Definition of business ethics and its importance

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

Definition of Needs, Wants and Demands

Needs - Needs are the basic requirements of a human being, like food, cloth, shelter etc. humans cannot survive lace of those requirements. education and health care are the extend part of needs in this modern world. according to marketing language, human needs are state of felt deprivation. It is the basic underlying of marketing. Different people have different needs some of them are as follows physical needs- Food, cloth, house, safety etc. personal needs- self expression, discuss feeling etc. Social needs- love, affection etc. Ego needs: status, recognition and self-esteem Wants – Wants are the satisfiers of needs. Specific products has the ability of satisfy specific wants. Wants are a form of needs and which are greatly dependent on the human needs. Wants are unlimited. Customers want high value and satisfaction for money. For example , you need to write, for this your choice will be the best pen. For write is your needs but the best brand of pen is your

INTRODUCTION TO HUMAN RESOURCE MANAGEMENT AND ENVIRONMENT

Human Resource Management (HRM) is a relatively new approach to managing people in any organisation. People are considered the key resource in this approach. it is concerned with the people dimension in management of an organisation. Since an organisation is a body of people, their acquisition, development of skills, motivation for higher levels of attainments, as well as ensuring maintenance of their level of commitment are all significant activities. These activities fall in the domain of HRM. Human Resource Management is a process, which consists of four main activities, namely, acquisition, development, motivation, as well as maintenance of human resources. Scott, Clothier and Spriegel have defined Human Resource Management as that branch of management which is responsible on a staff basis for concentrating on those aspects of operations which are primarily concerned with the relationship of management to employees and employees to employees and with the developm

The Marketing Mix

To be successful, a company need to take competitive marketing strategy for compute. Making competitive marketing strategy, selecting target customer and market positioning a company need to take proper planning of product, price, place and promotion etc. Marketing mix means the combination of major marketing tools like product, price, place and promotion and people. Philip Kotler and Gray Armstrong define, the set of controllable and tactical marketing tools product, price, place and promotion that the firm blind to produce the response it wants in the target market. The marketing mix, many possibilities can be collected into four group if variables known as the four or five P`s: Product Price Place Promotion people It is interesting to ask how to make the 5Ps more customer centric. This leads to a redefining of the 5Ps to the 5Cs as follows: Product—Customer solution Price—Customer cost Place—Convenience Promotion—Communication people- competition Produ

AlanFebruary 1, 2024 at 4:03 AM
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.

Marketing and Management Solution

Search This Blog