this goal is followed by additional costs. These conflicts are fundamental to the nature of business, it is crucial for managers to find the balance between different stakeholder groups including workers, customers, companBusiness ethics is crucial to overall society well being and corporate organizations, if to view the issue from the business standpoint. Public confidence is ethical business operation is only yet to recover, as of February 2004, 75 percent of Americans found the image of big corporations either “not good” or even “terrible”. The crucial step when it comes to business ethics – is to admit existence of a problem that is essentially based in the difference in the corporate values of different stakeholder groups. While society wants to receive well paid jobs, the focus of many organizations remains on cost minimization and maximization of productivity levels. While society wants to purchase goods at the lowest prices possible, businesses are normally profit seeking entities. Finally, it is crucial for society to sustain environmentally clean surroundings, whereas for business – this goal is followed by additional costs. These conflicts are fundamental to the nature of business, it is crucial for managers to find the balance between different stakeholder groups including workers, customers, companyy 2004, 75 percent of Americans found the image of big corporations either “not good” or even “terrible”. The crucial step when it comes to business ethics – is to admit existence of a problem that is essentially based in the difference in the corporate values of different stakeholder groups. While society wants to receive well paid jobs, the focus of many organizations remains on cost minimization and maximization of productivity levels. While society wants to purchase goods at the lowest prices possible, businesses are normally profit seeking entities. Finally, it is crucial for society to sustain environmentally clean surroundings, whereas for business – this goal is followed by additional costs. These conflicts are fundamental to the nature of business, it is crucial for managers to find the balance between different stakeholder groups including workers, customers, companthe difference in the corporate values of different stakeholder groups. While society wants to receive well paid jobs, the focus of many organizations remains on cost minimization and maximization of productivity levels. While society wants to purchase goods at the lowest prices possible, businesses are normally profit seeking entities. Finally, it is crucial for society to sustain environmentally clean surroundings, whereas for business – this goal is followed by additional costs. These conflicts are fundamental to the nature of business, it is crucial for managers to find the balance between different stakeholder groups including workers, customers, companhile society wants to purchase goods at the lowest prices possible, businesses are normally profit seeking entities. Finally, it is crucial for society to sustain environmentally clean surroundings, whereas for business – this goal is followed by additional costs. These conflicts are fundamental to the nature of business, it is crucial for managers to find the balance between different stakeholder groups including workers, customers, companthis goal is followed by additional costs. These conflicts are fundamental to the nature of business, it is crucial for managers to find the balance between different stakeholder groups including workers, customers, company owners, and the larger community.

Rapid technologic and scientific innovation followed by globalization makes the need to balance between stakeholders needs even more difficult. Ethical standards and practices often are not even able to keep with scientific innovation such as cloning. When it comes to business practices issues arise with U.S. job outsourcing to Third World community, valuation of intangible assets in the new technological era (Mayer, 2004). Despite the rising difficulties, it is crucial for managers to find the balance – otherwise a company might cease to exist unable to compete in the market place.

The role of business ethics in contemporary marketplace should be mainly discussed from the pragmatic approach. In order for business to exist, there must be a community of potential buyers and sellers, whereas this community and overall public moral