Business Ethics And Explain Its Nature Essay - 1677 Words

Section 1- Introduction 1. Define business ethics and explain its nature: Ethics deals with moral practices and also, tell us how to behave with others. Actually, ethics defines the difference between good and bad, moral and immoral and fair and unfair etc. In addition to this it tells us to adopt good things and avoid bad ones. In short, ethics means a code of conduct (Shearman, 1990). Business Ethics means to run a business not only for profit purpose but also for sake of welfare to the society. A businessman must aware about the consumer needs and wants along with providing a continuous supply of good quality of goods and services at reasonable prices (Lewis, Defining ‘business ethics’: Like nailing jello to a wall. ). According to Kirk O. Hanson, a renowned ethics expert who also doubles as the Executive Director of the Markkula Center for Applied Ethics, business ethics is the study of the standards of business behaviour which promote human welfare and the good(Hanson, 2008). Nature of Business Ethics: Some characteristics of business ethics are like: Provides ordinary framework: Business ethics provides the basic framework to run a business.It also gives the economic, legal and social boundaries within which businessmanmust conduct his business. Code of conduct: Businessman must follow the ethical code of conduct. They must know what to do for the welfare of society and what not to do, and what is right and wrong for the society. Based on moral andShow MoreRelatedWhy Ethical Responsibilities Go Beyond Legal Compliance. Essay591 Words   |  3 Pages1. Explain why ethics is important in the business environment. Ethics is important not only in business but in all aspects of life because it is the vital part and the foundation on which the society is build. A business/society that lacks ethical principles is bound to fail sooner or later. 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