Toyota Motor Corporation -with the reference to the key principles and Essay

Toyota Motor Corporation -with the reference to the key principles and approaches of business ethics, critically evaluate its performance - Essay Example (Company Description, April 2009) Ethics stands for a discipline which provides a framework for considering what is good or bad in relation to basic principles of morality (Baker D., 2009). Whereas business ethics on the other hand stands for right and wrong in context of the business world along with its principles and practices (Baker D., 2009). A business entity does not function in segregation from the society; in fact it is an integral part of the social environment. Therefore ethics play an important role in its relations to the other stake holders from the society, like customers, suppliers, workers, government, etc. It is being alleged in automotive circles especially in context of the US market that Toyota pays its workers much less than what the Big Three of US auto i.e. Chrysler, Ford and General Motors pay their workers. This is an area of contention for Toyota. An organization like Toyota has a considerable part of its operations in manufacturing. In this era of global warming and climate change, environment friendliness of a company’s manufacturing processes also fall within the realm of its core values and basic ethical philosophy. How the company is performing can be found out by relating it in context of different ethical theories. Moral theories on are segmented into three basic types: teleological theories, deontological theories and virtue-based theories. The basic premise of this theory is that ethical behavior is goal oriented. This approach says that entities are in dilemma while choosing a particular course of action in terms of achieving a goal. Morality lies in the chosen action’s negative or positive properties. If an action is chosen which has negative connotations, the theory then points it out to be amoral and when the opposite or positive connotation is prevalent, the theory points it out as moral. It is the consequence of the actions or approaches chosen , which is termed important teleological theories.