Business ethics definition

1. Business Ethics Definition 2. Defining Business Ethics Is the process of evaluating decisions, either pre or post, with respect to the moral standards of the…
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  • 1. Business Ethics Definition
  • 2. Defining Business Ethics Is the process of evaluating decisions, either pre or post, with respect to the moral standards of the society’s culture.Background :- Stakeholders in business- Globalization- Conflicting claims
  • 3. Importance of Ethics in Business Essential for long-term business succes Macro Perspective • The right to own and control private property • Freedom of choice in buying and selling goods & service (within economic system) • Availability of accurate information concerning goods & service • Bribery - Theft • Coercive - Unfair Discrimination • Deception Micro Perspective • Commitment in all situation (individual firm) • Produce good product and stand behind it • Trust in Employee relation • Trust in Supplier Relation • Trust in Customer Relation
  • 4. Moral Standards  Business ethics use moral standards when making business decisions; not the determination of standards.  Applied ethics not a normative ethics  Moral standards consist of moral norms & moral principles.  Moral norms prohibit certain types of behavior such as lying, stealing, and killing.  Moral principles provide more general guidelines for behavior
  • 5. Moral Principles of Business Ethics Non- Consequentialist Consequentialist (deontologism) Focus on outcome or end result Based on rules Egoism Utilitarianism Right Justice Human right 1. DistributiveStandard that focuses Greater net utility than Not to violate other’s right 2. Retributiveon self-interests other decision 1. Life & Safety (punishment forShort term & long term alternatives. 2. Truthfulness wrongdoing)Can benefit or harm Single act 3. Privacy 3. Compensatorythe society Series of act 4. Freedom of Conscience (compensating the 5. Free Speech party injured by 6. Private property the wrongful act)
  • 6. Question from the ethical theories Egoism: will the action lead to other people behaving toward me in a way I would like? Utilitarianism: does the action yield the greatest net benefits? Rights: does the action negatively affect someone’s moral rights? Justice: does the action give a fair distribution of costs and benefits among those affected?
  • 7. Ethical Check Questions Is it legal ? Will I be violating either civil law or company policy? Is it balanced ? Is it fair to all concerned in the short term as well as the long term? Does it promote win-win relationship? How it will make me feel about myself? Will it make me proud? Would I feel good if my decision was published in the newspaper? Would I feel good if my family knew about it?
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