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Business Ethics. Approaches to Business Ethics Company and its Responsibility to Society. The Meaning of Business Ethics. Ethics is a discipline that examines good or bad practices within the context of a moral duty Moral conduct is behaviour that is right or wrong

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Presentation Transcript
business ethics

Business Ethics

Approaches to Business Ethics

Company and its Responsibility to Society

the meaning of business ethics
The Meaning of Business Ethics

Ethics is a discipline that examines good or bad practices within the context of a moral duty

Moral conduct is behaviour that is right or wrong

Business ethics includes practices that are good or bad

the meaning of business ethics1
The Meaning of Business Ethics

Two Key Branches of Ethics

  • Descriptive ethics involves describing, characterizing and studying morality
    • “What is”
  • Normative ethics involves supplying and justifying moral systems
    • “What should be”
business ethics1
Business Ethics

The concept of Business Ethics has come to mean various things to various people, but in general it is coming to be aware of what is right or wrong in the workplace and doing what is right in regard of effects of products or services and in relationships with stakeholders.

ethics and law
Ethics and Law

Law often represents an ethical minimum

Ethics often represents a standard that exceeds the legal minimum

ethical questions
Ethical questions

What is?

What ought to be?

How to get from what is to what to be?

What is our motivation to acting ethically?

business ethics2
Business Ethics

means conducting all aspects of business and dealing with all stakeholders in an ethical manner.

approaches to business ethics
Approaches to Business Ethics

From the perspective of an individual you can explore what constitutes a fair exchange.

You can explore the ethical behaviour of corporations.

You can ask about the role of business within society as a whole.

You can ask the most general ethical questions about business and the markets.

ethical issues in business
Ethical Issues in Business

Employee-Employer Relations

Employer-Employee Relations

Company-Customer Relations

Company-Shareholder Relations

Company-Community/Public Interest

company environment
Company Environment

The environmental influences that affect a company’s performance:

technological

economic

social

political

four components of corporate strategy
Four components of corporate strategy

might do - market opportunity

can do - corporate competence and resources

want to do - personal values and aspirations

ought to do - obligations to society other than stockholders

the considerations that guide a company s choice of opportunity
The considerations that guide a company’s choice of opportunity

The world

The nation

The local community

Industry

The company

the company
The company

The areas which are significant for a company’s improvement:

The review of the quality of top management improvement

The impact of the control systems upon individuals

The recognition of the role of individual within the corporation

social responsibility
Social responsibility

is the obligation a business assumes toward society

is designed to maximize the positive influence & minimize the negative

includes economic, legal, ethical, and philanthropic dimensions

socially responsible business
Socially responsible business

A socially responsible business provides goods and services in line with a society’s values. Socially responsible businesses are concerned about how customers are protected and how employees are treated.

socially responsible behaviour of a business
Socially responsible behaviour of a business

equal employment opportunity for all citizens regardless of their race, religion or sex

respect of the employees’ diversity, safety, and health in the workplace

assurance and full disclosure on the quality of products and services

consumer rights
Consumer rights

to be safe

to be informed

to choose

to be heard

the ways in which customer rights are to be protected
The ways in which customer rights are to be protected

Customer protection

The right to be safe

The right to be informed

The right to choose

The right to be heard

Employee protection

Equal employment opportunity for all citizens

Respect for employee diversity

Safety issues

Quality of life issues

case studies
Case studies

Business Ethics Scenarios

by Jim Balassone

1 receiving a holiday gift
1. Receiving a Holiday Gift:

A supplier sends a basket of expensive foodstuffs to your home at Christmas with a card: "We hope you and your family enjoy the 'goodies.'". What action(s) might you want to take?

2 references
2. References:

A large, prospective client calls you and asks about a competitor's reputation. One of your long time customers had a very bad experience with this competitor. What information do you share with the prospect? How do you respond to the prospect call?

3 conflict of interest
3. Conflict of Interest:

As department manager, you are hosting an informal celebration in the office. The food budget is $200. Your next door neighbourhas just started her own catering business and asks to supply the food. Since she is just starting out, she'll do it at cost and provide extra items at no charge. What might you want to consider?

questions for revision
Questions for revision:
  • What are the environmental factors that affect a business?
  • What are the four components of a strategy?
  • What is socially responsible business?
  • What are the four consumers’ rights?