Importance Of Business Ethics

1253 Words6 Pages
Introduction
The field of ethics endorses the notions of right and wrong behaviors. Ethics is a mass of moral principles or set of values about what is true or false, good or bad, fair or unfair, and proper or improper (paliwal,2006,p.1). The difference between ethical and unethical is ethical is regards to right, while unethical is regards to what is wrong. Ethics is when a person can acquire a superior strength that is an achievement. Challenges such as corruption, favoritism, nepotism, deterioration of human values, business frauds, and government policies are things that modern society is face with along with liberalization and globalization.
In the business world while one side is forced to cope with competition the other side seems
…show more content…
Business ethics is viewed as a specialized study of morals right or wrong (Paliwal, 2006). The standard set of business ethics must meet the 3 C’s compliance, contribution, and consequence. Ethics requires a business to contribute to society. A business core values is achieved by ensuring a high quality of services and products. A business development strategy is to create an employment opportunity. Corporations are mandated to be socially responsible towards all major shareholders.
Business Ethics Significance
Good business ethics can promote good business. Good business values can promote professionalism and good management practices. Some of the significance of business ethics includes:
Positive Business Consequences
Recognition law, mutual trust, and confidence are things that represent success of an enterprise. Building a trust and confidence relationship with its clients is how businesses display a sense of ethical conduct, which will make experiencing a positive consequence.
Corporate and its owners Goodwill
When business ethical behaviors are good it increases the good will for both the business and its owner. An indicator of a business success shows a strong public image in the end. The volume of the sales, profit margin, employee morale, and crippling the daily operations of the business could have direct consequences if corporation names are blotted.
Business

More about Importance Of Business Ethics

Open Document