What is the role of Ethics in the Management
WHAT IS THE ROLE OF ETHICS IN MANAGEMENT?
Ethical management refers to corporate management that not only fulfills economic goals and legal responsibilities, but also meets the ethical expectations imposed by social norms in conducting business.
There are 5 specific functional areas of management which is covered by business ethics :
1) Ethical management in the workplace.
Ethical management is the foundation of CSR (voluntary activities undertaken by a company to operate in an economic, social and environmentally sustainable manner) in the workplace, which covers those ethical issues of the employer-employee relationship. Ethical management assures all policies in the workplace are legal. This will prevent moral issues and discriminating practices such as harassment, child labor, discriminating practices based on age, gender, race and physical attractiveness.
2) Ethical management regarding intellectual property rights.
This may take account on issues regarding bio prospecting and bio piracy, copyright, patent, trademark infringement, business intelligence, employee trading & industrial espionage.
Bioprospecting - the process of discovery and commercialization of new products based on biological resources.
Biopiracy
- the commercial development of naturally occurring biological materials, such as plant substances or genetic cell lines, by a technologically advancedcountry or organization without fair compensation to the peoples or nationsin whose territory the materials were originally discovered.
3) Ethical management in sales, advertising and marketing.
These are business ethics and ethical management that deals with issues on pricing, anti-trust and anti-cartel law, bait and switch, viral marketing, pyramid scandal and sex in advertising.
Anti-Trust and Anti-Cartel Law laws that are designed to keep free competition in the marketplace. Competition encourages corporations to have lower pricing and better products for consumers.
Ethical management refers to corporate management that not only fulfills economic goals and legal responsibilities, but also meets the ethical expectations imposed by social norms in conducting business.
There are 5 specific functional areas of management which is covered by business ethics :
1) Ethical management in the workplace.
Ethical management is the foundation of CSR (voluntary activities undertaken by a company to operate in an economic, social and environmentally sustainable manner) in the workplace, which covers those ethical issues of the employer-employee relationship. Ethical management assures all policies in the workplace are legal. This will prevent moral issues and discriminating practices such as harassment, child labor, discriminating practices based on age, gender, race and physical attractiveness.
2) Ethical management regarding intellectual property rights.
This may take account on issues regarding bio prospecting and bio piracy, copyright, patent, trademark infringement, business intelligence, employee trading & industrial espionage.
Bioprospecting - the process of discovery and commercialization of new products based on biological resources.
Biopiracy
- the commercial development of naturally occurring biological materials, such as plant substances or genetic cell lines, by a technologically advancedcountry or organization without fair compensation to the peoples or nationsin whose territory the materials were originally discovered.
3) Ethical management in sales, advertising and marketing.
These are business ethics and ethical management that deals with issues on pricing, anti-trust and anti-cartel law, bait and switch, viral marketing, pyramid scandal and sex in advertising.
Anti-Trust and Anti-Cartel Law laws that are designed to keep free competition in the marketplace. Competition encourages corporations to have lower pricing and better products for consumers.