Business Ethics.

Discussion in 'Growing and Managing a Business' started by prashantakerkar, Aug 11, 2012.

  1. prashantakerkar

    prashantakerkar
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    Can you explain, what do you mean by ethical and unethical business practices with examples ?

    Does unethical mean Business Malpractices ?

    For example :

    Ethical Business : Paying your employees on time, Filing your Income Tax Returns, Customer Satisfaction etc.

    Unethical Business : Misappropriation of funds, Not Filing IT Returns, Not paying salaries to employees on time, Not adhering to quality standards etc.

    Thanks & Regards,
    Prashant S Akerkar
     
  2. Mark T

    Mark T
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    Well, ethical and unethical can be easily distinguished by people.

    BUT, in such situations, there is an existing law that defines what is ethical and unethical. In different regions or countries, there exist different ethical and unethical laws that defines how they identify both.
    Where do you live BTW?
     
  3. MarkTaylor

    MarkTaylor
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    Hi Prashant,

    This is a great question and a subject close to my heart.

    My reaction is that ethics can be quite subjective. Some issues might be more clean cut - for example, practices that are illegal. Others are more nuanced, and may include making sure your supplier is paid a fair price for his/her product or service. This becomes very cloudy since the basic idea of business is profit maximisation.

    I really do feel, though, that the more ethical business are more sustainable in the long term as clients ultimately value honesty and integrity.

    Thanks for raising an interesting point.

    M.
     
  4. paulhopkins

    paulhopkins
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    I think Business ethics reflects the philosophy of business, one of whose aims is to determine the fundamental purposes of a company. Business policies should be ethical towards its customers and employee.
     
  5. Bharat Book

    Bharat Book
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    Business ethics are principles that determine our conduct in the business world. It refers to commercial activities, either with other business houses or with a single customer. They can be applied to all aspects of business. Businesses use the society for its resources and functioning, thereby obligating it to the welfare of the society.objective of any business is to make profits, it should contribute to the interest of the society by ensuring fair practices.However, greed has led the present business scenario towards unethical business practices, legal complications and general mistrust.
     

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