Business ethics is a form of professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and business organizations as a whole. Applied ethics is a field of ethics that deals with ethical questions in many fields such as medical, technical, legal and business ethics. In this paper we will consider the factor of ‘business ethics’ as an asset for the organization. Form the business point of view each and every organization tries to achieve the main goal, which obviously is to ‘maximize the profit’. But while doing so these organizations should also consider their moral, ethical and social obligations. If these obligations are neglected, in the long run it would implicate many devastating results, while fulfilling those could prove to be a very valuable asset in the long run.
A Definition for Business Ethics
Business ethics can be defined as written and unwritten codes of principles and values that govern decisions and actions within a company. In the business world, the organization’s culture sets standards for determining the difference between good and bad decision making and behavior. In the most basic terms, a definition for business ethics boils down to knowing the difference between right and wrong and choosing to do what is right. The phrase 'business ethics' can be used to describe the actions of individuals within an organization, as well as the organization as a whole.
Business ethics can be both a normative and a descriptive discipline. As a corporate practice and a career specialization, the field is primarily normative. In academia descriptive approaches are also taken. The range and quantity of business ethical issues reflects the degree to which business is...