Explain the concept of business ethics management, and evaluate three elements of its typical components?
Answers
Answer:
Business ethics refers to contemporary organizational standards, principles, sets of values, and norms that govern the actions and behavior of an individual in the business organization. Business ethics have two dimensions, normative business ethics or descriptive business ethics.
Explanation:
Meaning: Business ethics refers to the standards and principles which govern business activities. It means doing business activities with rational thinking and honesty. A business requires ethics for its success. Nowadays, the availability of proper safety measures for employees, the satisfaction of consumers, and the protection of the environment are modern business standards.
Elements of business ethics: Following are the three elements of business ethics:
Identification: It means that business people should be competent enough to rank and identify the ethical issues in order of importance.
Evaluation: It means that business people must develop the rules and regulations to evaluate the ethical issues of the business.
Imagination: A business person should be imaginative enough to think about society before deciding about the business. He must be aware of the areas towards which people are sensitive.