Business Ethics
Business Ethics
Social responsibility requires individuals engaging in business endeavors to behave in an ethical manner. Ethics are principles of behavior that distinguish between right and wrong. Ethical conduct conforms to what a group or society as a whole considers right behavior. People working in business frequently face ethical questions. Business ethics is the evaluation of business activities and behavior as right or wrong. Ethical standards in business are based on commonly accepted principles of behavior established by the expectations of society, the firm, the industry, and an individual’s personal values.
Critically, "Business Ethics" can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. In particular, it involves examining appropriate constraints on the pursuit of self-interest, or (for firms) profits, when the actions of individuals or firms affects others. (9)
With unethical business practices often receiving publicity, the public sometimes believe that people in business are less ethical than others in society. But ethical problems challenge all segments of our society, including government, churches, and higher education.
Most business leaders realize their firms cannot succeed without the trust of customers and the goodwill of society. A violation of ethics makes trust and goodwill difficult to maintain. In thousands of companies, executives and employees act according to the highest ethical standards. Unfortunately managers in some firms behave unethically, and these instances are often highly publicized. Personnel executive say the major reason managers behave unethically is to obtain power and money.
Business ethics is a wider term that includes many other sub ethics that are relevant to the respective field. For example there is marketing ethics for marketing, ethics in HR for Human Resource Department and the like. Business ethics itself is a part of applied ethics;
Social responsibility requires individuals engaging in business endeavors to behave in an ethical manner. Ethics are principles of behavior that distinguish between right and wrong. Ethical conduct conforms to what a group or society as a whole considers right behavior. People working in business frequently face ethical questions. Business ethics is the evaluation of business activities and behavior as right or wrong. Ethical standards in business are based on commonly accepted principles of behavior established by the expectations of society, the firm, the industry, and an individual’s personal values.
Critically, "Business Ethics" can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. In particular, it involves examining appropriate constraints on the pursuit of self-interest, or (for firms) profits, when the actions of individuals or firms affects others. (9)
With unethical business practices often receiving publicity, the public sometimes believe that people in business are less ethical than others in society. But ethical problems challenge all segments of our society, including government, churches, and higher education.
Most business leaders realize their firms cannot succeed without the trust of customers and the goodwill of society. A violation of ethics makes trust and goodwill difficult to maintain. In thousands of companies, executives and employees act according to the highest ethical standards. Unfortunately managers in some firms behave unethically, and these instances are often highly publicized. Personnel executive say the major reason managers behave unethically is to obtain power and money.
Business ethics is a wider term that includes many other sub ethics that are relevant to the respective field. For example there is marketing ethics for marketing, ethics in HR for Human Resource Department and the like. Business ethics itself is a part of applied ethics;
References: 1) “Ethics In Marketing On Bangladesh Perspective: Study on Few Companies of Bangladesh”- collected from “World Journal of Management Volume 2. Number 2. September 2010”, the direct link- http://wbiaus.org/10.%20Tajmeela-FINAL.pdf 2) “Business for the 21st Century”- Skinner & Ivancevich 3) “An Integrated Approach to Business Studies” (4th edition)- Bruce R Jewell 4) “Business Studies” (4th edition)- Dave Hall-Rob Jones-Carlo Raffo- Alain Anderton 5) www.managementstudyguide.com 6) www.smallbusiness.chron.com 7) www.cwafford.conveycontent.com 8) www.sagepub.com/upm-data/10923_Chapter1.pdf 9) www.businessethics.ca/definitions/business-ethics.html