What are Business Ethics ?
Business Ethics is the accepted set of moral values and corporate standers of conduct in a business organization. The specific of what this actually means can vary from one organization to another.
Business ethics means to conduct business with a human touch in order to give welfare to the society. So, the businessman must give a regular supply of goods quality goods and services at reasonable prices to their consumer. They must avoid indulging in unfair trade practice like adulteration, promoting advertisement, cheating in weights and measurement, black marketing, etc.
They must give fair wages and provide good working condition to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay their taxes regularly to the government. ( What are Business Ethics )
Definition of Business Ethics – “Business ethics study of business situation, actitives, and decision where id due of right and wrong are addressed.
Nature/Characteristic of Business Ethics
- Code of conduct: Business ethics is a code of conduct. It tells what to do and what not to do for the welfare of the society. All businessmen must follow this code of conduct.
- Based on moral and social groups : Business ethics is based on moral and social values. This includes self-control, consumer protection and welfare, services society, fair treatment to social groups, not to exploit others, etc.
- Gives protection to social groups: Business ethics give protection to different social such as consumer employees, small businessmen, government, shareholders, creditors, etc.
- Provides basic framework: Business ethics provide a basic framework for working business. It gives the social cultural, economic, legal and other limits of business. Business must be conducted within these limits.
- Voluntary: Business ethics must be voluntary. The businessmen must accept business ethics own. Business ethics must be like self-discipline. It must not be enforceable by law.
- Requires educations and guidance: Businessmen must be given proper education and guidance before introduction business ethics. Trade Association and Chamber of Commerce must also play an active role in this matter.
- Relative Term: Business ethics is a relative term. That is, it changes from one business to another. It also changes from one country to another.