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Ethical Behavior. Ethics Defined. Set of moral standards for judging whether something is right or wrong Philosophical approaches: Utilitarianism – greatest good for most Individual rights Justice -- consideration of fairness. Why Focus on Ethics?. Customers Expect and Demand Ethics

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Presentation Transcript
ethics defined
Ethics Defined
  • Set of moral standards for judging whether something is right or wrong
  • Philosophical approaches:
    • Utilitarianism – greatest good for most
    • Individual rights
    • Justice -- consideration of fairness
why focus on ethics
Why Focus on Ethics?
  • Customers Expect and Demand Ethics

- Customers Repulsed and Turn From Businesses They View As Unethical

- Ethics/Trust Foundation of Business

  • Good Ethics Improves the Work Climate

- Employees Know Expectations / Respect and Support

  • Empowered Workers Need Guidelines
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Whom must we treat ethically?

  • Customers
  • Suppliers
  • Distributors
  • Investors
  • Creditors
  • Employees
  • Public
traditional view of economic transactions
Traditional View of Economic Transactions
  • The agent in any principal/agent relationship can not be trusted.
  • Identifying ethical and trustworthy agents is extremely difficult.
  • Organizations must structure themselves as if all agents can not be trusted.
  • Thus, substitutes for trust and ethical conduct are necessary.
current business trends
Total Quality Management

Just-in-Time Inventory Systems

Relationship Marketing

Empowerment of Employees

Corporate Downsizing

International/global Organizations

Flatter Organizational Structures

Current Business Trends
some questions regarding ethical conduct
Some Questions Regarding Ethical Conduct
  • Is acting ethically altruistic or self-serving?
  • What is the relationship between ethics and law?
  • Can an unethical business organization be successful?
  • If everyone could be trusted to act ethically, how would the role of the legal profession change?
ethical behavior1
Ethical Behavior
  • Martha Stewart/ImClone scandal alleging insider trading
  • WorldCom investigated for financial misstatements over $3.8 billion
  • Enron
  • Arthur Anderson
  • Dynergy
  • Tyco
  • Merrill Lynch
unethical practices in marketing
Unethical Practices in Marketing
  • Entertainment & gift giving
  • False or misleading advertising
  • Misrepresentation of goods, services or corporate capabilities
  • Falsifying information
  • Exploitation of children or other groups
  • Invasion of privacy
  • Sex appeals in advertising
  • Unsafe products
  • Price discrimination
ethical guidelines corporate social responsibility
Ethical Guidelines & Corporate Social Responsibility
  • Code of ethics
    • guidelines to help managers and other employees make better decisions
    • Research findings:
      • 60% companies responding maintain ethics code
      • 33% offer ethical behavior training
      • 33% employ an ethics officer
  • Corporate social responsibility
how ethical are you
How Ethical Are You?
  • Take the ethics quiz:
    • http://www.worldbank.org/wbi/corpgov/eastasia/m5/m5selftest.htm
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