The document serves as a comprehensive overview of business ethics, defining its principles, characteristics, and scope. It addresses ethical issues in various business functions, including finance, marketing, and human resources, and highlights the importance of codes of conduct and ethics committ...
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INTRODUCTION TO BUSINESS ETHICS
DEFINITION
The term "ethics" is derived from the Greek word "ethos" which refers to character or customsor
accepted behavior’s. The Oxford Dictionary states ethics as "the moral principle that governs a
person's behavior or how an activity is conducted". The synonyms of ethics as per Collins
Thesaurus are - moral code, morality, moral philosophy, moral values, principles, rulesof conduct,
standards.
Ethics is a set of principles or standards of human conduct that govern the behavior of
individuals or organizations. Using these ethical standards, a person or a group of persons oran
organization regulate their behavior to distinguish between what is right and what is wrongas
perceived by others
BUSINESS ETHICS
Business ethics is a form of applied ethics or professional ethics that examines ethicalprinciples
and moral or ethical problems that can arise in a business environment. It is also known as
Corporate ethics. It applies to all aspects of business conduct and is relevant to the conduct of
individuals and entire organizations.
Characteristics of Business Ethics:
Based on social values and norms of good/bad, right/wrong.
Rooted in social customs, traditions, and standards.
Influences optimal business performance.
Provides guidelines for business practices.
Focuses on human behavior and conduct in organizations.
Establishes norms for interactions between individuals and groups in business.
Helps create a code of conduct for businesses.
Draws from Indian ethos, thoughts, and standards.
Can be seen as both an "Art" and a "Science."
Encourages professionalism and customer well-being.
Linked with customer service motives.
Suggests methods for improving business customization.
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