As business is growing all around the world, knowing about business ethics in detail is essential insofar. Business ethics is made up of moral principles that guide how business and related activities must be conducted. Reliability and accepting a few suitable for your organization is what makes them practically applicable to businesses.
Finding a breach between right and wrong is important. Practically speaking, there is a thick line between right and wrong which might sometimes seem thin. Basic standards exist in the business world which determines unethical or wrong practices. For say, providing poor facilities or unsafe conditions to work in are generally considered unethical. While these practices are unethical, they are still commonly seen.
Characteristics of Business Ethics
Business ethics assignment help discusses the various characteristics of Business Ethics:
- Business ethics are based on the norms of what is wrong and what is right. It differentiates between good and bad practices.
- Ethics are determined by keeping social and traditional attributes in mind.
- They determine the ways by which the performance of the business firm could be optimized.
- Ethics provides guidelines and parameters to be considered.
- It surrounds human behavior and conduct.
- It suggests norms and standards for mutual interactions between different individuals in the same firm.
- Business ethics aims to pay more attention to social responsibility.
Importance of Business Ethics especially in Finance, Human Resource Development, and Marketing and Production
Marketing or business students often ponder over the significance of Business Ethics. These ethics demand trustworthiness and transparency in business and customer services. The practices involved strengthen the relationship between an organization and its customers which if remains weaker leads to distrust and doubt among the customers. The organization wishes to leave a long-lasting impression on their customers so that they come back and halt at the same stoppage.
Ensuring trustfulness and authenticity within the organization and amongst its customers must be the top priority of a business firm. Freeing the economics and financial units from any kind of greed-related methodologies is also very important. Stabilizing the relations within the organization and outside is mandatory to maintain.
Maintaining a good relationship with customers must be the priority of the organization. Customers must be given the right information from time to time. Misinformation may create problems in the relationship they share. Besides, in the production, the manufacturing of the products must be done in a way that doesn’t harm the environment. Avoiding the production of harmful or hazardous products, for example, tobacco must be taken into consideration while promoting ethics in production.
There is this disbelief that if ethics are given more importance there are chances that the company would be trading its profits however that’s certainly not true. The companies are expected to maintain business ethics because if ethics are not followed the lucrative company can be turned down either by the government or shareholders. Maintaining good business ethics doesn’t turn the business down rather upscale it. It is how shareholders and government could be attracted to invest.
Are business ethics the same as business law?
Most of the students in their Business Law Assignment help show deep interest in knowing the difference between business ethics and business law.
Moreover, there is this misconception among people that business ethics and business law are interchangeable terms but they are not. Business law is the commercial law under which trade and commerce, banking, investments, contracts, advertising, marketing, etc. are regulated. It determines the minimum standards that are expected by a company to show. While business ethics are the values that are required to upheld.
