BBA 1st Year Business Ethics Short Question Answer : Business Ethics Very Important Short Question With Answer Previous Year Mock Test Sample Papers in English Language.
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Section –B (Short Answer Questions) (BBA Notes)
Q.1. Why is the study of business ethics important in current situation? How can ethical values be promoted among business community?
Ans. Business Ethics : This phrase includes two terms:
(1) Business: It is an activity, which is primarily pursued with the object of earning profits. A business activity involves production, exchange of goods and services to earn a living.
(2) Ethics: It is the discipline which deals with values relating to human conduct. Ethics is the science of human conduct, a study of right and wrong in human relationships. Ethics concerns attempts to distinguish right-from wrong, good from bad and what constitutes desirable conduct hi a particular set of circumstances. Business ethics may be defined as moral principles or rules of behaviour which should govern the conduct of business enterprises. Business ethics are answered with what is right and what is wrong in the behaviour of businessmen, it provides a code of conduct which can guide businessmen in performing their jobs. Business ethics refers to the application of ethics to business. To be more specific, business ethics is the study of good and evil, right and wrong and just and unjust actions of businessmen. Business ethics may be defined as a set of moral standards, which people owning and managing business, are expected to follow. These standards are meant to govern the conduct of business persons.
Q.2. What is the importance of the study of business ethics?
Or What are the different approaches to studying business ethics.
Ans. importance of the study of Business Ethics : The study of business ethics is important due to following reasons:
(1) Ethics Corresponds to Basic Human Needs: It is a human trait that a man desires to be ethical; not only in his private life but also in his business affairs where, being a manager, he knows that his decisions may affect the lives of thousands of employees as well as stakeholders.
(2) Values Create Credibility with the Public A company perceived by the public to be ethically and socially responsive will be honoured and respected even by those who have no intimate knowledge of its actual working. There will bean instinctive prejudice in favour of its products, since people believe that the company offers value for money. Its public issues will attract an immediate response.
(3) Values Give Management Credibility with Employees : Values are supposed to be a common language to bring leadership and its people together. Organisational ethics, when perceived by employees as genuine, create common goals, values and language. The management has credibility with its employees precisely because it has credibility with the public. Neither sound business strategy, nor a generous compensation policy and fringe benefits can win employee credibility which perceived moral and social uprightness can.
(4) Values Help in Better Decision Making: Another point of great importance is that an ethical attitude helps the management make better decisions, i.e. decisions which are in the interest of the public, their employees and the company’s own long term good will, even though decision making is slow. This is so because respect for ethics will force a management to take various aspects like economical, social and ethical in making decisions.