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Business Ethics Notes & Study Material PDF
Business Ethics Notes & Study Material PDF
The concept has come to mean various things to various people, but generally its coming to know what is right or wrong in the
workplace and doing whats right-this is in regard to e ects of products/services and in relationship with stakeholders. Wallace
and pekel explain that attention to business ethics is critical during times of fundamental change-times much like those faced
now by business, both nonpro t and for pro t .In times of fundamental change, values that were previously taken for granted
are now strongly questioned. Many of these values are no longer followed. Consequently, there is no clear moral compass to
guide leaders through complex dilemmas about what is right or wrong. Attention to ethics in the workplace sensitizes leaders and
sta to how they should act .Perhaps most important, attention to ethics in the workplaces helps ensure that when leaders and
managers are struggling in times of crises and confusion, they retain a strong moral compass. However, attention to business
ethics provides numerous other bene ts; as well as listed later in this document. Note that many people react that business
ethics, with its continuing attention to doing the right thing. Only asserts the obvious (be good, dont lie etc.), and so these
people dont take business ethics seriously. For many of us, these principles of the obvious can go right out the door during
times of stress. Consequently, business ethics can be strong preventative medicine. Anyway, there are many other bene ts of
managing ethics in the workplace. These bene ts are explained later in this document.
Ethical dilemmas crop up in purchasing departments where strong pressure are felt to obtain the lowest possible prices from
suppliers and where suppliers and where suppliers too feel a similar need to bag lucrative contracts ,Bribes, kickbacks and
discriminatory pricing are temptations to both the parties.
Marketing is another area of the ethics issue. Pricing, promotions, advertising, product information, relations between agencies
and their clients and marketing research are potential areas of ethical dilemmas. Then there is thee area of sophisticated
communication technology which is grossly abused or misused to realize ones ambitions.
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5. Ethics programs are an insurance policy they help ensure that policies are legal.
6. Ethics programs help avoid criminal acts of omission and can lower nes.
7. Ethics programs help manage values associated with quality management, Strategic planning and diversity management this
bene t needs far more attention.
CORPORATE GOVERNANCE
A corporation is a creation of Law as an association of persons forming part of the society in which it operates. These
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Corporations are to be both managed and governed. At all stages interest of society is involved. The activities of the Corporation
and values of society are mutually in uencing each other, Activities of corporation. However, Corporations have a duty to view
the interest of nation, laws, and ethical values, in the interest of whole society.
Corporate governance is gaining importance in Business world .One can nd a blending of morality, Law and ethics in
corporate governance. GATT, WTO and the local situation have opened a new thought in corporate governance.
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