The company clearly shows self-reflection by showing integrity wherein the main focus is to be real. In addition, balance and perspective within the company is being observed through the collaboration of all the employees and people involved in the company as well as by showing true leadership. The company achieves true self-confidence by being confident that what they do, they do well. They boast of the quality of their products. Finally, Coca-Cola shows genuine humility by embracing diversity not just among their employees but as well as in their products.

Factors that Impact Ethical Practices

Individual and organization factors have the strongest impact in the ethical practices or decision-making within an organization. This is because of the fact that most of the time, self-interest and self-preservation comes first before ethics (Kraemer, 2011).

Value-Based Leader

Furthermore, in order to ensure value-based practices in an organization there is a need for a leader who believes that the better of the people is the main focus of the practices rather than thinking that people can be used to achieve the goals of the leader (Ferrell, 2002).

References

Kraemer, H. (2011). From values to action: The four principles of values-based leadership. New Jersey: Jossey Bass.

Ferrell, O. (2002). Business ethics. Boston: Houghton Mifflin Company.