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What is business ethics and its importance?
Answer;D.Sathish MBA.,What is Business Ethics?Business ethics is the behavior that a business adheres to in its daily dealings with the world. The ethics of a particular business can be diverse. They apply not only to how the business interacts with the world at large, but also to their one-on-one dealings with a single customer.Many businesses have gained a bad reputation just by being in business. To some people, businesses are interested in making money, and that is the bottom line. It could be called capitalism in its purest form. Making money is not wrong in itself. It is the manner in which some businesses conduct themselves that brings up the question of ethical behavior.IMPORTANCE OF BUSINESS ETHICS / IMPORTANCE OF ETHICS IN BUSINESS INVESTMENT:Business ethic is that aspect of corporate governance that has to do with the moral values of managers encouraging them to be transparent in business dealings. Business ethics takes into consideration the feelings of customers in fashioning out the services or goods that is given to our customers. It also takes into account the interest of other stakeholders.Good business ethics is the backbone of every forward thinking business. This is more important now that consumerism has rooted deep into the heart of the customers. Consumerism is a term that is used to explain the rights of customers and the position of the law as far as knowing the content of what they consume is concerned.In this article, I will be discussing the importance of having good business ethics in all our business endeavors.BENEFITS OF GOOD BUSINESS ETHICSGood business ethics brings much goodwill to a company that will in the long run translate into tangible benefits. Goodwill is that intangible asset that a company has earned over her period of operation as a result of being perceived by business associates and other third parties as being transparent, reliable, straightforward, trustworthy, etcNote the use of the word ‘earned’, this means that true goodwill is earned and not purchased. Forget about the accounting goodwill here. Some of the tangible benefits that accrue a company for operating on an ethically sound business values are:PROFITABILITYThe first direct dividend of ethical business operation is ‘profitability.’ A company that is based on sound business value is more likely to be profitable than a company operating on corrupt practices.GOING CONCERN IS ASSUREDBeing profitable will ensure that the company be around for at least the next twelve months. It is the desire of every business entity to be around for a longer time. Ethical business practice is the way to go if you and your business truly value going concern.SUSTAINABILITYWithout sustainability, investmentsin business will simply not yield fruit. And without running your business on sound ethical values, sustainability will not be achieved in businesses and investments.COMPETITIVE EDGEQuality save money is a popular belief in accounting, business and investment. You will save the cost of reworking defects borne out of using poor equipment and employment of sharp practices. Again, this will give you and your investment (business) easy access to the heart of the general public if you build your business on ethical values and principles.Like Zig Ziglar would always say, “you will get all that you want in life if you can simply help enough others get what they want.” He called this the ‘golden rule philosophy.’ And it is indeed a golden rule philosophy.This philosophy is not only applicable in general life interactions. In fact, it is truer in the world of business. Your customers and other stakeholders in the business community will naturally come to love and appreciate your company and the product you have to offer if they discover that you uphold business ethics in your business operation.Good business ethics will definitely reflect on the quality of your products, because you have the satisfaction of your customers at hand while you were producing your products.Uphold good and sound business ethics in your business operation and watch your business soar!
From an ethical point of view big business is always a bad business Discuss the pros and cons of this statement?
lets take one example....cosmetics...one of the largest businesses in the world..women(and men)can function very well without 99.99% of their products, but they don't!...is it ethical to have such a gigantic advertising push to get people to buy things they don't "really" have to have???..but the demand is there..so.......sad to say but if you look around you can find zillions of examples of big business supplying us with things we "want",not what we "need". That's an ethical question for both sides of the advertising, the seller and the buyer.As long as the buyer is willing to wallow in these areas when their monies could be better spent(on more ethical issues),nothing will change....many people will say big business is BAD....until its that company that supplies them with the needless things they "want", then they'll hush up about it--and move on to another company they can attack. Big oil is the target right now...but if people would stop and think about all the gazillions of bi-products they consume on a daily basis thanks to that "demon" oil, they'd shut up real quick due to the fact they don't want to do without those things in their lives! Many people haven't stopped long enough to realize that,when they do,oil won't be quite as demonic as it used to be!
Why is competition in business considered to be good?
Competition in business is considered to be good particularly to keep the business current with its prices and quality of workmanship. Business know that consumers are smart and will shop around for the best of both price and workmanship.
How long has Bloomberg lp been around?
Bloomberg L.P. was founded in 1981 and has been in business since 1983. This means that as of 2011 they have been around for 30 years and have been an operating business for 28 years.
What is the most important rule of business?
The most important rule of business is to keep your emotions separate from your business. Do not include family members because they are related to you, keep useful people around you to make your money.
Why businesses should have high standards of ethical behavior?
Business ethics is important because it is concerned with right and wrong and how conduct should be judged to be good or bad. Business ethics is a form of applied ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It is also a standard principle that helps protect the rights of both the consumers or clients, and the business itself along with the staff it consist of.
What are the problems faced in setting up a business?
we should check the market requirement we should see the environment around our business place
Are wars ethical?
Although many ethical rules of war are written, wars will never be ethical at all. Governments around the globe consider them needed.
Can astrology resolve business problems?
A lot of people believe that astrology can resolve business problems. Astrology isn't a magic bullet, but it can help you to understand yourself and the people around you. It can also help you to predict how things might play out in the future. If you think that astrology could help you solve your business problems, then it's worth considering. However, be sure to discuss your findings with a professional before making any decisions.
How is ethics in business and law related?
Ethics in business and law both revolve around principles of fairness, honesty, and moral integrity. In business, ethical conduct governs relationships with customers, employees, and other stakeholders, while in law, ethical standards guide the behavior of legal professionals in upholding justice and the rule of law. Both fields emphasize the importance of integrity, transparency, and accountability to maintain trust and credibility.
What are the problems based in global business?
Communication can become a major problem on a company the works globally - especially when it comes to working with other people from around the globe.
What is Chautauqua?
Chautauqua is the name of a county in New York State, a Lake in Chautauqua County, and a gathering place around the early 20th century where people joined together to dicuss important issues of the day and learn about new things.
Is emphysema safe around a child with respiratory problems?
Emphysema is not contagious, and someone with emphysema can be around a child with respiratory problems without endangering the child. Smokers should not be around a child with respiratory problems.
Do cleaning services work?
Many of the ones that have been around awhile have high quality service and are reliable. Check with your local Better Business Bureau to find out if there are any problems with the one you choose.
Scientists have cloned sheep but have not yet cloned a humanthe best explanation for this situation is?
Cloning humans raises ethical concerns around autonomy, identity, and exploitation that do not apply to cloning animals. There are also safety and efficiency concerns related to human cloning that have not been fully addressed. Additionally, international regulations and societal consensus on human cloning are not well-established.
How do you create a band?
Well you create a band by getting people or friends and gathering around and dicuss what type of band you want and what the name of yo band is going too be create song's with yo band members and you'll be rock stars YAHHHHHHHHHHH..........
What is ethical retailers?
it is a person who buys items from people around the world then sells them into their shops back in the UK.
