Introduction to business ethics

1. BUSINESS ETHICS

2. NAME ROLLNO
SHRADDHA AGARWAL 1
JACQUELINE ANCHAN 3
MANISHA BAGAWE 5
SNEHA PATIL 49
PRAJAKTA SAWANT 62
VIDYA TONPE 81

4. "Business Ethics”
is an art and science for maintaining harmonious
relationship with society,
its various groups and
institutions
as well as recognizing the moral responsibility for the
rightness and wrongness of business conduct,
as said by Wheeler

5. Business ethics contains the principles and
standards that guide behaviour in the conduct
of business.
Businesses must balance their desire to
maximize profits against the needs of the
stakeholders.
Stakeholders include those
individuals and groups
without which the organization
does not have an existence.
It includes shareholders, creditors, employees,
customers, dealers, vendors, government and
the society.

6. Corporates should earn profit without harming
individuals or society as a whole.
In the words of Mahatma Gandhi before designing
the business profile, all business entrepreneurs should
first ask themselves the question:
“Whether the activities they are contemplating would
be of some use to the common man in the society and
whether he (the common) would gain something
from those activities and would it result in restoring
to him (common man) the control over his own life
and destiny.”

7. Three Indian companies
Wipro, Tata Steel and Tata Power
have been named among the
World's Most Ethical Companies 2016
by the
Ethisphere Institute,
a global leader in defining and advancing
the standards of righteous business practices.
The designation of
"World's Most Ethical Companies"
recognizes those organizations
who truly go beyond making statements about doing
“Business Ethically".

8. IMPORTANCE OF BUSINESS ETHICS
1. STOP BUSINESS MALPRACTICES
Some businessmen do business malpractices by indulging in unfair trade practices like
black-marketing, artificial high pricing, adulteration, cheating in weights and measures,
selling of duplicates and harmful products, etc. These business malpractices are harmful to
the consumers. Business ethics helps to stop these business malpractices.
2. IMPROVE CUSTOMERS CONFIDENCE
Business ethics are needed to improve the customers confidence about the quality, quantity,
price etc. of the products. The customers have more trust and confidence in the
businessmen who follow ethical rules. They feel that such businessmen will not cheat them.

9. 3. SURVIVAL OF BUSINESS
Business ethics are mandatory for the survival of business. The businessmen who do not follow it will have
short term success but they will fail in the long run. This is because they can cheat a consumer only once. After
that , the consumer will not buy goods from that businessmen. He will also tell others no to buy from that
businessmen. So this will defame his image & provoke a negative publicity. This will result in failure of the
business. Therefore, if the businessmen do not follow ethical rules he will, fail in the market. So, it is always
better to follow appropriate code of conduct to survive in the market
4. SAFEGUARDING CONSUMERS RIGHTS
The consumers has many rights such as rights of health & right of safety, Right to be inform, right to be choose,
right to be heard, right to redress. But many businessmen do no respect and protect these rights. Business ethics
are must to safeguard these rights of consumers.
5. CREATES GOODS IMAGES
Business ethics creates goods images for the business & businessman. If the businessmen follow all ethical
rules, then will be fully accepted & not criticized by the society. The society will always support those
businessmen who follow this necessary code of conduct.

10. FEATURES OF BUSINESS ETHICS
2. SOCIAL RESPONSIBILITY:
Business Ethics is a means of making business socially responsible for its actions. Exploitation
of consumers, employees, discriminate use of natural resources, etc., is quite common in all
type of business. Compliance to ethical standards will ensure
(a) Protection of consumer rights
(b) Public accountability
(c)Protection of worker’s interests, and
(d) Proper utilisation of natural resources.
1. BASED ON MORALAND SOCIAL VALUES
Business ethics is based on moral and social values. It contains moral and social
principles(rules) for doing business. This includes self-control, consumer protection and
welfare, service to society, fair treatment to social groups, not to exploit others, etc.

11. 3. CONCEPT OF SOCIALISM:
The Concept of Socialism in business states that gains of a business must be shared by
all and not just by the owner of business. Profit is a sign of business skill and talent.
Profit is also a result of group efforts. Employees, shareholders, consumers, suppliers,
and others contribute to the success of the business. Therefore, success should be shared
by all concerned.
4. BUYER’S MARKET: -
There has been a structural change in the concept of business. The concept of profit has
been gradually taken over by consumer satisfaction. The large scale production and
increased competitions in the market changed the business scene from a seller’s market to
a buyer’s market.
5. BENEFICIAL TO BUSINESS AND SOCIETY:
Ethics suggests what is good and bad, right and wrong, ethical and unethical, etc., to
businessman. It also brings an element of honesty, sincerity, fairness, and human touch to
business activities.

12. DEFINITION OF PERSONAL ETHICS
Personal ethics refer to a person’s personal or self-created values and codes of
conduct. From the very beginning, these ethics are instilled in an individual,
with a large part having been played by their parents, friends, and family.
Common examples may include honesty, openness, commitment, unbiased
behaviour, and sense of responsibility. What a person develops regarding
fairness or learns during childhood remains with him all through his life and is
reflected by his actions and words. No matter if he is talking to a friend or his
relatives or an elderly, his ethics would be clear from what he says and how he
says it. A person’s personal ethics are revealed in a professional situation
through his behaviour.

13. DEFINITION OF PROFESSIONAL ETHICS
Professional ethics are those values and principles that are introduced to an
individual in a professional organization. Each employee is meant to strictly
follow these principles. They do not have a choice. Also, this approach is
imperative in professional settings as it brings a sense of discipline in people as
well as helps maintain decorum in offices. Some examples may include
confidentiality, fairness, transparency and proficiency. These ethics make
employees responsible Source. Professional ethics refers to the ethics that a
person must adhere to in respect of their interactions and business dealings in
their professional life.

14. Personal Ethics Professional Ethics
Includes your personal values and
moral qualities.
Rules imposed on an employee in a company, or
as member of a profession, e.g. doctor or
lawyer.
Incorporated by family, friends and
surroundings since your childhood.
Learnt when you are a part of a professional
setting or when you are being trained or
educated for working there.
Examples: honesty, care, and
sincerity.
Examples: no gossiping, time management,
punctuality, confidentiality, transparency.
Not conforming to these may harm
or hurt others.
Not adhering to these may harm your
professional reputation.
Your personal needs are satisfied by
following these.
Your professional needs are satisfied by
following these.

15. EXAMPLES OF PROFESSIONAL ETHICS
Since this is something the organization will lay out, the principles vary from one
another. Some generalized examples can be essayed as follows:
1.PUNCTUALITY
No company will tolerate employees who aren't punctual―as regards to arriving at
work, submitting your work, meeting deadlines, etc. You cannot enter and leave as you
wish, you need to comply to the rules. This is one quality that can be included as a
personal ethic too, and people who follow this in their personal lives will find it
convenient to follow at the workplace too.
2.TIME MANAGEMENT
Do not whine if you are assigned extra work, time management is crucial for rising up the
corporate ladder. Learn the art of managing work in less time, and you will be a shining
example for your colleagues. Your capability will be determined by the quality of work,
not the quantity. Before calling it a day, plan for the next day. Learn efficient time
management techniques.

16. 3.BE COURTEOUS AND RESPECTFUL
Courteousness is being friendly, polite and well mannered with a gracious
consideration towards others. It makes social interactions in the workplace run
smoothly, avoid conflicts and earn respect
4.BE TRUSTWORTHY
In today’s society trust is an issue and any employee who exhibits trustworthiness is
on a fast track to professionalism. Trustworthiness is about fulfilling an assigned task
and as an extension- not letting down expectations, it is been dependable, and
reliable when called upon to deliver a service. In order to earn the trust of your
bosses and colleagues, worth and integrity must be proven over time.

17. 5. BE HONEST OPEN & TRANSPARENT
Honesty is a facet of moral character that connotes positive and virtuous
attributes such as truthfulness straightforwardness of conduct, loyalty, fairness,
sincerity, openness in communication and generally operating in a way for
others to see what actions are being performed.