CHAPTER 4 Ethics and Social Responsibility

DATE:

How do business ethics and business culture play a role in our businesses

Please pre-read section 4.1

Objective Bellringer

ETHICS AND CULTURE

Ethics A set of moral principles that govern decisions

and actions.

Universal Values Values that are shared by all cultures throughout

society. They promote the conditions needed for individuals to

survive, enjoy life, and get along with others. Basics are: Food, water, shelter, and physical safety Actions are: obeying the law, caring for the young and

old.

ETHICS AND CULTURE

Business Ethics Moral principles applied to business issues and

actions. Many wonder if business ethics even exist at all.

Why practice business ethics: The basic reason, although simple, is because

it’s the right thing to do.

WHY PRACTICE BUSINESS ETHICS

There are three main reasons that a business should practice business ethics: Customers are more confident when buying

goods and services from an ethical company. An ethical workplace motivates employees Ethical behavior also prevents legal issues and

problems. Can cause business to fail and ruin your career in the

process.

HOW TO ESTABLISH AN ETHICAL WORKPLACE

1. Creating Transparency An openness and accountability in business

decisions and actions. Allows people to see what a company is doing,

and why, is a strong deterrent to unethical behavior.

2. Utilizing Communication to aid Transparency Companies have traditionally communicated

through memos Now they are trending to social media (an

interactive electronic form of communication. Blogs, Message Boards