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1 Introduction
• Business ethics is a branch of ethics which prescribes standards of how the business is to be carried out.
• Guidelines to stakeholders
• The responsibility of the managers and employees
• The application of ethical judgments to business activities.
2 Business Ethics
The study and examination of moral and social responsibility in relation to business practice and decision making in business is known as “Business Ethics”.
3
WHAT IS ETHICAL BEHAVIOUR?
Ethical behavior is that which is morally accepted as "good" and "right" as opposed to "bad" or "wrong"
The advantages of ethical behaviour include:
• Higher revenues – demand from positive consumer support• Improved brand and business awareness and recognition• Better employee motivation and recruitment• New sources of finance – e.g. from ethical investors
4 Relationship between Business and Ethics
• Businesses that exhibit and promote strong corporate codes of ethics are more prosperous in the long run.
• Enhances a company's reputation.
• The highly competitive environment in today's global economy puts pressures on company leaders to remain profitable.
5 Need for Business Ethics
• Introducing Socialism in Business
• Interest of Industry
• Buyers Market
• Better Relations with Society
6 Importance of ethics in business
• Goodwill
• Profitability
• Going concern is assured
• Sustainability
• Survival of heated competition
• Safety from legal perspectives.
7 Why is it important ?
Ethics influence and contribute to:
• Employee commitment.• Investor and customer loyalty and confidence.• Legal problems and penalties.• Customer satisfaction.• The ability to build relationships with stakeholders.• Cost control.• Performance, revenue, and profits.• Reputation and image.
8 Presented By :
1. Rohit Kochhar