1

The role of ethics in business

Faraha lugmanMa- 4222642

10/6/2015 (15:45)

2

Contents

• What is ethics• What is business ethics?• Importance of business ethics• Role of ethics in business• Conclusion• References

10/6/2015 (15:45)

3

What is ethics?

• Moral codes that govern behavior of a person or group of people

• Ethics is concerned with the following:– Good vs. Bad– Right vs. Wrong– Fair vs. Unfair– Praise vs. Blame

10/6/2015 (15:45)

4

What is business ethics?

• Business ethics are moral principles that guide the way a business behaves. These are set of moral standards that are relied upon to reach conclusions and make decisions. In a business environment, ethics are a key factor in decision making.

10/6/2015 (15:45)

5

Importance of business ethics

• Business ethics are important for managing a sustainable business mainly because of the serious consequences that can result from decisions made with a lack of regard to ethics.

• Even if you believe that good business ethics don't contribute to profit levels, you should be able to recognize that poor ethics can have a detrimental effect on your bottom line in the long term.

10/6/2015 (15:45)

6

Roles of ethics in business

• Improved employee and organizational morale• Increased ability to attract new customers• Improved customer loyalty

10/6/2015 (15:45)

7

• Reduced risk of negative exposure and public backlash caused by poor ethics

• Attraction of new stakeholders• Making a positive impact on the community

10/6/2015 (15:45)

8

Conclusion

• Ethics in business is important without it we cannot achieve any satisfaction or profit or integrity and support from the people or from the business. It gives transparency and long term profit. In a sustainable business, employees at every level should be committed to the ethical standards of the business.

10/6/2015 (15:45)

9

References

• http://businesscasestudies.co.uk/cadbury-schweppes/ethical-business-practices/the-importance-of-ethics-in-business.html

10/6/2015 (15:45)

1010/6/2015 (15:45)

11

THANK YOU 10/6/2015 (15:45)