Business Ethics

Topics: Ethics, Business ethics, Corporate social responsibility Pages: 6 (1520 words) Published: September 14, 2013
Subject- Business Ethics Subject code- 665A

General Instructions:

✓ The Student should submit this assignment in the handwritten form (not in the typed format)

✓ The Student should submit this assignment within the time specified by the exam dept

✓ Each Question mentioned in this assignment should be answered within the word limit specified corresponding to each question.

✓ The student should only use the Rule sheet papers for answering the questions.

✓ The student should attach this assignment paper with the answered papers.

✓ Failure to comply with the above Five instructions would lead to rejection of assignment.

Specific Instructions:

✓ There are four Questions in this assignment. The student should answer all the four questions. Marks allotted 100.

✓ Each Question carries equal marks (25 marks) unless specified explicitly.

Questions

Q1-What in your opinion is Business Ethics and what is not? Do you think Business ethics builds in values for a Business to sustain itself in a world of grueling competition?

Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance.

Business ethics (also corporate ethics) is 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 aspects of business conduct and is relevant to the conduct of individuals and entire organizations.[1]

The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns. Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. For example, today most major corporations promote their commitment to non-economic values under headings such as ethics codes and social responsibility charters. Adam Smith said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."

Business ethics are implemented in order to ensure that a certain required level of trust exists between consumers and various forms of market participants with businesses. For example, a portfolio manager must give the same consideration to the portfolios of family members and small individual investors. Such practices ensure that the public is treated fairly. 

Business ethics means ‘taking the right course’. Acting ethically takes into account all the factors of doing business. Sustainability is about meeting the challenges of ensuring that future generations can enjoy the same kind of lifestyles people enjoy today. This naturally involves taking a long-term perspective on balancing economic, environmental and social impacts of business.

Q2-What is CSR (Corporate Social Responsibility ) ? How is it different from Philanthropy ?

Is it unethical on the part of the organization to gain benefits out of its CSR related activities? Give examples.

Corporate social responsibility (CSR) is also known by a number of other names: corporate responsibility, corporate accountability, corporate ethics, corporate citizenship, sustainability, stewardship, triple bottom line and responsible business, to name just a few.

CSR is an evolving concept that currently does not have a universally accepted definition. Generally,CSR is understood to be the way firms integrate social, environmental and economic concerns into their values, culture, decision making, strategy and operations in a transparent and accountable manner and thereby establish better practices within the firm, create wealth and improve society.

The term "corporate social responsibility" came into common use in the late 1960s and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Examine the Key Influence on Operations Which Contributes to the Business Success Essay
  • Dell's Business Ethics Essay
  • Ethics & Governance Essay
  • Cfa Ethics Quiz Essay
  • Essay on Business Context
  • Ethics and Corporate Responsibility in the Workplace and the World Essay
  • Essay about Does a Business Have Any Social Obligation Beyong Profit Motive?
  • case study (CSR) Essay

Become a StudyMode Member

Sign Up - It's Free