Business is a place where you will find millions of ethical issues.

Business is a format of earning more and more profits and in the race of earning more, people feel no hitch in following unethical methods. They put on stake all the business ethics and values and try to reap profits from unfair means. Current ethical issues in business are important to get notified. Economics suggests that business and production do not go hand in hand with environmental and societal ethics, due to the two being mutually exclusive events. Why it is so, can form a subject matter of a thesis so will not be a debate matter for this particular article. This article though, discusses the various ethical issues in the business that affects all business workplaces, whether they are local or international. Let us have a look at the ethical issues in business. In business ethics, there is hardly a proper line which can be held on to like the bible, for ethics often sacrifices profits and the idea is to find the optimal balance between the two, so that the business conscience is clear and the profits are reasonable.

WHAT IS ETHICS
Ethics relates to the philosophy behind a moral outcome. In order to spotlight acceptable and unacceptable behavior within a specific situation, ethical behavior is defined. The term 'ethics' also refers to understanding and adopting moral values within the home or workplace that should be defined. It relates to values commonly adhered to and fundamentals or meta-ethics in the immediate surroundings. There are different types of ethics and the application of each differs from one situation to another. In the case of normative ethics, the notion behind what declares an action as 'right' or 'wrong' is derived and defined. In meta-ethics, judgmental properties within a situation are investigated. Issues relating to the sensitivity of ontology, semantics and epistemology are explored in this stream of ethics. Descriptive ethics examines a situation as a choice made in the presence of the moral agents relevant. Here issues like preferred concepts of etiquette and aesthetics are considered. Relational ethics relate to personal interactions and responsibilities. Applied ethics on the other hand, investigates the success or failure of the application of ethical theory to everyday situations. Ethics are an integral part of social laws and politics. In any dichotomy situation, one where two choices are available, ethics steps in to identify the best action-choice. Ethical action is defined and questioned within our interactions with the terminally sick, animals aged citizens and in issues such as abortion.

What is Morality
Morality refers to an adopted code of conduct within an environment and a set of agreed upon rules for what is 'right' and 'wrong'. Morals have formed the spine of modern society, religion and every individual's conscience. The conceptions changed in time and take on a new meaning. For example, 'murder is immoral', but 'on the battlefield murder is permissible'. In a way, morality is in sync with ethics. While one is abstract in understanding, the other is defined and in the form of written code. Morality addresses the ethical queries on the moral outcome of a specific situation. The code of conduct formulated probes prohibitions, controversial behavior, standards of belief systems and social conformity of morally 'right' behavior. Moral codes define 'appropriate' and 'expected' activity. Community morality is usually defined via commentaries and codes of authority. Morality is better understood as an assimilation of beliefs about the essentials to lead a 'good' life. It is not to be confused with religious or fanatic or political perception. Moral codes are based on value systems that have been tried and tested. The best examples of moral codes include the Eightfold Path of Buddhism and the Ten commandments. It is believed that all of us, throughout our lives, act from a developing moral core.

Difference between Ethics and Morality

While morals define our character, ethics dictate the working of a social system. Ethics point towards the application of morality. In the wake of this understanding, national, social and workplace ethics are based on the abstract moral codes adopted and adhered to by each member of the group. Ethics lay down a set of codes that people must follow. Ethics are relative to peers, profession, community, society and nation. Morals are and are dependent on an individuals choice or beliefs or religion and can mean doing the right or wrong thing. An example to help you understand the difference would be: Abortion is legal and therefore medically ethical, while many people find it personally immoral. Ethics can be relatively simple to follow, while applying morals can be decidedly tougher. There can be a moral dilemma, but not an ethical one. While good morals represent correct and upright conduct, ethics act more as guidelines. Ethics are applicable or adhered to by a group or community or society, whereas morals relate to individuals. As we can see from the above discussion that ethics and morals may seem similar, but are in fact rather distinct. While morals constitute a basic human marker of right

behavior and conduct, ethics are more like a set of guidelines that define acceptable behavior and practices for a certain group of individuals or society.

Ethics Important in Business

For a business to achieve long-term profits, customer relationship is of utmost importance. To gain a long-term relationship with customers and achieve customer return for the business, the business needs to be based on ethics. The trustworthiness of a business, its customer service, its customer care, its way of dealing with customers and its urge to retain their old customers, is a part of the business ethics. Business ethics leave a long-lasting impression on the customers and the impression on their minds builds trust, fetching a business more customers while retaining the older ones. Most of us are concerned about making money for our business and we cater to the legalities in business. But we seldom bother to base our business on ethics. At times, ethical duties of businessmen and project managers could be more abiding than even the business laws. Ethics is a far-reaching concept and goes beyond the idea of making money legally. Ethical values are way ahead of earning money. Ethics is more about earning long-lasting relationship in business. People who seek motivation behind being ethical should understand that they are ethical by definition. Ethics is an integral part of running a business and hence ethical values accompany business by default. Without following certain ideals in business, one cannot become successful. Success that is attained without a foundation of strong ethics is bound to be short-lived. A business cannot continue to prosper without an ethical base. A few successes can be coincidences or flukes but persistent success can only be a result of a strong foundation of ethics. The benefits given by the business organization should not be used in an unfair manner. The use of company resources for personal benefits and taking an undue advantage of business resources is completely unethical. Using the wealth of the business for personal reasons is not ethical. Using company funds for personal reasons is unethical. A thoughtful and a careful utilization of company resources is a part of business ethics. A vigilant and a prudent use of resources is an essential component of ethics in business.

Accepting bribes, pleasing the so-called 'important' clients, favoring a part of the customers while being unfair towards the others is against business ethics. The primary aim of business is not just to maximize profits. It is rather to cater to the needs of society and work towards benefiting the masses. Experts in business management and researchers have endorsed the need for businessmen and company professionals to study ethics. They have asserted the importance of founding business on ethical values and following them. They have urged management professionals to adhere to ethics and accept it as a part of business. Ethics remain being important in business and strong ethical values shall take the business a long way!

Current Ethical Issues That Comes Out Of the Nature of Markets

Markets are getting so stiff, that people have to follow unethical measures in order to sustain their growth and existence in the market. Different kinds of markets have different ethical issues. Some of the current ethical issues in business relating to nature of market are: Suppliers create monopoly and try to exploit the buyers. They form their own community comprising of few suppliers and become a big party and every buyer has to buy with them only on the rates the suppliers will quote. If the buyer refuses such unethical practice then he will leave with no other option and he has to close his business. Retailers create their monopoly and then exploit the consumers. Retailers create demand of the product and once the product is popular, they create their monopoly and consumer who is the ultimate user of the product has to buy the product on upper prices or the prices charged by the retailers themselves. Big players of the market force weak players to get merged with them by lowering the prices of the products. Price war that ends up with many ethical issues. All the market players indulge in price war and try to minimize the price so that the consumer will get attracted to them and they offer more services in less cost. But, at the

same time to balance the profits, they reduce the qualities and involve in fraudulent activities or hide actual information from the consumer. Hoardings and manipulation in the goods are the most common practices in todays era.

Current Ethical issues relating to internal and industry

Behavior with the customers. This is an important consideration as how the customers are being treated by the company. For example, customers care services and relationships with them. Reservations are there in every sector. It is done to protect the right and interest of the minority people but now it has been used as an unethical means or practice. Many government has a rule to give employment to disabled people but because it requires extra care and attention and more over investment, people are misusing this and do not disclose the correct picture. No work can be completed without giving bribe to the upper level people. This has made the system corrupt, unethical and useless. There is a problem of child labor across the world. Business practices of the people especially those of the supplier firms. Bribing powerful officials in order to get bids and tenders accepted and bribing competitor employees to get informational leaks is a serious ethical issue in business. In fact, it is a crime that is legally punishable in most countries today. Labor related issues like gender discrimination at workplace, employee harassment, minority community participation, working conditions and child labor are also some general ethical issues in business.

 Business practices like sourcing of materials, quality of inputs in production, compromising on certain aspects like product quality, safety, etc. and deception in packaging, quantity or size also fall in the purview of business ethics. Some industries consciously omit the details of the side effects of the usage of their products from the product packaging while some indulge in controversial practices like animal testing and these too are some of the ethical issues in businesses. Forcing labor to work at below minimum wages, sweatshop work conditions, violation of worker rights and not complying with health, safety and environmental standards are some common current ethical issues in business. These are some of the examples of current ethical issues in business. There are many areas in the business which involve unethical measures that may result in corruption and unethical issues. Business is not just a medium of earning profit but it is also a source of helping the society as well as the people. We all should follow the ethical measures that will help us in being on the right track. There is nothing more important than humanity. Such current ethical issues in business are hampering the humanity and this will cause severe sufferings in the society. We should promote humanity for a better cause.

Current ethical issues in business relating to society

Welfare of the society Promoting honesty, legal practices and fairness in the society via true and fair marketing. Product testing on animals Promoting agriculture farming. Consideration of safety while producing any product. Donations as a tool to improve image. Acceptance of any responsibilities or litigations. Campaigns relating to awareness in the society.

Current Ethical Issues in the Workplace: Examples

Ethical Dilemma #1 A client of the company is facing some financial problems. He buys certain products from your company at a very high rate, which he can get at a much cheaper price from one of your competitors. Now, the ethical issue is, should you communicate the same to your client?

Ethical Dilemma # 2 The company plans to launch a skin cream in the market and one of its ingredients may be harmful for the health of the users in the long run. As an employee, should you be part of such a project? Ethical Dilemma # 3 The company is making losses but the management of the company inflates the profits in the financial statements to appease the share holders, lenders and the customers. Is this ethical?

Current Ethical Issues & the Marketing Mix

Product Issues

Pricing Issues

Customers

Promotion Issues

Distribution Issues

Product issue
Product that is harmful Fail to disclose informations about product. Larger packages are more noticeable on the shelf. Product quality

Customer issues
Tobacco advertising: advertising of tobacco is not illegal in some country but it isunethical Alcohol advertising: advertisement in the name of mineral water or club soda Despite the decrease in sales of hard liquor, there is an increase in alcoholic soft drinks. These taste like colas or fruit juices but may contain more alcohol than beer does

Promotion issues

Deceptive advertising: when the consumer is led to believe something which is not true Puffery: exaggerated claims of a products superiority statements that may not be literally true Cookies: small text files that automatically download to a users computer whenever that

Pricing issues
Bait and switch: advertising one item at low price (bait)>>>>customers into stores>>>>>>sale of different product at higher price.(switch). Price fixing: collaboration of two or more firms in setting prices usually to keep prices high. Predatory pricing: company set low price to eliminate competitors>>>>>> monopoly>>>>>increase prices Price discrimination: charging different prices to different customers based on their assumed ability or willingness to pay

Distribution issues

Slotting allowances: fee paid by manufacturer to retailer in exchange of keeping their product in their shelves. Grey market goods: foreign made products imported into countries by distributors that are not authorized. Exclusive territories: an area assigned by company to distributer in which no other distributer will work. To get good money from distributer & to create elite image