Ethics of Business and Management

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ABSTRACT

In business many of the decisions taken, will somehow impact on society, whether it be consumer or employee working in the company. Therefore, the needs of the customers should be met by an entrepreneur, while having a moral obligation to ensure their welfare. To do so, in every decision we make, ethics must be present.

TABLE OF CONTENTS

ABSTRACTII

CHAPTER 1: INTRODUCTION1

Research Background1

Research Aims and Objectives2

CHAPTER 2: LITERATURE REVIEW3

Business Ethics5

Ethical Theories6

Business Ethics and Corporate Social Responsibility7

Principles of Admirable Business Ethics10

Be trustful10

Keep an Open Mind10

Have Clear Documents10

Become Community Involved11

Maintain Accounting Control11

Be Respectful11

Meet Obligations11

CHAPTER 3: METHODOLOGY13

CHAPTER 4: ETHICS15

REFERENCES16

CHAPTER 1: INTRODUCTION

Research Background

Today's society requires companies to recognise the impact of all their operations on all the environments, including human environment, in which they operate, and it is in the management of those impacts where a company's social responsibility lies. It is in the best interest of the company to be aware of the consequences of their operations to reduce costs and manage risks. Healthy natural resources and environments that have the capacity for renewal are the foundation that ensures the continuity of production and success of modern business.

In simple words business ethics is basically to understand the difference between right and wrong actions. Business ethics also known as corporate ethics and companies with high moral values follow business ethics. It represents the philosophy of an organisation and shows overall behaviour that the organisation wants to exhibit. Organisation can take in to account two perspectives when it comes to business ethics i.e, perspective of shareholders as well as of stakeholders. Shareholders are the owners of a company who invest in the company; therefore, making the best decisions that optimize company's profits that consequently benefits them in the long run comes under shareholder's perspective of business ethics. The other perspective of business ethics about stakeholders focuses on the belief that the company should give something back to society i.e., should go for corporate social responsibility projects in order to benefit society.

In broader term, business ethics provide guidelines to the company that how different activities should be conducted. What is good and bad for the company can also be figured out by applying business ethics. Ethics comes in to play when some decision has to be made about the company, so that decision should be fair without any bias and should benefit the company's shareholders and stakeholders.

Research Aims and Objectives

The objective of this research is to examine the importance of ethics in business and management.

CHAPTER 2: LITERATURE REVIEW

Business is concerned primarily with profit. To earn a profit, a business produces goods or provides services and engages in buying and selling. According to the myth, however, businesses and people in business are not explicitly concerned with ethics. They are not unethical or immoral; rather, they are amoral insofar as they feel that ethical considerations are inappropriate in business. After all, business is business. They are opposed to moralizing. They dislike being preached to by moralists, and they are very reluctant to throw stones ...