Business Ethics
Business Ethics and Issues
Ethics
Ethics is a branch of philosophy which seeks to find answers about the moral concepts like bad, good, evil, right, wrong, etc. According to OEC (2011) ethic is defined as “a moral philosophy which is concerned with what is right or wrong, good or bad, fair or unfair, responsible or irresponsible, obligatory or permissible, praiseworthy or blameworthy”. Many scholars have associated it with the various feelings and emotions like guilt, indignation, empathy etc. The ethics deals in the way of doing things and with the generalized matters related to the public policies and the personalized issues. It is based on the social practices and laws, religious matters and conscience. These social practices give strength to this branch of philosophy. It seems to be very general matter but due to its connection to various social issues, it is often termed to be very complex and difficult to employ.
With the passage of time, many companies have started giving importance to the corporate ethics and their responsibility towards the society and communities. Today, many businesses have gained lot of reputation and recognition by being in business and following the morals when conducting their business activities while many others have lost their reputation only because of bad business practices. To many, business is an economic activity to maximize their profits and the main focus for them behind this activity is money. There is nothing wrong with the money itself but the some businesses acquire money and gain profits matters most and their manner raises several questions related to the ethical behavior.
Business Ethics
Business ethics strives to understand whether or not a specific business practice is morally and ethically acceptable. The American Heritage Dictionary has defined business ethics as “the philosophy of human conduct with the emphasis on determining right and wrong. It specifies the rules or standards governing the conduct of
Ethics
Ethics is a branch of philosophy which seeks to find answers about the moral concepts like bad, good, evil, right, wrong, etc. According to OEC (2011) ethic is defined as “a moral philosophy which is concerned with what is right or wrong, good or bad, fair or unfair, responsible or irresponsible, obligatory or permissible, praiseworthy or blameworthy”. Many scholars have associated it with the various feelings and emotions like guilt, indignation, empathy etc. The ethics deals in the way of doing things and with the generalized matters related to the public policies and the personalized issues. It is based on the social practices and laws, religious matters and conscience. These social practices give strength to this branch of philosophy. It seems to be very general matter but due to its connection to various social issues, it is often termed to be very complex and difficult to employ.
With the passage of time, many companies have started giving importance to the corporate ethics and their responsibility towards the society and communities. Today, many businesses have gained lot of reputation and recognition by being in business and following the morals when conducting their business activities while many others have lost their reputation only because of bad business practices. To many, business is an economic activity to maximize their profits and the main focus for them behind this activity is money. There is nothing wrong with the money itself but the some businesses acquire money and gain profits matters most and their manner raises several questions related to the ethical behavior.
Business Ethics
Business ethics strives to understand whether or not a specific business practice is morally and ethically acceptable. The American Heritage Dictionary has defined business ethics as “the philosophy of human conduct with the emphasis on determining right and wrong. It specifies the rules or standards governing the conduct of
References: CFA (2009) Ethical Issues in Business and the Importance of Ethics, retrieved on July 29, 2011 from http://cfagbata.com/ethical-issues-in-business-and-the-importance-of-ethics/ Donaldson, T Ethics Resource Center (2005) Federal Sentencing Guidelines for the organization, ethics org, retrieved on July 29, 2011 from http://www.ethics.org/resource/federal-sentencing-guidelines Ferrell, O.C Ferrell, O. C. (2007) nature and scope of marketing ethics. In G. Gundlach, L. Block & W. Wilkie (Eds), Explorations of marketing in society, Mason, OH: Texere/ Thomson South Western Ferrell, O Klein, J.G., N.C. and John A. Smith. (2004). Why We Boycott: Consumer Motivations for Boycott Participation. Journal of Marketing, 68 (3): 92-110. LeClair, D.T., O.C. Ferrell, and J.P. Fraedrich. (1998). Integrity Management: A Guide to Managing Legal and Ethical Issues in the Workplace. Tampa, Florida: University of Tampa Press. Murphy, P.E., G.R. Laczniak, N.E. Bowie, and T.A. Klein. (2005). Ethical Marketing, Upper Saddle River, New Jersey: Pearson Prentice-Hall. Starbucks (2011) Fair Trade, retrieved on July 29, 2011 from http://www.starbucks.com/aboutus/StarbucksAndFairTrade.pdf Further Reading