The most basic responsibility of all businesses is its economic responsibility .
Which of the following behavior is an example of ethical consideration within the purview of business relationships?
The following behavior is an example of ethical consideration within business relationships: keeping company secrets. ... Without a code of ethics or formal policy on ethics, employees are likely to base their decisions on how their peers and superiors behave.
Are all the individuals or groups to whom a business has a responsibility?
Stakeholders are the individuals or groups to whom a business has a responsibility. The stakeholders of a business are its employees, its customers, the general public, and its investors.
Which of the following is an example of an ethical business behavior?
Examples of ethical behaviors in the workplace includes; obeying the company’s rules, effective communication, taking responsibility, accountability, professionalism, trust and mutual respect for your colleagues at work . These examples of ethical behaviors ensures maximum productivity output at work.
What is ethics in business ethics?
What Is Business Ethics? By definition, business ethics refers to the standards for morally right and wrong conduct in business . Law partially defines the conduct, but “legal” and “ethical” aren’t necessarily the same. Business ethics enhances the law by outlining acceptable behaviors beyond government control.
Why does a company have to be ethical?
Having a code of ethics helps your company define and maintain standards of acceptable behavior . A good ethical framework can help guide your company through times of increased stress, such as rapid growth or organizational change, and decreases your firm’s susceptibility to misconduct.
Which of the following is an example of the ethical responsibility to prevent harm?
Which of the following is an example of the ethical responsibility to prevent harm? A nuclear power plant uses sewage as a coolant to avoid depleting freshwater sources. What is the most demanding sense of ethical responsibilities? The responsibility not to inflict harm on others.
Which of the following is an area indicative of ethical behavior?
Which of the following is an area indicative of ethical behavior? Standing up for what you believe in by speaking up and taking action .
Which behavior is the most common ethical problem for employees?
Abusive or intimidating behavior is the most common ethical problem for employees.
Who are the 4 stakeholder groups that businesses are responsible to?
As a general rule, stakeholder priority can be divided into three levels. The first and most important comprises employees, customers, and investors , without whom the business will not be able to operate. Secondary to them are suppliers, community groups and media influencers.
One key to reinforcing ethical behavior is effective, ongoing communication . An organization must communicate its commitment to ethical values to all of its employees and external stakeholders. ... keep in touch with employees to promote ongoing communication.
What are examples of ethics?
- Honesty. Many people view honesty as an important ethic. ...
- Loyalty. Loyalty is another common personal ethic that many professionals share. ...
- Integrity. ...
- Respect. ...
- Selflessness. ...
- Responsibility.
What are the ethical moral responsibilities of companies towards consumers?
The first line of morality you can develop to ensure customer satisfaction is to treat your clients with respect and fairness . Your customers will remain satisfied when you provide them with fair pricing, on-time delivery, excellent service and a quality product, according to the Engineering Institute of Canada.
What are the 7 business ethics?
He stressed that people follow ethical principles and listed following seven Social Sins: (i) Politics without Principles (ii) Wealth without Work (iii) Commerce without Morality (iv) Knowledge without Character (v) Pleasure without Conscience (vi) Science without Humanity (vii) Worship without Sacrifice .
What are some ethical businesses?
- Patagonia. ...
- Starbucks. ...
- H&M. ...
- The Dr. ...
- How ethical sourcing and manufacturing improves the world and the bottom line.
Who determines whether a business activity is ethical?
The acceptability of behavior in business is determined by not only the organization but also stakeholders such as customers, competitors, government regulators, interest groups , and the public as well as each individual’s personal principles and values. No, unethical conduct isn’t always illegal.
What are the 3 types of ethics?
The three major types of ethics are deontological, teleological and virtue-based .
What are ethical responsibilities in child care?
act in the best interests of all children . create and maintain safe, healthy, inclusive environments that support children’s agency and enhance their learning. provide a meaningful curriculum to enrich children’s learning, balancing child and educator initiated experiences.
Is there such a thing as business ethics?
“There’s no such thing as business ethics ,” writes Maxwell, “there’s only ethics. People try to use one set of ethics for their professional life, another for their spiritual life, and still another at home with their family...
Is ethics in business possible?
Being ethical in business is difficult , given the nature of the tasks involved with leading an organization: The decisions are complex; there is no time for reflection, vital information is missing, etc. The competition is intense, sometimes brutal.
What is ethical responsibility in child care?
Being ethical involves thinking about everyday actions and decision making , either individually or collectively, and responding with respect to all concerned. ... These core principles require a commitment to respect and maintain the rights and dignity of children, families, colleagues and communities.
Which of the following is an example of an ethical dilemma?
Some examples of ethical dilemma examples include: Taking credit for others’ work . Offering a client a worse product for your own profit . Utilizing inside knowledge for your own profit .
Which of the following are ethical standards?
Honesty, courage, compassion , generosity, tolerance, love, fidelity, integrity, fairness, self-control, and prudence are all examples of virtues.
What are examples of ethical issues in the workplace?
- Unethical Leadership.
- Toxic Workplace Culture.
- Discrimination and Harassment.
- Unrealistic and Conflicting Goals.
- Questionable Use of Company Technology.
What does ethical issues mean in business?
Definition: Ethical issues in business is a situation where a moral conflict arises and must be addressed . In other words, it is an occasion where a moral standard is questioned.
Who are stakeholders in business ethics?
A stakeholder has a vested interest in a company and can either affect or be affected by a business’ operations and performance. Typical stakeholders are investors, employees, customers, suppliers, communities, governments, or trade associations .
What is ethical responsibility example?
In this chain of relationships, a business owner has an ethical responsibility to act honestly in all transactions . For example, the owner should give a fair price to the supplier for materials, study his costs and then determine a price per unit to charge the distributor or retailer.
What are the business ethics towards customers?
Ethical behaviour with customers is the prime responsibility of companies and must remain in effect even when a customer cannot ascertain their acts – for example in the manufacturing or production stage. Many companies enlist integrity, honesty and openness as their values but these must extend to customers as well.
How does business ethics contribute to customer satisfaction example?
Good ethics dictates that a salesperson should help customers find the most suitable product for their needs , not necessarily the one that results in the greatest revenue or highest profit margin for the company. ... Precisely meeting customer needs translates into higher customer satisfaction.
What are ethical stakeholders?
A stakeholder is any individual or group whose interests affect or are affected by the operations of a business. However, in business ethics, stakeholders are mainly thought of normatively as sources or objects of a company’s ethical duties. ...
What are the 5 stakeholders in a business?
- #1 Customers. Stake: Product/service quality and value. ...
- #2 Employees. Stake: Employment income and safety. ...
- #3 Investors. Stake: Financial returns. ...
- #4 Suppliers and Vendors. Stake: Revenues and safety. ...
- #5 Communities. Stake: Health, safety, economic development. ...
- #6 Governments. Stake: Taxes and GDP.
Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty , and the actions of an individual must benefit the whole of society. If this equilibrium is maintained, then social responsibility is accomplished. ...
What is ethical behavior?
Ethical behaviour is characterized by honesty, fairness and equity in interpersonal, professional and academic relationships and in research and scholarly activities . Ethical behaviour respects the dignity, diversity and rights of individuals and groups of people.
What can an organization do to encourage ethical behavior?
- Be a Role Model and Be Visible. Employees look at top managers to understand what behavior is acceptable. ...
- Communicate Ethical Expectations. ...
- Offer Ethics Training. ...
- Visibly Reward Ethical Acts and Punish Unethical Ones. ...
- Provide Protective Mechanisms.
What is business ethics in your own words?
The definition of business ethics is the set of moral rules that govern how businesses operate, how business decisions are made and how people are treated . ... An example of business ethics is when moral rules are applied by a corportion to determine how best to treat its employees, shareholders and customers.
