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Ethics in Business: Importance of Honesty, Customer Relations, and Business Ethics

Explore the connection between business success and character traits like honesty and integrity. Learn how ethical decision-making impacts customer relations, racism, community service, and business conduct.

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Ethics in Business: Importance of Honesty, Customer Relations, and Business Ethics

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  1. Business and Character!! What is the connection? And, why is your character so important?

  2. Honesty, Theft, and Getting Ahead • Honesty? • Webster defines honest as: free from fraud or deception, genuine, real, humble, good, worthy, creditable and marked with integrity. • Are you Honest? • Now ask yourself – Are you honest all of the time? Or only when you have nothing to lose?

  3. Suppose you are a sales clerk in a store and some of your friends want you to let them shoplift. • If you refused to let them shoplift, would that make you a disloyal friend? Explain • How would you respond if your friends said to you: “just turn your back. You won’t even by involved” “Don’t let it bother you. Everybody does it” “The store will never miss it” • If they shoplift despite your objections, what would you do? • Many people think you can’t get ahead being honest. Do you agree or disagree? Explain.

  4. Continued…. • If they shoplift despite your objections what would you do? • Many people think you can’t get ahead being honest. Do you agree or disagree? Explain.

  5. Customer Relations, Racism, and Community Service 1)There is an old saying that “ the customer is always right.” • Do you agree with it? Explain • What should you do if you think the customer is dead wrong?

  6. Racism • Suppose you are serving a customer who insults you with racist remarks and attitudes • Is this a problem for you? • What is the best way to deal with this problem?

  7. Service • Suppose you have a customer who knows nothing about the product she is buying . You sense she will buy any model you recommend. • Is it your duty to sell her the most expensive model in the store? Explain. • Should businesses become involved in community service activities? Why or Why not?

  8. Ethics • What is ethics? Do you have ethics for yourself? • Ethics-the set of moral principles by which people conduct themselves personally, socially, or professionally.

  9. BUSINESS ETHICS • Business Ethics- is a set of laws about how a business should conduct itself. In general, for any business to be successful, it must operate legally and humanely. • CODE OF ETHICS- a set of strict guidelines for maintaining ethics in the workplace. Many professional groups such as doctors, lawyers, journalists, and teachers have their own code of conducts. • (A code of ethics can cover everything from employee behavior to environmental safety. Businesses that regulate themselves are able to operate more freely.)

  10. Important Ethical Questions • Ethics involves an endless series of relationships between buyer and seller, employer and employee, business and government, and business and society. When considering a questionable course of action, you have to ask yourself these important questions:

  11. QUESTIONS… CONT… • Is it against the law? Does it violate company or professional policies? • What if everyone did this? How would I feel if someone did this to me? • AM I sacrificing long-term benefits for short –term gains? ***Ethical decision making leads to more business activity and more efficient production of goods and services. Business works best when there is mutual trust between buyers and sellers.***

  12. MAKING DECISIONS ON ETHICAL ISSUES • Making ethical decisions is not a quick task. It takes some real hard thinking. A derivation of the problem-solving process works well for ethical decision making. Here are some steps if you find yourself in a n ethical dilemma: • 1) Identify the ethical dilemma. • 2) Discover alternative actions. • 3) Decide who might be affected. • 4) List the probable effects of the alternatives • 5) Select the best alternative.

  13. Cont…. • Using this process will enable you to make a more informed ethical choice. Making an ethical decision involves more people than just you.

  14. REVIEW • Define ethics and business ethics • How do companies benefit by enforcing their own codes of ethics? • Why does it pay to treat customers ethically? • What are some important ethical questions to ask?

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