Ethical and Unethical Business Practices

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1. ASSIGNMENT ON Ethical and Unethical Business Practices SubjectBusiness Ethics Submitted To Prof Gauri SYMMS Roll No-27 Efforts By- Pooja Lilani 2. Ethical and Unethical Business PracticesBusiness ethics is the most debated topic of our times. The difference is betweendoing the right thing and the wrong thing. Business ethics are the philosophicalcore of any business Like Like

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and their outcome is crucial for economic development.Peter Cooper – the great American Investor says "I have always recognized thatthe object of business is to make money in an honorable manner. I haveendeavored to remember that the object of life is to do good."Business ethics are more than moral values and principles that determine ourconduct in the business world. It refers to the commercial activities, either withother business houses or with a single customer. They can be applied to all aspectsof business; from generation of an idea to its sale. Business uses the society for itsresources and functioning, thereby obligating it to the welfare of the society. Whilethe objective of all business is to make profits, it should contribute to the interest ofthe society by ensuring fair practices. However, greed has led the present businessscenario towards unethical business practices, legal complications and generalmistrust.Code of EthicsLot of organizations implement the code of ethics in their company polices, whichthey implement during induction and regular training. A Code of Ethics isgenerally a more blanket statement of values and beliefs that defines theorganization.So what is it for? Companys assets, funds and records Conflict of interest Management and employee practices Information on competition 3. Ethical Business PracticesHere are a few ethical business practices that should be followed to build a honestreputation and ensure smooth running of any organization. Investors: Ensuring safety of their money and timely payment of interest. Employees: Provision of fair opportunities in promotions and training, good working environment and timely payment of salaries. Customer: Complete information of the service and product should...
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