Business ethics subject

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Topic:
“MORAL VALUES AND ETHICS”.
Presented by,
Wisal Ahmad (112).
Iftikhar Hussain.(116)
Asad Ali. (134)
Ilyas Wazir. (114)

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Business Ethics: What Does It
Really Mean?
Definitions
Ethics involves a discipline that
examines good or bad practices
within the context of a moral duty
Business ethics include practices
and behaviors that are good or bad

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Three Key Branches of Ethics
Descriptive ethics involves
describing, characterizing and
studying morality
“What is”
Normative ethics involves supplying
and justifying moral systems
“What should be”

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Applied ethics
about “how” moral
outcomes can be achieved in specific
situations;

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Moral Values.
Moral values are the standards of
good and evil, which govern an
individual’s behavior and choices.
OR
Values are the criteria for determining
good and bad, fair and unfair, just and
unjust.

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Types of “Values”.
Universal Values:
It has the same value or
worth for all, or almost all people.
Eg, Sanctity of human life, Peace, and human
dignity.
Instrumental Values:
These are values
that can be used to get something else.
Examples of these would include Progress (which
allows leisure time), Freedom (Through which we
can get dignity and/or self actualization), and
Knowledge (which helps us to get economic
prosperity, and progress).

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Intrinsic Values: ( opposite to
instrumental value)
Something has intrinsic
worth simply because of what it is, and not
necessarily what it will lead to.
For example ,beauty, artistic expression and
happiness. We value them because they are an
important aspect of life.
Prerequisite Values:
These are values that are
necessary before you can get to some bigger goal.
Examples of this type of value include safety
(which is needed before people can even think
about having anything else), Justice (which is
needed before we can move onto equality), or the
common good (which must be honored if we can
ever get to a state of peace).

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Paramount Values:
It is the value which is
above all other things.
For example, freedom (which many people have
given up their lives for and see as essential to a
decent life).
Operative Values:
These types of values are
the ways that we make judgments on how to live
the rest of our lives. We use these values as the
overarching and guiding principles which tell us
what is always right and wrong.
For example, Integrity, Honesty, and Loyalty.

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Other many sources of Values.
Fellow Workers
Family
Friends
The Law
Regions of
Country
Profession
Employer
Society at Large
Fellow Workers
Religious
Beliefs
The Individual
Conscience

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Sources of Moral Values.
Here we discuss the following;
Religion.
Science.
Culture.
Law.

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Religion
Religion is the greatest source of
values.
Religion also teaches us how to
behave and acts as a unconscious
policing action.
For example, Sikhism religion teaches
that they should cover their head
before praying to whom they
worship and not eating meat.

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Science
An another source of values.
Actually science’s main objective is to
prove certain facts, phenomenon’s and
other things right or wrong.
For example, it is scientifically proven that
working yourself too hard can lead to
health problems. Thus, science helps us
realize that there are better ways to live
and thrive in our environment.

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Culture
Culture refers to a set of values, rules
& standards transmitted among
generations & acted upon to produce
behaviors that fall within acceptable
limits. These rules & standards
always play an important part in
determining values.
For example, its good to give place to
elder one.

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Law
Laws are rules of conduct, approved
by legislatures that guide human
behavior in any society. They codify
ethical expectations & keep changing
when new evils emerge. But laws
cannot cover all ethical expectations
of society.
For example, law forbids snatching.

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IMPORTANCE OF VALUES
Personal values
Every one knows that life is precious – that life is
important. We all protect our life because we care for
it more than anything else. If life is so important, the
values of life are even more important. Values are
guiding principles, or standards of behavior which are
regarded desirable, important and held in high esteem
by a particular society in which a person lives.

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PERSONAL VALUES(cont’d)
Character Modeling
Our values are a reflection of our spirituality; our
character. They are what we hope to model for
our children and the children around us,
because children do watch us as they develop
their own sense of right and wrong. Regarding
personal character, Father of Indian Nation M.K
Ghandi says………..

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Character Modeling(cont’d)
"If wealth is lost, nothing is lost"
"If health is lost, something is lost"
"If character is lost, everything is lost"
Best of all things is character.
Remember the “CHINESE PROVERB”.
“If there is righteousness in the heart, there will
be beauty in character, if there is beauty in
character, there will be harmony in the home,
when there is harmony in the home, there will be
order in the nation, when there is order in the
nation there will be peace in the world".

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 Honesty
 Respectfulness
 Bravery
 Courage
 Affection towards humanity
 Patience
 Truthfulness
 Beauty
 Responsibility
 Justice …..etc
OTHER PERSONAL VALUES
ARE…

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SIGNIFICANCE OF VALUES FROM BUSINESS
PERSPECTIVE
A value is a belief, a mission, or a philosophy that is
really meaningful to the business.
An example of a business value is: "Customer Satisfaction.“
Thus a business value is the company’s criteria for
achieving a high level of performance.
For example, Merck, the pharmaceutical company became so
successful in its field because the company was so dedicated
to the value of "high quality and purity of its drug products".
Because of this perceived value, distributors felt secure
carrying Merck products, and felt confident recommending the
products to their customers.

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Good reputation of the business leads to
higher value.
Reputation and good word of mouth
advertising is essential to business survival in
today's wretched economic climate and no
business can afford to ignore an unhappy
customer. Unhappy customers have the ability
to besmirch your good reputation in a matter of
hours.

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Businesses include transactions, dealings,
exchanges etc. to explain lets take the example of
exchange. Exchange means “giving something and
receiving something”.
CONDITIONS FOR EXCHANGE: >>>>
All businesses consider some value
based on which the businesses are
conducted

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VALUE’s IMPORTANCE (cont’d)
There are 4 conditions for exchange.
1. There must be two parties to exchange
something.
2. They must be willing to exchange.
3. Capable of exchanging something.
4. That thing must be worth exchangeable.
Worth exchangeable means VALUE, that thing must
have some value for both the parties.

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If there’s no consideration of value OR if no value is
taken into account, there will be no exchange and
thus cannot be called business. So in businesses
value is worth mentionable.
The same case applies to making purchases,
selling inventories etc.
Some other business values are……

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CONTINUOUS IMPROVEMENT
The desire and ability of the company to develop and
incorporate ways to improve itself.
CUSTOMER DELIGHT
The positive emotional response and joy that the
customer feels from interaction with the company's
people and products and services.
DEVELOPING PEOPLE
The desire and ability of the company to improve the
lot of the employees working for it.
INNOVATION
The desire and ability of the company to venture into
new, breakthrough areas of opportunity.

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MAXIMUM UTILIZATION (OF RESOURCES)
The desire and
ability of the company to improve its performance by full
utilization of its current resources.
COMMITMENT TO SOCIETY
The commitment of the
company to focus on the social needs and aspirations of
the society.

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Any Question………

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