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Business Ethics

Business Ethics . Business Ethics . Rules or standards governing the conduct of a business Moral code – what is ‘right’ and what is ‘wrong’?. Three practical reasons…. Customers are more confident Ethical workplace motivates employees Prevents legal problems. Stakeholders.

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Business Ethics

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  1. Business Ethics

  2. Business Ethics • Rules or standards governing the conduct of a business • Moral code – what is ‘right’ and what is ‘wrong’?

  3. Three practical reasons… • Customers are more confident • Ethical workplace motivates employees • Prevents legal problems

  4. Stakeholders • Business responsibilities to stakeholder group • Shareholders – generate profits and pay dividends • Customers – provide good quality products at reasonable prices. Safety, honesty, decency, and truthfulness • Employees – health and safety at work, security, fair pay • Suppliers – pay on time, pay fair rates for work done, provide element of security

  5. Stakeholders • Local community – provide employment, safe working environment, minimisepolution • Government – abide by the law, pay taxes, abide by regulations • Management – their aims versus those of the organization as a whole • Environment – limit pollution, congestion, environmental degredations, development

  6. Tensions • Profits vs higher wages • Expansion vs development • Production vs pollution • Supplier benefits vs consumer prices/lower costs • Survival of the business vs needs of the stakeholders

  7. Business Ethics • Examples: • Production of children’s toys • Materials used, promotion • Coffee industry • Fair trade • http://www.youtube.com/watch?v=Nly_OdvORQY • Music industry • Illegal downloads, file sharing • Jewellry – diamonds and gold • Miner’s working conditions & payment • http://www.youtube.com/watch?v=0hCl_RXqoZk

  8. Ethics Check Questions • Is it legal? • Is it balanced? • How will it make me feel about myself?

  9. Why manage ethically? • To maintain a good reputation • To keep existing customers • To attract new customers • To avoid lawsuits • To reduce employee turnover • To avoid government intervention • To please customers, employees and society • TO DO THE RIGHT THING!

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