Marketing and Management Solution

Principles of business ethics The Principles of business ethics developed by well known authorities like Cantt, J. S.Mill, Herbert Spencer, Plato, Thomas Garret, Woodrad, Wilson etc are as follows 1. Sacredness of means and ends : The first and most important principles of business ethics emphasize that the means and techniques adopted to serve the business ends must be sacred and pure.It means that a good end cannot be attained with wrong means, even if it is beneficial to the society. 2. Not to do any evil: It is unethical to do a major evil to another or to oneself , whether this evil is a means or an end. 3. Equivalent price: According to  W. Wilson , the people are entitled to get goods equivalent to the value of money that he will pay. 4. Human dignity: As per this principle , man should not be treated as a factor of production and human dignity should be maintained. 5. Co-operation with others This principles states that business should help othe

Characteristics of business ethics:   Business ethics are ethics that refer to the moral rules and regulations governing the business world. The following are the important features of business ethics:- 1. It is considered both as a science and an art.   2. Business ethics are the principles, which govern and guide business people to perform business functions and in that sense business ethics is a discipline 3. It studies the activities, decisions and behavior which are related to human beings 4. It is based on theological principles such as sincerity, human welfare, service, good behavior etc.  5. It is based on reality and social customs prevailing in business environment. 6. It continuously test the rules and moral standards and is dynamic in nature 7. It has universal application because business exists all over the world 8. Many of the ethical principles develop the personal dignity 9. Business ethics keeps harmony between different roles

IMPORTANCE OF BUSINESS ETHICS There may be many reasons why business ethics might be regarded as an increasingly 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 ethics can help to improve ethical decision making by providing managers with the appropriate knowledge and tools that allow them to correctly identify, diagnose, analyse, and provide solutions to the ethical problems and dilemmas they are confronted with. 3. A business can prosper on the basis of good ethical standards and it helps to retain the business for long years.   4. The demands being placed on bus

Business ethics : Business ethics is the sum of common business activates or behavior which a business man doing in its business in ethically what is write and wrong. Business ethics is concerned with the behavior of a businessman in doing a business. Unethical practices are creating problems to businessman and business units. 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.  According to Rogene. A. Buchholz , ―Business ethics refers to right or wrong behaviour in business decisions . Business ethics is nothing but the application of ethics in business. Business ethics is the application of general ethical ideas to business behavior.

Values : The word value is derived from French word ‘valoir’ which means worth, merit, usefulness or importance of a thing. Values are traits or qualities that are considered valuable. They represent an individual‘s highest priorities and deeply held driving forces. A broad definition of values, derived from an insight into ancient India‘s psycho philosophical wisdom literature is ―Values are states of feelings/emotions that underpin the content of a choice/decision and determine the manner of using the intellect/reason for justifying and implementing that choice/decision. The study of values is fundamental in managing an organization‘s behavior.  Characteristics of Values: 1. Values represent an individual‘s highest priorities and deeply held driving forces  2. Values are the hub of personality and is powerful force affecting behavior  3. Value varies according to time  4. Many values are relatively constant and durable 5. It contains a judgment element

Culture   Culture is the man made part of the environment which provides a comprehensive frame work for understanding the way of life of a person, his beliefs, values, norms, behavior etc. Culture is one of those terms that are difficult to express clearly, but everyone knows it when they sense it. Our behavior is driven by three forces: 1. Human Nature: this is inherited and universally shared across all human cultures 2. Culture: Our collective programming which is learned, not inherited 3. Personality: Personality is the additional unique set of mental programme not shared with other human beings. It is partly inherited and partly learned. Kinds of Cultures 1. Strong Culture: in strong culture, the conceptual principles or values are translated very directly into people‘s day to day lives. For example, the military has a definite set of values and very strong culture. They are enforced through external rules and regulations as well as internal education.