Explain the importance of ethics for business to be successful.

By definition, business ethics refers to the standards for morally right and wrong conduct in business. Law partially defines the
conduct, but “legal” and “ethical” aren’t necessarily the same. Business ethics enhances the law by outlining acceptable
behaviors beyond government control.
Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as
investors and consumers. While corporate ethics programs have become common, the quality varies. According to the 2018
Global Business Ethics Survey (GBES), less than one in four U.S. workers think their company has a “well-implemented” ethics
program.

Business ethics is an essential skill:-

Almost every company now has a business ethics program. In part, that’s because technology and digital communication have
made it easier to identify and publicize ethical missteps. To avoid the negative implications, companies are devoting more
resources to business ethics. In one survey of accountants, for example, 55 percent said they believe the importance of business
ethics will continue to grow in the next three years. In addition to establishing formal programs, companies are creating ethical
workplaces by hiring the right talent. “High integrity and honesty” is the second-most important skill for business leaders,
according to a recent survey. Today’s business professionals must understand the link between business ethics and business
success .
Business ethics drives employee behavior:-
Doing so can maximize the program’s impact by making ethical processes part of employees’ workflow. According to Gartner, an
ethics program should:
1.Define the program mandate
2.Mitigate and monitor risk
3.Establish policies and procedures
4.Oversee allegations of misconduct
5.Provide training and communications
Business ethics benefits the bottom line:-
Another reason why business ethics is important is that it can improve profitability. Honorees on this year’s list of the World’s
Most Ethical Companies outperformed the Large Cap Index by 10.5 percent over three years. A well-implemented ethics
program can also reduce losses. Twenty-two percent of cases examined in the 2018 Global Study on Occupational Fraud and
Abuse cost the victim organization $1 million or more. Companies that practice questionable ethics may also experience a
decrease in stock price and severed business partnerships, which can affect profitability. In addition, business ethics is linked to
customer loyalty. Over half of U.S. consumers said they no longer buy from companies they perceive as unethical. On the flip
side, three in 10 consumers will express support for ethical companies on social media. Business ethics cultivates trust, which
strengthens branding and sales

Explain personal ethics.

Personal ethics are ethical principles that a person uses when making decisions and behaving in both personal and professional
settings. These ethics influence various aspects of a person’s life and help individuals develop their work ethic, personal and
professional goals, and values. Individuals use their ethics to determine between right and wrong and influence how someone behaves
in challenging situations. Each person’s code of ethics varies, but many people share common ethics such as honesty and respect.

Importance:-
A person’s personal ethical principles are important for several reasons, including that they :

Allow leaders to more effectively lead their teams.

Instill a sense of trust and support in leaders.
Give individuals a solid basis of which to determine the most appropriate action in any given situation.
Improve the decision-making process.
Set a standard of behavior.
Support motivation.
Explain unethical practice in business.
It has become a norm to bump into a story on the news involving unethical practices from employees; to an extent, it seems within
human nature to act unethically. Maintaining a successful business is a daily challenge even with the most committed employees
and the best business ideas. Large and small companies feel the pressure to be successful. Some decide to work harder in these
struggles, while others seek the easy way by turning into unethical business practices. Actions and behaviors that are below the
set minimum standards of the set codes of conduct can be regarded as unethical business practices. Such include widely accepted
morally wrong behavior and result in the mistreatment of people in the line of business
•Unrealistic expectation to succeed. Most employees act unethically because of the pressures to succeed. Unrealistic targets can
draw employees to work unethically. Take an example of a Wells Fargo employee who opened fake credit cards in their client's
name to make a quota. It was almost impossible to make it to the allocation without bending some corners.
•Lack of necessary training. Organizations assume that employees have an understanding of what behaviors are unethical.
Employees may not know that an activity they engage in may be unethical or illegal. Therefore, it is crucial to educate employees
on behaviors regarded as unethical.
•Lack of reporting policy. Organizations should embark on teaching developing reporting policies, and letting their employees know
how to report ethics violations. Policy presence ensures that certain information does not fall into the wrong hands
Explain ethical issues in business
Ethical issues in business can be a difficult challenge to navigate for any business owner. Though there are laws
and statutes that exist to hold workers and employers accountable, these alone do not entirely deter employees
from behaving unethically.

6 Ethical Issues in Business :-

1. Harassment and Discrimination in the Workplace
2. Health and Safety in the Workplace
3. Whistleblowing or Social Media Rants
4. Ethics in Accounting Practices
5. Nondisclosure and Corporate Espionage
6. Technology and Privacy Practices

Explain why professional skill is important.

Professional skills will help you stand out to potential employers and assist you in your professional endeavors
across the board. To function efficiently and produce quality work, you should be proficient and familiar with a
variety of skills.
Workplace skills
Any skill that helps you communicate and work with others would qualify as a workplace skill. These skills may also
be called “people skills” (or “soft skills”) because of their impact on how you relate to others professionally.
Technical skills
Skills that are job or industry-specific qualify as technical skills—some people call them “hard skills”. Potential
Communication skills
Every working professional needs to be able to communicate effectively. It can increase motivation and reduce
misunderstandings. Clear communication skills pertain to speaking, writing, and listening, which are essential in any
productive workplace.
Organizational skills
Organization refers to the management of one’s time, space, and priorities. In order to be a productive member of
any professional environment, you must be able to organize your physical, digital, and mental spaces.
Problem-solving skills
The ability to efficiently handle complex or surprising issues will help you greatly in any setting. Employers will
appreciate an employee who can quickly and tacitly solve problems. It is inevitable; at some point, we’ll all come
face-to-face with a professional challenge or roadblock.

Explain ethical issues in business.

Ethical issues in business can be a difficult challenge to navigate for any business owner. Though there are laws and statutes that
exist to hold workers and employers accountable, these alone do not entirely deter employees from behaving unethically.

6 Ethical Issues in Business :-

1. Harassment and Discrimination in the Workplace
2. Health and Safety in the Workplace
3. Whistleblowing or Social Media Rants
4. Ethics in Accounting Practices
5. Nondisclosure and Corporate Espionage
6. Technology and Privacy Practices
Explain the importance of moral value.

Medical ethics is important both in medical practice which involves the patient doctor relationship and in medical
research.
Some of the roles of medical ethics are:
1.It provides standards in the professional relationship between the physician and their clients or patient hence
provides guidelines in the prevention of litigation.
2.The social capital in the professional relationship is established with members of the community.
3.Medical ethics is implemented in decision making by both the physician and the patient.
4.Medical ethics provides moral values necessary in providing solutions to ethical dilemma.
5.It provides privacy, confidentiality and truthfulness in the doctor-patient relationship.
6.Medical ethics promotes health, wellbeing, respect decision making, dignity, justice and accountability in the
medical profession.
7.Medical ethics helps in promoting good and quality medical care by identifying, analyzing and attempting to
resolve the ethical problems that arise in medical practice.
8.Medical ethics promotes diligence and proper training skills among healthcare professionals.
9.Medical ethics helps in the prevention of unethical practices such as negligence and malpractice.
Explain the importance of code of conduct.
Having a code of conduct is especially important in current times. News can spread extremely quickly over the
internet, and public statements that your employees make could cause reputational damage to your company. A
code of conduct gives every employee a set of guidelines on how to act in the best interest of the organization –
both within the company and in public.
>Increased Sense of Community.
>More Protection for Employee.
>Improved External Perception.
>Lower Risk of Legal Consequences.
>Fairer Collaboration.
>Better Employee Experience.

Explain the importance of treat people equally.

Human rights: Equality is a fundamental principle of human rights. Every individual, regardless of their race,
gender, ethnicity, religion, sexual orientation, or any other characteristic.
Social cohesion: When people are treated equally, it fosters a sense of unity and harmony within society. It
promotes a culture of inclusivity and acceptance, reducing divisions based on differences.
Justice and fairness: Equality is closely linked to justice and fairness. Treating people equally means that everyone
has an equal chance to succeed, to be heard, and to receive just treatment under the law.
Diversity and innovation: Embracing equality allows for the full participation and contribution of individuals from
diverse backgrounds. When people are treated equally, their unique perspectives, experiences.
As per Davis, “Responsibility is an obligation of an individual to perform assigned duties to the best of his ability
under the direction of his leader.” In the words of Theo Haimann, “Responsibility is the obligation of a subordinate to
perform the duty as required by his superior”.

Characteristics
1.Its importance lies in the creation of the obligation to perform the work.
2.It arises from the superior-subordinate relationship.
3.Unlike Authority, it flows from bottom to top.
4.It is always in the form of a continuing obligation.
5.No one can delegate responsibility.
Ethics in Management.
Ethics in management plays a vital role in shaping the culture, values, and long-term success of an organization. It involves
making morally responsible decisions and behaving in an ethical manner while leading and managing others. Here are some key
reasons why ethics is important in management:
Stakeholder Trust: Ethical management practices build trust and credibility among stakeholders, including employees,
customers, investors, and the wider community.
Employee Morale and Engagement: Ethical management creates a positive work environment where employees feel valued,
respected, and motivated. When managers prioritize ethical behavior.
Reputation and Brand Image: Ethical management is essential for building and maintaining a strong reputation and brand
image. Unethical practices can quickly tarnish an organization's reputation.
Legal Compliance: Ethical management ensures adherence to laws, regulations, and industry standards. By promoting ethical
practices, managers help prevent legal issues.
Long-Term Sustainability: Ethical management focuses on long-term sustainability rather than short-term gains. It considers the
impact of decisions on various stakeholders, including the environment and society.
Risk Management: Ethical management helps identify and mitigate potential risks associated with unethical behavior. By
establishing clear ethical guidelines, managers can prevent misconduct, fraud.
Leadership Development: Ethical management serves as a role model for future leaders. When managers demonstrate ethical
behavior, they inspire and influence others to follow suit. By cultivating an ethical culture.
Overall, ethics in management is not just a moral imperative, but also a strategic advantage. It contributes to organizational
success by fostering trust, attracting talent, enhancing reputation, and mitigating risks.
Values in Everyday Management
The importance of values in everyday life and management cannot be overstated. Values serve as guiding principles that
influence our decisions, actions, and interactions with others. They provide a framework for ethical behavior, shape our
attitudes and beliefs, and help us prioritize what is important in both personal and professional contexts.
Ethical decision-making: Values act as a moral compass and guide individuals in making ethical decisions. They help
managers and employees navigate complex situations, ensuring that choices align with principles such as honesty.
Employee engagement and motivation: Values-based organizations tend to attract and retain employees who share similar
values. When employees feel a sense of alignment with the values of the organization, they are more likely to be engaged.
Decision-making consistency: Values help ensure consistency in decision-making processes within an organization. When
everyone understands and embraces the core values.
Organizational culture: Values shape the culture of an organization by setting expectations for behavior and establishing
norms. They influence how people communicate, collaborate, and work together towards common goals.
Stakeholder relationships: Values play a crucial role in managing relationships with stakeholders such as customers,
suppliers, and the community. When organizations demonstrate values such as customer focus, social responsibility.
Personal fulfillment: Values are not only important in a professional context but also in our personal lives. When individuals
live in alignment with their personal values, they experience a greater sense of fulfillment, satisfaction, and happiness.
In summary, values play a fundamental role in everyday life and management. They provide a moral compass, shape
decision-making processes, drive employee engagement, define organizational culture, strengthen stakeholder relationships,
Cross-Cultural Ethics Evaluation.

Cultural Relativism: One major ethical issue in cross-cultural ethics is the tension between cultural relativism and universal
ethical principles. Cultural relativism suggests that ethical standards are relative to particular cultures.
Human Rights: Cross-cultural interactions can raise questions about the universal application of human rights. Different
cultures may have different perspectives on individual rights.
Ethical Standards and Business Practices: International business practices often involve ethical challenges. Companies
operating in different cultural contexts need to navigate varying ethical standards, bribery and corruption, labor practices,
environmental sustainability.
Communication and Language Barriers: Cross-cultural communication can be hindered by language barriers, cultural nuances,
and differences in communication styles. Misunderstandings can lead to ethical dilemmas, such as misinterpretation of
intentions.
Power Dynamics and Exploitation: In cross-cultural interactions, power imbalances may exist due to historical, economic, or
political factors. Exploitative practices, such as unfair labor conditions, child labor, or cultural appropriation.
Cultural Appropriation: Cultural appropriation refers to the adoption or use of elements from one culture by members of
another culture, often without proper understanding, respect, or acknowledgment.
o address these ethical issues, individuals and organizations engaging in cross-cultural interactions should strive for cultural
competence, sensitivity, and open dialogue. It is crucial to approach cross-cultural ethics with respect, empathy, and a
willingness to learn from different perspectives,
Define Professional responsibility

Professional responsibility refers to the ethical and moral obligations that individuals in a
particular profession have towards their clients, colleagues, employers, and society as a whole

Professional responsibility is crucial in various fields such as law, medicine, engineering, accounting,
journalism, and many others.

The key elements of professional responsibility include:

Competence: Professionals must possess the knowledge, skills, and qualifications necessary to perform
their duties effectively and with expertise. They should continuously update their knowledge and stay
current with the latest developments in their field.

Integrity: Professionals must act honestly, ethically, and with integrity in all their professional
interactions. They should avoid conflicts of interest and maintain confidentiality when dealing with
sensitive information.

Objectivity: Professionals should provide unbiased and objective advice and recommendations based on
thorough analysis and evaluation. They should not let personal biases or external influences compromise
their professional judgment.

Accountability: Professionals are responsible for their actions and should be willing to take responsibility
for any mistakes or errors. They should be transparent and communicate openly with their clients,
colleagues, and stakeholders.

Professional Development: Professionals should engage in continuous learning and professional

development to enhance their skills and knowledge. They should stay informed about changes in
regulations, laws, and best practices relevant to their field.

Explain virtue based ethical thinking

Virtue-based ethical thinking, also known as virtue ethics, is an approach to ethics that focuses on the
character traits or virtues of individuals as the basis for moral decision-making. Unlike other ethical
theories that emphasize rules or consequences, virtue ethics places greater emphasis on the
development of virtuous character.

In virtue ethics, the central idea is that moral actions are a result of virtuous character traits. These
virtues are qualities or dispositions that enable individuals to lead a morally good and fulfilling life.
Examples of virtues include honesty, compassion, courage, generosity, and justice.
6)Explain the value and ethical teaching from holy Gita.

Ans- The Gita is highly regarded for its profound philosophical and ethical teachings, which hold value for individuals of various
religious and cultural backgrounds. Here are some key values and ethical teachings from the Gita:

1.Duty and Responsibility: The Gita emphasizes the importance of fulfilling one’s duty without attachment to the results. It
teaches that individuals should perform their duties diligently and selflessly, considering them as acts of service to a higher
cause.

2.Selflessness and Renunciation: The Gita teaches the principle of selflessness and detachment from the fruits of one’s actions.
It encourages individuals to focus on the task at hand without getting entangled in desires and personal gains, thus promoting a
sense of detachment and equanimity.

3.The Unity of All Beings: The Gita highlights the underlying unity and interconnectedness of all beings. It teaches that the true
essence of an individual, known as the Atman or the Self, is eternal and interconnected with the universal consciousness.

7)Explain the benefits of business ethics.

Ans- Business ethics refers to the principles and moral values that guide the behaviour and decision-making processes within
an organization. Here are some of the key benefits of business ethics:

1.Enhanced reputation: Operating with integrity and ethical standards helps build a positive reputation for the organization.
Customers, employees, and stakeholders are more likely to trust and support a company known for its ethical practices.

2)Increased customer trust: Ethical business practices build trust and confidence among customers. When customers believe
that a company is committed to ethical behaviour, they are more likely to develop long-term relationships and become loyal
advocates for the brand.

3)Improved relationships with stakeholders: Ethical behaviour fosters positive relationships with various stakeholders,
including suppliers, investors, partners, and local communities. Organizations that prioritize ethics are more likely to engage in
fair and transparent business practices, leading to mutually beneficial relationships.

8)Explain the meaning of virtue of humanity.

Ans- The virtue of humanity refers to a moral quality or characteristic that encompasses compassion, empathy, kindness, and
consideration for others. It is a fundamental aspect of human nature that emphasizes the importance of treating others with
dignity, respect, and fairness.

At its core, the virtue of humanity recognizes the inherent worth and value of every individual. It involves recognizing and
appreciating the shared experiences, emotions, and vulnerabilities that we all possess as human beings. This virtue urges us to
extend care and support to others, regardless of their background, beliefs, or circumstances.
1)Explain the benefits of good code of conduct.

Ans- A good code of conduct, also known as a code of ethics or code of professional conduct, serves
as a set of guidelines and principles that govern the behavior and actions of individuals within a
particular organization or community.

Here are several benefits of having a good code of conduct:

• Promotes a positive and inclusive work environment

• Establishes ethical standards
• Provides a basis for decision-making
• Attracts and retains talent
• Protects reputation

2) Explain the values and ethical teaching from holy Quran.

Ans-The Quran, the holy book of Islam, contains numerous values and ethical teachings that guide
the lives of Muslims.

• Monotheism (Tawhid): The Quran emphasizes the belief in one God, known as Allah.
• Justice and Fairness: The Quran emphasizes the importance of justice and fairness in all
aspects of life.
• Compassion and Mercy: The Quran teaches Muslims to show compassion and mercy
towards others.
• Honesty and Integrity: The Quran emphasizes the importance of honesty and integrity in
personal and societal affairs.
• Respect for Others: The Quran teaches Muslims to respect the rights and dignity of all
individuals.