Essay About Importance Of Business Ethics And Field Of Business Ethics

The Importance of Business Ethics
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Chapter 1: The Importance of Business Ethics
What is it about?
Field of business ethics deals with questions about whether specific business practices are acceptable.
Can you give examples?
This field is controversial, and there is no universally accepted approach for resolving its issues.
Ethics is
defined as inquiry into the nature and grounds of morality where the term morality is taken to mean moral judgments, standards and rules of conduct
study and philosophy of human conduct with emphasis on determining right and wrong
Difference between ordinary decision and ethical decision:
Ordinary Decision
Ethical Decision
-routinary (eg: dress attire)
-new decisions
-little to no impact
-crucial
Business ethics comprises the principles, values and standards that guide behavior in the world of business
Values are used to develop norms that are socially enforced
Principles are specific and pervasive boundaries for behavior that are universal and absolute. They often become the basis for rules.
Why study Business Ethics?
Crisis in Business Ethics
Increasing number of observed misconduct
Specific abuses:
Abusive behavior and harassment
Accounting fraud
Conflict of interest
Defective products
Bribery
Employee theft
What are some examples in Philippine setting?
Reasons for studying business ethics:
Promotes good organizational citizenship
Promotes professionalism
Promotes good business and long term relationship with stakeholders
Promotes brand and image of company
Studying business ethics will help you identify ethical issues when they arise and recognize the approaches available for resolving them