Business ethics
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The document discusses the concept and elements of business ethics. It identifies five key elements for an effective business ethics program: 1) top management commitment to ethical conduct; 2) publishing an ethics code addressing areas like honesty, product safety, and financial reporting; 3) establishing compliance mechanisms like ethics training for employees; 4) involving employees at all levels in ethics programs; and 5) measuring results through audits and discussions to improve over time. Business ethics aim to ensure business objectives and practices benefit society through socially determined moral principles.
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Managing ethics mainly concerns the ethical quality of decisions made by organizational managers. The objective is to ensure managers, especially executives, behave ethically and make ethically correct decisions. There are various types of ethics dilemmas managers may face including those arising from interpersonal interactions, corporate policies, and functional areas. When analyzing ethical issues, managers should consider principles like human dignity, rights, justice, beneficence, cultural diversity, equity and environmental responsibility. The roles of ethical managers include honoring commitments, treating others with value, constant learning, thinking of win-win solutions, and following both the letter and spirit of laws. Organizational size and structure can impact how ethics are managed, as can balancing profitability with ethical behavior
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The political and legal environment consists of factors related to public affairs management and laws that affect business operations in India. As a democratic country, India has a stable political system where the government plays an active role in economic development and ensures security. Marketing decisions are strongly influenced by developments in the political and legal environment. Business legislation aims to protect companies, consumers, and society. The Consumer Protection Act of 1986 outlines six consumer rights including safety, information, choice, representation, redressal, and education.
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Managing ethics mainly concerns the ethical quality of decisions made by organizational managers. The objective is to ensure managers, especially executives, behave ethically and make ethically correct decisions. There are various types of ethics dilemmas managers may face including those arising from interpersonal interactions, corporate policies, and functional areas. When analyzing ethical issues, managers should consider principles like human dignity, rights, justice, beneficence, cultural diversity, equity and environmental responsibility. The roles of ethical managers include honoring commitments, treating others with value, constant learning, thinking of win-win solutions, and following both the letter and spirit of laws. Organizational size and structure can impact how ethics are managed, as can balancing profitability with ethical behavior
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I wish to state that i prepared this report through the help of several books and guidelines by several persons .all the information quoted on the ppt is good as per my knowledge please see the ppt
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Business ethics
- 2. Presented by : NAME : SIBI S A CANDIDATE CODE : 19016361005 OPTION : COMMERCE
- 4. Concept Of Business Ethics The word ‘Ethics’ is derived from the ‘Greek word’ ethics which means ‘character’. Ethics is concerned with what is right and what is wrong in human behaviour judged on the basis of socially determined standards of behaviour. Ethics is important for every business.
- 5. Elements Of Business Ethics Some of the basic elements of business ethics while running a business enterprise are as under; 1. Top management commitment 2. Publication of a code 3. Establishment of compliance mechanisms 4. Involving employees at all level 5. Measuring results
- 6. 1. Top Management Commitment To management has a crucial role in guiding the entire organisation towards ethically upright behaviour. To achieve results, the Chief Executive Officer (CEO) and other higher level manager need to be openly and strongly committed to ethical conduct.
- 7. 2. Publication Of A “Code” The whole organisation in the form of written documents which is referred to as the ‘code’. This generally covers areas such as fundamentally honesty and adherence to laws; product safety and quality, health and safety in the work place, and financial reporting
- 8. 3. Establishment Of Compliance Mechanism In order to ensure that actual decisions and actions comply with the firm’s ethical standards, suitable mechanism should be established. The examples of such machismos are; paying attention to values and ethics in recruiting and hiring.
- 9. 4. Involving Employees At All Levels It is the employees at different levels who implement ethics policies to make ethical business a reality. Therefore, their involvement in ethics programmes becomes a must.
- 10. 5. Measuring Results Although it is difficult to accurately measure the end results of ethics programmes, the firms can certainly audit to monitor compliance with ethical standards. The top management team and other employees should then discuss the results for further course of action.
- 11. CONCLUSION Business ethics concern itself with relationship between objective, practices and techniques and the good of society. Business ethics refer to the socially determined moral principles which should govern business.