Kiều Thị Phương Anh Finance 56C ETHICS IN BUSINESS: Counterfeit products Nowadays, when considering about one business, the economists look at not only the equipment, the capital, the labor, but also take notice of the business ethics According to wikipedia, business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organization It is also created in order to protect the interests of both buyers and sellers However, some people, irrespective of rights and safety of their costumers, intend to violate their business ethics only to increase the profit which can lead to illegal business One clearest evidence is counterfeit industry The business of counterfeit goods is one of the largest underground industries in the world and growing rapidly According to my knowledge, a counterfeit good is a product that closely resembles another product in order to trick customers intro buying Or it can be defined that counterfeit goods are illegal copies of products that are passed off as being original Counterfeiting steals the identity of trademark owners and robs the customer number of things including comfort, reliability and their personal safety Counterfeit products may have some good impacts on consumers These producers understand their customer’s behavior and know how to meet their needs They produce products which have the same appearance and sell at a lower price in order to attract more buyers It can be seen as a good strategy in doing business However, this idea has spread out to many other fields and become dangerous to consumers With cheap costs, high profits and undisciplined testing procedures, buyers’ health and money as well as business revenue are greatly impacted by fake products Fake children’s toys, clothing are not safety-tested have been known to cause severe allergic reactions, counterfeit mobile and appliance batteries have been known to explode Another example is electrical counterfeit goods can cause fire risks due to overheating or incorrect wiring Other counterfeits like counterfeit alcohol may contain methanol, a hazardous substance that the Food Standards Kiều Thị Phương Anh Finance 56C Agency maintain can cause blindness and can lead to comas or more seriously situation may result in even death if consumed Besides, fake products may also harm the economy and cost the economy through lost sales revenues and lost tax revenues To conclude, fake products are not only harmful to the economy but also to each individual’s well-being We can no thing but protect ourselves by learn to be aware and only buy the genuine article as counterfeit products can not be erased on the market due to many other people’ demands Source: http://thoibaotaichinhvietnam.vn/pages/kinh-doanh/2014-12-24/san-xuat-hang-giahang-nhai-da-tro-thanh-mot-nganh-cong-nghiep-16466.aspx ...Kiều Thị Phương Anh Finance 56C Agency maintain can cause blindness and can lead to comas or more seriously situation may result in even death if consumed Besides, fake products... only harmful to the economy but also to each individual’s well-being We can no thing but protect ourselves by learn to be aware and only buy the genuine article as counterfeit products can not... be erased on the market due to many other people’ demands Source: http://thoibaotaichinhvietnam.vn/pages/kinh-doanh/2014-12-24/san-xuat-hang-giahang-nhai-da-tro-thanh-mot-nganh-cong-nghiep-16466.aspx