Q.5. Write a brief note on “Role of business ethics in business”.
Ans. Role of Business Ethics in Business: Business is not new to today’s generation. With faster technology, they have been prevalent since ancient ages in varied forms, but even in those times they followed a particular method of trading whether it had to deal with a customer, or write something relating to business, a particular set of rules pertaining to do’s and don’ts was and even still today is followed in bigger companies. Business ethics, is the most important thing to be learnt in an organisation, especially when you are dealing with new clients or even the older clients. A moral business always consists of business ethics, the way you deal with your customer or clients, it brings you more business for your decency of manner in which you serve them.
Handling a huge business is no small job, and it isn’t very easy too, there are going to be different opinions and results based on the output of the organisation. It is here the role of business ethics arise, the proper implementation and execution of the functions set in business ethics code of the organisation will lessen the disagreements thereby paving way for a more powerful functioning and utilization of the resources. Business ethics are directly connected to economic status of the company. The value based roles that individuals play in an organisation is highly dependent on the business ethics that are instilled in them.
The business management students are taught on the basics of business ethics that will help them deal with different types of situations, individuals in this highly competitive business world. Learning business ethics helps to avoid unethical means of gaining popularity or earning money, the right things need to be done for the right results. Business ethics helps to follow a particular business trait and follow the path of righteousness which will get good respect and recognition for the organisation. The topics of business ethics are highly developed in recent years and there are lots of research being done in this field for setting up the best practices ih a business venture.
Business ethics is a he sensible behavior in which an individual adheres to business standards, it helps in their daily dealings with customers or clients or colleagues in a fair way. Different businesses may have different rules and ethics to be followed. They are diverse in nature as the number of businesses involved, the set rules by the companies become their very own business ethics to be followed and may not be changed at whatever given circumstances, It’s a proven fact that a particular thing can run or ruin your business and proper execution of business ethics will surely give good results by having a proper reputation for your business in the industry. Good business ethics brings in good behavior and that leads to more sales and highly appreciative clients and customers so that they should be very much part of any business moral commitment. Business ethics stay in organisation for longer period of time as much till the time the company is in existence. So to buildup the reputation
and go on with the legacy, it is important to follow them religiously, no matter whatever the circumstances are.
Q.6. Write a brief note on “Business ethics an4 its widespread absence”.
Ans. Business Ethics and its Widespread Absence It is amazing how the banks that precipitated the economic crisis as we know it today have got off the hook without so much rap on the knuckles. In fact, it is remarkable feats on the part of their negotiators to not only get them off the hook but also manage to get money out of the taxpayers’ pockets to fund their own pocket. If this is not daylight robbery, then please tell what is this? Financiers at the famous insurance companies, a symbol of corporate greed now, were given millions of dollars by way of bonus simply because they completed a transaction. But who would stop and think about the consequences of those transactions? Not these companies, that much is for sure.
For shattering the world economy and sending it into a tailspin from which it will take years and years to recover for some countries, these executives were handed fat rewards that they should never have received since it was directly responsible for the damage caused to millions of lives. People talk of a lack of regulatory force and simple human oversight but what caused this mess in the first place is a lack of business ethics and plain greed more than anything else. Forget the misguided incentive programs that linked executive rewards to share values. Focus on the debilitation of conscience and the breakdown of the human factor. A strong sense of business ethics that should never let this to happen instead.