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Business Ethics

Business Ethics

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Published by muhammad
Nature of business ethics, business ethics consultancies' presence and three types of rights and duties
Nature of business ethics, business ethics consultancies' presence and three types of rights and duties

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Categories:Types, Business/Law
Published by: muhammad on Jan 06, 2012
Copyright:Attribution Non-commercial

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01/06/2012

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Mid term Assignment of 
Business Ethics
Program:
BS Aviation Management
6
th
Semester
Course Instructor:
Miss Farzeen
Submitted by:
“Aasmaan”
Group
Group members:
Mohsin Azhar ShahBAM-9205Saqib MehmoodBAM-9207Saad ShoaibBAM-9210Arslan AslamBAM-9234
Question # 1
 
Define nature of business ethics, consider five views of business ethics and explain their merits and demerits?
Answer:
Nature of Business Ethics
Business ethics concentrates on the moral standards as they apply to business policies,institutions, and behavior. Business ethics, in other words, is a form of applied ethics. It includesnot only the analysis of moral norms and moral values, but also attempts to apply theconclusions of this analysis to that assortment of institutions, technologies, transactions,activities, and pursuits that we call business.As we consider the nature of business ethics, we have two aspects;
Specific situations (areas)
of business in which ethical issues arise and
Principles of behavior.
Advertising, accounting,employee relations and environmental protection;
these areas are commonly familiar due toarising ethical controversies in them and on the other side
principles of behavior (Ethical theory)
guide us that how we should act in particular situations. We can judge whether an act isright or wrong on the basis of principles.
Diagram defining the nature of business ethics
Five views of business ethics
1)Business is Business2)Act consistently with law3)Good ethics mean good business4)Conventional morality5)Universal morality
Business is Business
This view of business ethics based on maxim “Business is business and cup of tea is a cup of tea” informs us that a business man should only focus on his business activities to maximizeprofits and no moral responsibility is taken.It has some merits and demerits:
Merits:
More job opportunities for people
No sexual harassment and colour discrimination
Purely fair selection of applicants for jobs
No nepotism (favoritism)
Hiring intelligence from designated positions of other organizations
Demerits:
Poor quality goods (shoddy goods)
Having unnecessary staff 
Not customer oriented (customer not satisfied)
Decision
 
Adverse advertising (telling a lie)
Market share in risk
Inappropriate turnover 
Act Consistently with L aw
This view of business ethics believes that people do business by keeping in mind that they aredoing wrong but they wait for legislation. People generally think about legal activity or illegal butnot about ethical or unethical.
Merits:
Better quality products
Making respect in front of regulatory authorities
Customer satisfaction
Showing social interest
Having competitive advantage against one’s competitors
Demerits:
Lack of intrinsic ethical behavior.
Such companies may behave unethically (for their business) if not forced to behaveethically, by enforcing legal restrictions to do so.
Safety and security issues regarding personnel (workers) health
Good Ethics mean Good Business
This view of business ethics believes that good ethics has instrumental value for good business;that has intrinsic value. It is also called “
Coincidence theory”.
Merits:
Best products’ quality
Treating all employees equally; no sexual harassment and colour discrimination
Employee satisfaction
Most of the time high production and sales and market share may increase.
Good relations with stakeholders.
Market leadership
Demerits:
Selfishness (one’s eye on profits by some managers in particular ethical dilemmas.)This view (coincidence theory) is not proven suitable in every business environment.
Conventional Morality
This view of business ethics holds that people do business in accordance with prevailingstandards of their culture (convention).
 
 
Conventionalism explicitly states that "an act is morallyright if and only if it is permitted by the conventions of its society"
Merits:

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