BE #1 01/10/22 Tuesday, 11 January 2022 955 pm Business Ethics and Social Responsibility Business - plays a key role in determining our quality of life by providing jobs, goods and services to society. - activity in organizing, planning in order to gain profit ‘Three types of business organization - Sole Proprietorship - Partnership - Corporation Importance in Business - Revenue Generation - Economic Growth - Generates Employment - Market Expansion - Improves Standard of Living Unlocking Difficulties Entrepreneur |- organizes, manages, and assumes the risks of a business or franchise Ethics - moral principle that govern a person’s behavior or the conducting of an activity Myth - a widely held but false belief or idea Moral - applies critical analysis to specific events to determine what is right or wrong and what Reasoning _| people ought to do in a particular situation Morality - principles concerning the distinction between right and wrong or good and bad behavior Profit-Motive |- the desire for financial gain as an incentive in economic activity A.Look of Et Ethics |- moral principles that represent a group or person. This is how a person acts in regards to what they consider right or wrong, 12 Ethical Principles for Business Executives Relevance of Studying Business Ethics - it paves the way for common ground in our understanding of the fundamental idea of what is good and what is bad in our human conduct, 1 Commitment to Excellence 2. Law Abiding 3. Honesty 4, Respect for Others 5. Loyalty 6. Accountability 7. Reputation and Moral 8, Leadership 9, Faimmess 10. Concern for Others 11. Integrity 12. Promise Keeping Myth - a widely held but false belief or idea Myth 1. Ethics is a Personal Affair and not a Public Debatable Matter - Some businessman claim that ethics is a private issue because of one’s concept of morality is a result of environmental factors like religions, culture and family values that gives great impact on the person Myth 2. Ethics and Business do not mix. - some businessman claim that ethics has no place at all in business since business is a part of human society Myth 3. Ethics in Business is Relative - some have ethics, some don’t Myth 4. Good Business means Good Ethics Myth 5. Business is a War - wat, not a friendly negotiationBE #2 01, /17/22 Monday, 17 January 2022 2:00 pm Moral Reasoning in Business Moral - a process where ethical issues and problems are benchmarked against a moral Reasoning _| standard so that the moral judgement is made possible. Framework for Moral Reasoning Ethical Issues/Problems-> Reality Check-> Moral Norm/Standard, Company Policy/Ethical Principle-> Moral Judgement Situation Analysis-> Problem Analysis-> Decision Analysis-> Resolution Characteristics of Good Moral Standards ~ a good moral standard is one that looks at issue as something that is very serious. Ex. murder, stealing, graft, corruption - a good moral standard must be grounded on good moral argument (a good argument always tells the truth) - should be OBJECTIVE and NIT SUBJECTIVE. (what is good for one person should be at the same time good for everyone) - when violated, brings about feelings of guilt, shame, and remorse of conscience - a good moral judgement must be logical. The decision maker must arrive at an informed resolution of the issue based on logical reasoning - must be based on facts and solid evidence. The information used in the process of moral reasoning must not come weak sources like hearsay, rumors, and grapevine - must be based in sound and defensible moral principles Profit-Motive - the motivation of firms that operate so as to maximize their profits. The ultimate goal of a business is to make money - not in the sense of increasing the firm's stock of means of payment, but in the sense of increasing net worth. Businessman consider profit as a form of anticipated reward or a compensation for the efforts they spend, skills they apply, and returns for the capital they invested in organizing the business. Milton Freidman “ the only responsibility of business is to make profit as long as it stays within the Tiles of the game which is to stay engage in open and free competition without deception and fraud” Peter Ducker (a famous guru) - disagrees with Milton’s view “enterprise is an organ of the society and therefore, it’s actions and decisions have a great impact on society and people.” - also added that profit is an important aspect in business but there are factors to consider in doing business : ~ Customer Satisfaction -Fair Treatment of the Employees -Respect of the Environment Business Organizations Private Sector * Sole Proprietorship * Partnership * incorporated Companies * Cooperative Societies PublicSector * Business under provincial councils * Business under the central government (Departments, State Corporations) * Business under local authorities Good Side Badside Motivates One's Self Rivalry among Competitors Ingenuity and Cleverness | Greed Productive Self-interest Generates Potential Capital | Environmental PollutionBE #3 02/07/22 Monday, 7 February 2022 2:04 pm ‘Without moral perception, man is only an animal. Without morality, man is a |- Ramon B. rational beingis a failure. Agapay We are what we repeatedly do. Excellence then is not an act but ahabit. | Aristotle Philosophy, love of wisdom | - philos, love + sophia, wisdom internalizing the here and now Division of Philosophy Theoretical or —_|+ Cosmology - greek word kosmos, universe, the study of the origin and Speculative evolution of the universe Philosophy + Ontology - greek word onto, being, nature of existence of things and status of reality, theory of being - studies thetruth _|+ Metaphysics - greek word meta, beyond, physikon, nature, studies tobe known based | nature of mind, self, and consciousness also of religion, existence of in knowledge and | God, concept of time and space, cost and chance research + Psychology - greek words psyche, soul, logos, study, study of human mind, behavior with regards to its definitions and related concepts + Theodicy - greek words theos, God, dike, justice, Rational Theology, studies existence not solely basing on the Bible but also by logic + Epistemology - greek words episteme, knowledge, theory of knowledge, Practical Philosophy |+ Semantics - greek words sema, sign/mark, semantikos, significant, ‘meaning of words and its linguistic forms - studies truths to |+ Axiology- greek words axios, worthy, logos, study, study of philosophy be act upon or system of value judgement or worthiness passions. Aristotle) support to establish truth (deductive and inductive) + Ethics + Aesthetics - branch of philosophy that establish general principles of beauty and art (art does not imitate particular things, rather it identifies universal ideals and values. it also purges us of our erotic and aggressive! + Logic- deals with nature of thinking and reasoning using empirical investigates the nature of human act or human conduct Human Act - an act performed only by human being and is morally proper to man by was voluntarily done. acting with conscience. An action performed with knowledge, awareness, ‘Acts of man - an act of doing what you were ought to do, by nature. animals does not) (A human can decide whether or not to kill, while animals cannot decide whether or not to kill kumbaga while human beings have knowledge, (the end must justify its end)BE #4 02/14/22 Saturday, 19 February 2022 5:02 pm Ethical Issues in Business and the Corporate World Problems in Corporate World ‘1. Morality of | Philip Kotler - marketing guru Advertising Advertising is an any paid form of non-personal presentation and promotion of ideas, goods, and service by an identified sponsor (Kotler) ‘Why is advertising important in marketing? - itis important because it can market to a wider audience by advertising using different platforms (Malagamba, 2022) - In order for consumers to be aware of the presence of diverse products and services available in the market. - Serves as promotion Is advertisement ethical or unethical? - ithink it depends to who will make or produce the advertisement, kung they are willing ba to be unethical para maka earn og sales or they are willing to risks their sales and be ethical but again it is non-personal so it really doesn’t matter Issues in Advertisement * Deceptive Advertising - expectation vs reality * Weasel Words - help fights... words that imply what cannot be said * Exaggeration - false claims of benefits that is unsupported by valid evidence * ads directed to children - false claims directed to children but unsupported by valid evidence 1, |2. Office - relationship between 2 people who are employed by the same organization. Romance * damaged profession reputation - involvement between bosses * disturbed co-workers - unfair treatment and bias, favoritism, * changes in productivity - gossip, ruin and sabotage, complaints * dating the boss- most disturbing, create hostile environment * extramarital affairs risky and subject to moral issues, breaks family Is office romance immoral? - No, it depends on the foundation, intention, and discipline of the relationship. ‘Advantages: - mutual support - good productivity - time efficiency (searching for partner) 3.Problem of | Ethical Issues in Fair Pricing Fair Pricing * True cost of the product is concealed - close book policy of the company due to confidentiality * Suggested Retail Price- interpretations, doubts * Use of Electric Scanners - not full proof ifits accurate * Promotional Pricing- “sale” manipulate customer in buying products that thought to be cheaper * price gouging- taking advantage pf spikes in demand and charging higher * price fixing uses power pf retailer among the producers correspondingly controlling products