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Factors of Business Ethics

Business ethics refers to moral principles applied to business activities and deals with morality in business. Business activities should follow certain self-recognized moral standards. Business ethics also refers to codes that businessmen are expected to follow when dealing with customers, shareholders, employees, dealers, government, and competitors.

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Sathish Kumar
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24 views1 page

Factors of Business Ethics

Business ethics refers to moral principles applied to business activities and deals with morality in business. Business activities should follow certain self-recognized moral standards. Business ethics also refers to codes that businessmen are expected to follow when dealing with customers, shareholders, employees, dealers, government, and competitors.

Uploaded by

Sathish Kumar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Business Ethics refers to the system of moral principal applied to business activities. It deals with morality in the business.

There should be ethics behind every business activity. This means business activities should be conducted according to certain self recognized moral standards. Business ethics refers to a code of which businessmen are expected to follow while dealing with others. The coverage of business ethics is very wide as it deals norms relating with customers, shareholders, employees, dealers, Government and competitors. These are, in fact, different area of business ethics. Business ethics is a part of social responsibility which the businessmen have to honour in practice. According to Wheeler Business Ethics is an art or scien ce of maintaining harmonious relationship with society, its various groups and institutions as well as reorganizing the moral responsibility for the rightness or wrongness of business conduct. According to Dr. C.B. Mamoria and Dr. Satish Mamoria, business ethics is defined as businessmans integrity so far as his conduct or behavior is concerned in all fields of business as well as towards the society and other business. Factors of Business Ethics:1. Code of conduct;- it is the code of conduct which businessmen should follow while conducting their normal business activities. 2. Moral and social values:- it is based on well accepted moral and social values. It suggests moral principles/rules of conduct for businessmen. They include self-control, service t society, fair treatment to social groups and not to harm/exploit others. 3. Protection of social groups:- business should give priority to social interest or social good. Such ethical approach creates good name and status to business and facilitates its expansion.

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