Question

Advantages and disadvantages of business ethics in a business

Answer 1

Advantages. It would help to ensure that laws within society are not broken, minimising costs associated with breaking the law, as the vast majority of laws are based
The disadvantages claimed for ethical business include: Higher costs – e.g. sourcing from Fairtrade suppliers rather than lowest price. Higher overheads – e.g. training & communication of ethical policy. A danger of building up false expectations.

Answer 2

Answer:

Ethics are the Norms of the business firm that are the primary foundation of the business operations and functioning.

Advantage of business ethics -

• Maintain the discipline of the firm.

• It helps to grow society for better.

• Satisfy employees as per ethics they are treated fairly.

• Help in creating brand awareness.

Disadvantages of business ethics -

• Time-consuming procedure.

• Brings rigidity to the firms working.

• It involves a cost in building and practicing it.

• Build up the false expectations in the mind of employees and consumers.