Business Ethics Essay
Business ethics is nothing but the application of ethics in business. Business ethics is the application of general ethical ideas to business behavior. Ethical business behavior facilitates and promotes good to society, improves profitability, fosters business relations and employee productivity. The concept of business ethics has come to mean various things to various people, but generally it‘s coming to know what it right or wrong in the workplace and doing what‘s right - this is in regard to effects of products/ services and in relationships with stakeholders.
Business ethics is concerned with the behavior of a businessman in doing a business. Unethical practices are creating problems to businessman and business …show more content…
IMPORTANCE OF BUSINESS ETHICS
There may be many reasons why business ethics might be regarded as an increasingly important area of study, whether as students interested in evaluating business activities, or as managers seeking to improve their decision-making skills.
It is generally viewed that good business ethics promote good business.
1 The power and influence of business in society is greater than ever before. Business ethics helps us to understand why this is happening, what its implications might be, and how we might address this situation.
2 Business has the potential to provide a major contribution to our societies, in terms of producing the products and services that we want, providing employment, paying taxes, and acting as an engine for economic development and thereby increases the goodwill.
3 Business malpractices have the potential to inflict enormous harm on individuals, on communities and on the environment. Through helping us to understand more about the causes and consequences of these malpractices, business ethics helps to create mutual trust