Practical/Research Assignment
Principles and practices of Management
Batch: 2014-2017
Assignment 3:
Business Ethics and social responsibility
Submitted to: Submitted by:
Instructor: Ms. Radhika Thapar Name: Lata Tiwari
Roll No.: 1834
Semester: MCA I
Subject Code: MCA 109
CONTENT S.No. Topic Page no.
1. Question 3
2. Keywords
Ethics
Business ethics
Profit 4-
4
5
11
3. Examples
wipro 12
12
Question
Assignment 3
• Business Ethics and social responsibility
Several websites /magazines/articles in Journals raise an issue “Can Profit and Business Ethics co -exists in the organization”, critically examine this statement in the light of IT industry and supplement the answer with minimum
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Like in some specific situations like business applied ethics is a attempt to add ethics in real life. The type of questions under applied ethics are Is getting abortion immoral? What are human rights, how do we determine them? All type of questions under applied ethics are concerned with public policies. As answer to any ethical question is never fully “yes” or “no” hence decision is pushed in such a way that it effect society not particularly an individual.
There are fields where applied ethics are required. One such application of applied ethics is business ethics.
Business Ethics
Business
Business is an organization a firm a enterprise involve in trade, goods and services. It is a system which performs some functions and operations on the input provided and generate a useful and profitable output for society.
For a better and possible functioning of a business management is necessary. Management is backbone after every success or failure in/of a business.
Business Ethics
WHAT?
Business ethics is a part of applied ethics. Business ethics are morals which should govern business activity. A standard or ‘code of conduct’ is designed for managers and employees to guide them and their behavior.
Some examples of ethical business practices are:
1. Fair prices of goods
2. Reasonable profit
3. Generation of safe products
4. Fair treatment of employees etc.
5.
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But as modern theories evolved serving the society is recognized as a important and useful part of work. Organizations were/are prepared to fulfill social obligations.
The wide range of reasons for CSR are summarized in five categories. They are:
1.) Social entity
Business is creation of society it should respond to demands of society. Business uses resources which belong to society. Also they are depended on society for their profit, even for earning. Hence, it is necessary that it should follow social obligations.
A business is ethical if it is socially moral, and it does not harm the environment and belongings of society. An enterprise has to respect values of society, have to follow its norms, traditions and custom etc.
2.) Self interest
It is a long term deal to serve the demands of society. Hence people who have good environment and facilities make good employees and other stakeholders for business.
3.) Moral justification
It is a moral duty of company to serve society. As an organization depend upon society to accept the output produced. The resources used in production of result of a firm belong to society. Hence an enterprise cannot neglect
Business is generally an economic system that services and products are exchanged for money. It composes the basis of contemporary world. Therefore, there is variety of definitions of how business should be. Milton Friedman and John Hook, who are the related with business academically, also defined business from the point of ethic. In this essay, I will determine similarities and differences between their articles about business ethics.
Business ethics is one of the most important aspects of business. It consists of the moral/underlying principles of conduct that must be practice...
(Mallor, Barnes, Bowers, & Langvardt, 2010) Business ethics is when ethical behavior is applied in a business environment, or by a business. There are many situations that can arise in which a person is experiencing an ethical dilemma. They have to choose between standing by their own personal ethical standards or complying with their companies ethical standards. In some instances, some have to choose whether to serve their own personal interests, or the interests of the company.
Business has been in charge of the upgraded innovation that has generally supplanted the drudgery of most physical work, an outcome in part of the innovativeness of business and its readiness to take and bear the weight of money related hazard. Besides, maybe no establishment in our regular life is more proficient in its operations and more discerning in its association than business. No foundation is more receptive to the requests of its constituents than business.
Every business has a social responsibility toward society. That means to maximize positive affects and minimize negative affects on the society. Social responsibilities includes economic-to produce goods and services, that society needs at the price, that satisfy both-business and consumers, legal responsibility-laws that business must obey, ethical responsibilities-behaviors and activities that are expected of business by society, but are not codified in the law, philanthropic responsibilities-represent the company’s desire to give back to society (charietys, volunteering, sponsoring).
Business ethics simply can be defined as the application of business values in the business practice of a company (Seawell 2010, p. 2). For a multinational company, business ethics is one of the critical aspects need to be taken into account in business decision-making processes. Failure to give attention on ethics may bring consequences on company’s reputation (Meyer & Jebe 2010, p. 159). The company is expected not only to pursue its own profits but also contributing to the environmental and social welfare of the community where it operates (Svensson & Wood 2008, p. 308).
Applied ethics – Applied ethics essentially deals in determining the moral outcomes in a specified situation.
...ty. Ignoring this obligation can be bad to a business no matter how you look at it. The business becomes valuable when it can uphold social responsibilities while at the same time maximizing profits. Man made the business, business did not make the man, therefore we must rule and reign over it responsibly.
By definition, ethics refers to "a set of principles of right conduct." It is also defined as "the rules or standards governing the conduct of a person or the members of a profession," (www.thefreedictionary.com) and in business may be considered the standards governing the conduct of people in the business environment. Business ethics is the behavior that a business adheres to in its daily dealings with the world. It relies on values as a way of guiding behaviour in business.
Carroll (1979) states, “business encompasses the economic, legal, ethical and discretionary expectations that society has of organization at a given point in time”.
The problem that was investigated consisted of a question that Milton Friedman posed in one of his articles, which was featured in The New York Times Magazine in 1970. The question was, “What does it mean to say that “business” has responsibilities” (Friedman, 2007, p. 173)? Friedman (1970) elaborated on how businesses cannot have assigned responsibilities. Furthermore, he described how groups or individuals should be the only ones that can hold responsibilities, not businesses. He stated that associating responsibilities with the word business is too ambiguous. I will examine three discussion questions and three compare and contrast questions which Jennings (2009) posed in a case study that is related to Friedman’s (1970) article “The Social Responsibility of Business is to Increase its Profits”.
In the business world there are many fundamental aspects and situations that can lead to several issues. In order to find an optimal and professional solution, business decision makers need to apply moral and ethical standards. And it is at that moment in which business ethics perform its role. Business ethics, which is in charge of examine how companies and individuals should act in business situations, is very essential in order to reach a common agreement and to work within the laws of business and solve an arisen dilemma. Working of the hand of ethical business companies, employees, investors, directors, and even individual officers can be beneficiated and obtain most favorable outcomes.
The textbook defines business ethics as “the accepted principles of right or wrong governing the conduct of business people.” Business ethics also govern the members of a profession and the actions of an organization. Many organizations put into place an ethical strategy which is “a course of action that does not violate accepted principles.” These principles are used to guide organizations and employees to make the right decisions.
Business ethics are a set of moral rules that govern how a business operates, how people should be treated within an organization, and how business decisions are made. They are a crucial part of employment and in managing a sustainable business, mainly because of the serious consequences that can result from decisions made with a lack of regard to ethics. Even if you don’t believe that good ethics don’t contribute to profit levels, you should realize those poor ethics have a negative effect on your bottom line in the long-run. Every business in every industry has certain guidelines to which its employees must stick to, and regularly outline such aspects in employee handbooks.
Business ethics and social responsibility are two concepts many individuals believe go along together for corporations in the business environment. Business ethics are the moral values a company uses to ensure all employees action in a standard manner when completing business functions. Social responsibility is typically a conceptual theory that governments and the general public hold, believing that businesses should not conduct themselves in a manner counter to cultural or societal norms. The connubial of these concepts happens when companies introduce a written code of ethics to demonstrate that the company only acts in its greatest interest so long as it does not damage the company’s social responsibility.