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Business Ethics

Business Ethics. Approaches to Business Ethics Company and its Responsibility to Society. The Meaning of Business Ethics. Ethics is a discipline that examines good or bad practices within the context of a moral duty Moral conduct is behaviour that is right or wrong

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Business Ethics

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  1. Business Ethics Approaches to Business Ethics Company and its Responsibility to Society

  2. The Meaning of Business Ethics Ethics is a discipline that examines good or bad practices within the context of a moral duty Moral conduct is behaviour that is right or wrong Business ethics includes practices that are good or bad

  3. The Meaning of Business Ethics Two 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”

  4. Business Ethics The concept of Business Ethics has come to mean various things to various people, but in general it is coming to be aware of what is right or wrong in the workplace and doing what is right in regard of effects of products or services and in relationships with stakeholders.

  5. Ethics and Law Law often represents an ethical minimum Ethics often represents a standard that exceeds the legal minimum

  6. Ethical questions What is? What ought to be? How to get from what is to what to be? What is our motivation to acting ethically?

  7. Business Ethics means conducting all aspects of business and dealing with all stakeholders in an ethical manner.

  8. Approaches to Business Ethics From the perspective of an individual you can explore what constitutes a fair exchange. You can explore the ethical behaviour of corporations. You can ask about the role of business within society as a whole. You can ask the most general ethical questions about business and the markets.

  9. Ethical Issues in Business Employee-Employer Relations Employer-Employee Relations Company-Customer Relations Company-Shareholder Relations Company-Community/Public Interest

  10. Company Environment The environmental influences that affect a company’s performance: technological economic social political

  11. Four components of corporate strategy might do - market opportunity can do - corporate competence and resources want to do - personal values and aspirations ought to do - obligations to society other than stockholders

  12. The considerations that guide a company’s choice of opportunity The world The nation The local community Industry The company

  13. The company The areas which are significant for a company’s improvement: The review of the quality of top management improvement The impact of the control systems upon individuals The recognition of the role of individual within the corporation

  14. Social responsibility is the obligation a business assumes toward society is designed to maximize the positive influence & minimize the negative includes economic, legal, ethical, and philanthropic dimensions

  15. Socially responsible business A socially responsible business provides goods and services in line with a society’s values. Socially responsible businesses are concerned about how customers are protected and how employees are treated.

  16. Socially responsible behaviour of a business equal employment opportunity for all citizens regardless of their race, religion or sex respect of the employees’ diversity, safety, and health in the workplace assurance and full disclosure on the quality of products and services

  17. Consumer rights to be safe to be informed to choose to be heard

  18. The ways in which customer rights are to be protected Customer protection The right to be safe The right to be informed The right to choose The right to be heard Employee protection Equal employment opportunity for all citizens Respect for employee diversity Safety issues Quality of life issues

  19. Case studies Business Ethics Scenarios by Jim Balassone

  20. 1. Receiving a Holiday Gift: A supplier sends a basket of expensive foodstuffs to your home at Christmas with a card: "We hope you and your family enjoy the 'goodies.'". What action(s) might you want to take?

  21. 2. References: A large, prospective client calls you and asks about a competitor's reputation. One of your long time customers had a very bad experience with this competitor. What information do you share with the prospect? How do you respond to the prospect call?

  22. 3. Conflict of Interest: As department manager, you are hosting an informal celebration in the office. The food budget is $200. Your next door neighbourhas just started her own catering business and asks to supply the food. Since she is just starting out, she'll do it at cost and provide extra items at no charge. What might you want to consider?

  23. Questions for revision: • What are the environmental factors that affect a business? • What are the four components of a strategy? • What is socially responsible business? • What are the four consumers’ rights?

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