Business Ethics Top features and importance

Top terms of Business Ethics

The terms ethics is derived from Greek word ethos which means character. Ethics is a branch of social sciences which deals with concept like right or wrong, good or bad, fair and unfair, legal of illegal, moral of immoral, proper of improper. It should be treated as moral concept.

Business ethics deals with moralit. The term ethics refers to code of conduct which guide people how to deal with other. They are social rules which motivated people to be honest in dealing with others. Such rules are determined by customs, tradition. Ethical values change from time to time & place to place, But certain ethical values are universal.

Business ethics refers to system of moral principles or rules which are applied to business operations. This means business organisation should stop unfair trade practices which are fill to different groups in the society.

In short business ethics provide list of do’s and don’ts or system of moral values. The coverage of business this is very wide.

According to Wheeler, ” Business ethics is an art or science of maintaining harmonious relationship with society, it’s various and institutions as well as recognising the moral responsibility for right or wrong conduct of business ”

According to Webster Dictionary, ” as the moral principles which determine the rightness or wrongness of particular act or activities. ”

Business ethics is also known as “Corporate Ethics. ” It is a form of professional ethics that examines ethical principle & morals. It also deal with ethical problems. It deals with morality in business environment.

Business ethics is a system of moral Principle or rules applied to business activities. It deals with morality in business environment. There should be ethics behind of all business activities.

A business organisations is a part of society. The society expect the businessman to follow a system of an moral principles. It decides what are the activities a business organisations should do and what a business organisations should not do.

Features of Business Ethics

Business ethics is a code of conduct evolved for regulating the business activities towards the society.

Business ethics is a relative term. It may differs from country to country.

Business ethics protect interest of various interest groups in the society such as consumer, workers, shareholders, government.

Business ethics is applicable to every business organisations whether small or large, commercial or no commercial.

Business ethics can demand fair treatment to consumer, workers, supplier, shareholders, competitors, government and community etc.

Business ethics promote value like honesty, fairness, justice, sincerity, etc.

Business ethics guides the business organisations to formulate the business policies.

It explains do or don’t for the welfare of the society.

It defines the social, legal, cultural & economic limit within which business has to operate and plan their activities.

Principle of Business Ethics :-

There are certain specific principles of business ethics. Business ethics is a system of applying some principles in the business.

  • Do not cheat and exploit consumer by following unfair trade practices.
  • Do not make black marketing hoarding of essential commodities.
  • Do not spoil healthy competition which offers to certain advantages to the consumer.
  • They must give promise regarding quantity of goods, safety, security etc.
  • Pay taxes, duties, honestly to government.
  • Maintain accurate business account and record.
  • To pay fair wages, allowances, incentive bonus to the employee.
  • Make your business just & fair, reasonable dynamic.
  • To give true and correct information to the shareholders regarding financial of company.

Business Concept :-

Honestly : Business organisations should make ethical advertising, reasonable pricing, providing better quality of goods and services.

Integrity : It means to keep promises. They should fulfill their social and environmental responsibility depend ability and transparency are the quality and basis integrity.

Fairness : It means treating all the people in just and fair manner. Business should be profitable to both parties. It help in creating goodwill for the organisation.

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