Behaving ethically in business in known as good business practice .Ethics is those guidelines which govern good moral behavior. Ethical principal are some standards in business which needs to be followed.
Being ethical does not states that the company is being law full. Following different laws and being ethical are two different terms. Ethical states what is wrong or right and lawful states how much importance the company gives to laws. Business ethics are closely related to corporate social responsibly. (rillay, 2004)
The basic motive behind business is profit, and self interesrist along with this profit is considered moral. There are appropriate and inappropriate ways to profit. Wealth enhancement is theprimary of business activity. At root business is morally legitimate because the wealth it seeks is necessary for human existence and can be attained through non-opposing voluntary actions between individuals. Business professionals devote themselves to securing prosperity
We should give respect and positively view the practice of creating value by business professionals and the act of making profit and production should be valued as moral activity. Production is the means to the fulfillment of mans' material needs.
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Everything necessary for the existence of a man should be produced. The requirements of life must be objectively identified and produced. Businessmen aim to produce a profit by selling at the highest price the market will permit while buying at the lowest prices the market will yield. They make profit by doing the best in creating goods and service that consumers desire. The role of business is to produce the best possible goods, services, and ideas at the lowest possible cost so as to maximize the firm's profits.
Man needs a system of rational ethical principles to provide knowledge and guidance in real business situations. The purpose of business ethics is to use and apply those principles that are appropriate for the complex world of business. Explicit principles provide those engaged in business with a moral framework within which to think, evaluate, and act. Business ethics is concerned with how a businessman should act so that the goals of his company are attained in a manner consistent with applicable ethical principles. Moral principles are universally applicable in the context in which they are defined and appropriate. It follows that certain cases do not fall within the context in which the principle is to be applied. Each of us must endeavor to learn the contexts that validate various principles. (younkins)
Ethics is the branch of philosophy that theoretically, logically and rationally determines right from wrong, good from bad, moral from immoral and just from unjust actions, conducts and behavior.
Ethics are those principles that accompany with the moral values of individuals and groups. It helps a person to distinguish between right and wrong practices. It involves honest consideration to underlying motive, to possible potential harm and to congruency with established values and rules.
Applying ethics in our daily life and in business helps us to reach a moral conclusion that is based on code of ethics and models that help us to shape productive business models. Morals are judgments, standards and rules of good conduct in the society. They guide people toward permissible behavior with regard to basic values.
Values are statements of what one believes , ethics is delivering on one's believed values and morals are actions of good conduct as judged by the society that enhance the welfare of human beings.
Understanding the meaning and importance of morals, ethics values and using ethical principles, can help a business man in formulating frameworks for effective decision making and strategies.
The willingness to add ethical principles to the decision-making structure indicates a desire to promote fairness, as well as prevent potential ethical problems from occurring
Conducting corporate social programs should be part of organization's life, these sessions can also helpful and should be utilized for further discussion on the meaning of values, ethics and morals in the context of their businesses. Organizational codes of ethics should protect individuals and address the moral values of the firm in the decision-making processes (mujtiba, 2005)
Implications of ethics can act as a catalyst in the success of a company because ethical behavior has always been proved to bring positive results on the company's strategies. Goals, business policies that helps the company to run more effectively. Ethics not only should be studied alongside management, but the two fields are closely related
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A business manager cannot make the right decisions without understanding the importance of ethics in management of the business. In business ethical means not being selfish and to ignore self interest. There has been always a difficulty in understanding business ethics, because how can one be selfless and still make profit. Business is started to earn profit, and a person can't ignore profits and be only ethical. Business men make strategies for earning profit and not for becoming ethical.
Business ethics is important to be carried out in the real world. This is why business managers should study ethics. They provide a language and conceptual framework with which one can talk and think about ethical issues
They present ethical theories that help to understand the valid ethical argument .they teach us to make distinctions and avoid fallacies that are so common when people make decisions. They give one practice at articulating an ethical Position, which can help resist pressure to compromise. (hooker, april 2003)
All the companies should value the commitment made to customers, the marketplace, communities and other stakeholders. Companies should be honest, use those methods that provides best value to customers .This Code of Business Ethics sets the standard for how one should conduct business.
It should be designed to ensure that all employees make decisions that are consistent with the values and that meets many commitments. It applies to members of the Board of Directors and all employees of all companies within the group. Furthermore, the group should seek only to do business with partners whose business practices are Consistent with the spirit of Code. (bruel)
Long term profits and strong customer relationship is very important in business To gain a long-term relationship with customers and achieve customer return for the business, the business needs to give importance and value to ethics. The trustworthiness of a business, its customer service, its customer care, its way of dealing with customers and its urge to retain their old customers, is a part of ethics in business. Business ethics leave a long-lasting impression on the customers and the impression on their minds builds trust, fetching a business more customers while retaining the older ones.
The benefits received by the business should not be used in an unfair manner. The use of company resources for personal benefits and taking an undue advantage of business resources is completely unethical. Using the wealth of the business for personal reasons is not ethical. Using company funds for personal reasons is unethical. A thoughtful and a careful utilization of company resources is a part of business ethics. A vigilant and a prudent use of resources is an essential component of ethics in business. (manali)
Leaders and employees following ethics create an ethical organizational culture. The leaders of a business may create an ethical culture by exhibiting the type of behavior they'd like to see in employees. The organization can reinforce ethical behavior by rewarding employees who exhibit the values and integrity that coincides with the company code of ethics and disciplining those who make the wrong choices.
Ethical behavior among workers in an organization ensures that employees complete work with honesty and integrity. Employees who use ethics to guide their behavior adhere to employee policies and rules while striving to meet the goals of the organization. Ethical employees also meet standards for quality in their work, which can enhance the company's reputation for quality products and service.(….)