Write short note on features of business ethics.
Answers
So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government.
In short, business ethics means to conduct business with a human touch in order to give welfare to the society.
Definition of Business Ethics
According to Andrew Crane,
"Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed."
According to Raymond C. Baumhart,
"The ethics of business is the ethics of responsibility. The business man must promise that he will not harm knowingly."
Business ethics is broader than law, a disciplinary system which provides the framework to work ethically. It distinguishes between just or unjust, fair or unfair.
Explanation: "Ethics" word is derived out of Greek word "ethos" which means character. Ethics basically means the code of conduct, it is concerned with what is right and what is wrong in human conduct. Business ethics is application of ethics in business. Behavior of businessman, effect of products/ service, relationship with stakeholders, relationship with employee productivity and society; all these counts in business ethics. In short business ethics means the behavior of a businessman while conducting a business, morality in business ethics. bit empowers the image of business in the society. good conduct helps to retain the business for long years. Hence, Ethical business is good business.