Business and management HL
analysis Business ethics in specific case studies
Definition of business ethics
The term business ethics defines the value and meaning of ethics in the aspect of business. Therefor it’s the study of what’s good and evil, what’s right and wrong and just and unjust in business. These ethics include avoid breaking the criminal law in one’s work activity , avoid action that may result in civil law suits against the company and avoid actions that are bad for the company image. Businesses are especially concerned with these three things since they involve loss of money and company reputation. In theory, a business could address these three concerns by assigning corporate attorneys and public relations experts to escort employees on their daily activities.
External influence on business
There are a number of external factors that effects business in the perspective of cultural and international values. These factors are : * business ethics * moral behavior * social and environmental audits * stakeholders Business ethics
As it has already been mentioned , business ethics define a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all perspectives of business behavior and is relevant to the conduct of individuals and entire organizations. These ethics might also cause tension between different stakeholders. It includes values , beliefs , responsibilities and corporate greed’s of a company according the culture.
Another external factor is the effect of stakeholders. As we know stakeholders are the factors that have direct or indirect effect on the life of the company and it’s workers for shareholders, customers, employees, manager, local community, environment and suppliers. These companies have certain responsibilities that will