Business Ethics Essay

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Ethics of business organisation Business Ethics and Social Responsibility McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc. All rights reserved. Business Ethics and Social Responsibility • Business Ethics: – The principles and standards that define acceptable conduct in business • Social Responsibility: – A business’s obligation to maximize its positive impact and minimize its negative impact on society 2-2 Recognizing an Ethical Issue • An ethical issue is an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical. Did You Know? The most common types of observed misconduct are lying, withholding information, and abusive/ intimidating behavior. 2-3 Reasons For Not Reporting Observed Misconduct 1. Didn’t believe corrective action would be taken 2. Feared retribution or retaliation from supervisor or management 3. Feared they wouldn’t remain anonymous 4. Thought someone else would report the misconduct 5. Didn’t know who to contact Source: 2005 Ethics Resource Center- National Business Ethics Survey Report, p. 29. 2-4 Misconduct Observed in the Workplace 2-5 Ethical Issue Categories • Conflict of interest • Fairness and honesty • Communications • Business relationships 2-6 Conflict of Interest • Occurs when a person must choose whether to advance their own personal interest or those of others 2-7 Fairness and Honesty • The heart of business ethics – General values of decision makers 2-8 Communications • False and misleading advertising and deceptive personal-selling tactics anger customers and may cause a business to fail. 2-9 Business Relationships • Business people must be ethical toward their customers, suppliers, and others in their workplace. 2-10 Questions to

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