BUSINESS ETHICS

Ethics : the discipline dealing with what is god & bad Business Ethics : It is primarily concerned with relationship of business goals & technique to specific human goals Business Ethics by Wheeler :It is an art or science of maintaining harmonious relationship with society its various groups & institution as well as re-organizing the moral responsibility for the rightness or wrongness of business conduct

Features / Characteristics of Business Ethics.

Ethical values :business community form large part of the society and its action and are bound to have direct impact on the well being and welfare of the society. Business affects society in terms of what it does ,what product its supplies ,therefore it is necessary that business community need to conduct its activities with self-check ,self control ,self sacrifice keeping always in mind

Relative term: Concept of morality & immorality differ from one individual to another or society i.e. what is moral in one society may be immoral in other . Interest of society: Do first good to the society and then to itself .it is socially responsibility toward employees , consumers , shareholders etc who contribute to the success of the business.

 Provides framework: Business bound by social rules & regulations .its expected to confine activities within the limits of social ,legal ,cultural and economic environment. Code of conduct (CC): CC or professional ethics provides guidelines to regulate business activities on legal ,moral ,social and ethical principles .

 Voluntary : Its like self discipline rather than imposed discipline therefore acceptance of the ethical values in business is voluntary and cannot be enforced by the law.

Need / Importance of

Business ethics to society

 Survival of business : A firm may have short term and quick gains by resorting to unethical means and disrespecting social welfare such firms grow faster and are out of the business faster . Protection of consumer rights: The application of BE will help to confer and implement consumer rights .This will enhance the strengths of individual consumer.It can be use o check malpractices like

adulteration ,unfair trade practices and to make the working of business consumer oriented. Concept of socialism It states that gains in business must be shared by all and not by proprietor alone .i.e. by employees ,shareholder ,suppliers ,government etc. Interest of industry :it is necessary to safeguard the interest of small scale firm .this helps ssu to estaiblish their

 Their positions and fight for their rights if the industry follows a code of ethics .