Business Ethics
Business Ethics or Ethical standards are the principles, practices
and philosophies that guide the business people in the day today business
decisions. It relates to the behavior of a businessman in a business situation.
They are concerned primarily with the impacts of decisions of the society
within and outside the business organizations or other groups who keep interest
in the business activities.
Business ethics can be said to begin where the law
ends. Business ethics is primarily concerned with those issues not covered by
the law, or where there is no definite consensus on whether something is right
or wrong.
According to Rogene. A. Buchholz, ―Business ethics refers to
right or wrong behavior in business decisions.
According to Wheeler Business Ethics is an art and science
for maintaining harmonious relationship with society, its various groups and
institutions as well as reorganizing the moral responsibility for the rightness
and wrongness of business conduct.
IMPORTANCE OF
BUSINESS ETHICS:
In this competitive business world there are a lot of ethics in
business which keeps great importance in this field. Important
area of study, whether as students interested in evaluating business
activities, or as Managers seeking to improve their decision-making skills.
It is generally viewed that good business ethics promote
good business.
1. The power and influence of business in society is greater
than ever before. Business ethics helps us to understand why this is happening,
what its implications might be, and how we might address this situation.
2. Business has the potential to provide a major contribution
to our societies, in terms of producing the products and services that we want,
providing employment, paying taxes, and acting as an engine for economic
development and thereby increases the goodwill.
3. Business malpractices have the potential to inflict
enormous harm on individuals, on communities and on the environment. Through
helping us to understand more about the causes and consequences of these
malpractices, business ethics helps to create mutual trust and confidence in
relationship.
4. The demands being placed on business to be ethical by its
various stakeholders are constantly becoming more complex and more challenging.
Business ethics provides the means to appreciate and understand these
challenges more clearly, in order that firms can meet these ethical
expectations more effectively.
5. Business ethics can help to improve ethical decision
making by providing managers with the appropriate knowledge and tools that
allow them to correctly identify, diagnose, analyze, and provide solutions to
the ethical problems and dilemmas they are confronted with.
6. A business can prosper on the basis of good ethical standards
and it helps to retain the business for long years.
7. Business ethics can provide us with the ability to assess
the benefits and problems associated with different ways of managing ethics in
organizations.
8. In the age of complexity in business fields, competition
is increasing day by day Good ethical standard helps the business to face the
challenges
The blog eloquently defines business ethics and elucidates its importance, offering a profound insight into the ethical dimensions of corporate conduct. It effectively underscores the pivotal role ethics plays in shaping organizational culture and long-term success. By emphasizing the importance of ethics, the blog serves as a timely reminder for businesses to prioritize values and integrity. It's a commendable resource for individuals and professionals seeking to comprehend the intricate link between ethical practices and sustainable business growth. The blog provides a thoughtful perspective, reinforcing the crucial significance of upholding ethical standards in the dynamic landscape of business management.
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