Advantages and Disadvantages of Business Ethics, Advantages and Disadvantages of Business Ethics PDF, Benefits & Limitations of Accounting Standards, Characteristics and Features of Business Ethics, Business Ethics: Importance, Types, Function. Effective ways to teach workplace ethics : Role-playing complex ethical situations What is more important to this next generation of leaders is HOW you do business, HOW you make money and the impact business has on society. Info@PowersResourceCenter.com Leaders, managers, and employees care about their social reputation: They want to be seen as competent, generous, efficient, honest, and fair. So, the nature of business ethics arises two types of questions but the answer to both questions are the same and the questions are:. Companies increasingly recognise the need to commit to business ethics and measure their success by more than just profitability. They want career advancement within the organization … What Are the Advantages and Disadvantages of Business Ethics? Business is termed as social organ and therefore it should not indulge in any activity that is harmful to the interest of all its stakeholders. Commerce Mates is a free resource site that presents a collection of accounting, banking, business management, economics, finance, human resource, investment, marketing, and others. Modern day customers are different from traditional customers in the sense that these customers use social media and technology and in the age of technology any wrong news about the company can damage the reputation built by company over the years in few hours and good news about the company also travels fast and that is where if the company is following ethics and social responsibility towards society get patronage from both current customers as well as potential customers leading to increase in loyal customer base of the company. ), The Secret Science of Solving Crossword Puzzles, Racist Phrases to Remove From Your Mental Lexicon. 2. Delegation Is An Art: How Should It Be Done? This revision presentation introduces the concept of business ethics. Another argument against business ethics is that as far as big companies are concerned they can afford to lose some business for doing business ethically but as far as small companies are concerned in this age of cut-throat competition where small companies vanish quickly due to low sales and profits one cannot expect all small companies to do business ethically. Meaning of Business Ethics. Another drawback of business ethics is that company cannot become ethical overnight rather it is a long term process which requires considerable discipline and effort on the part of the company which only a few company’s top management can manage. Teleological theories, and . Will 5G Impact Our Cell Phone Plans (or Our Health?! Business Ethics ensures orderly functioning of business enterprise; It creates favourable social image for business through alertness. You can’t get fired. The distinction between ethical and legal behaviour is examined as are the potential benefits and drawbacks of ethical behaviour. Feeling helpless in the face of the world’s problems? Attracting and retaining good employees: Talented individuals at all levels of an organization want to be compensated fairly for their work and dedication. Unethical and ethical business practices can both make money legally, but while ethical business can be more difficult to conduct it also builds longer-lasting customer relationships and constructs recognized and respected brands. Business ethics are not only beneficial for the company but also to the society at … 1. If you wish to opt out, please close your SlideShare account. Advantages of Small Business Ownership. Quotes on business ethics (3) “The higher the … Provide a Competitive Advantage in Terms of Customers A Focus on Business Ethics Has Substantially Improved Society and Working Conditions If it wasn’t for ethical standards being set, children would still be working in factories; 16-hour workdays would be the norm; and discrimination, abuse, and unfair labor practices would still be part of doing business. The main functions involve in dealing with consumers are sales & marketing and it has been said that business are best served by treating their customers well ,however the dilemma to this point is that whether satisfaction of consumers stakeholders …show more content… Advantages & disadvantages of ethical marketing . Let's take one of the above – suppliers. ; These are rules that businesses must accept and follow in its day to day operations for the welfare of society and all its stakeholders. Disadvantages of business ethics reduce a company's freedom to maximize its profit. These are rules that businesses must accept and follow in its day to day operations for the welfare of society and all its stakeholders. See our User Agreement and Privacy Policy. If members of the management team decide to apply their own version of corporate ethics to the way they manage their departments, then this clash of principles can cause confusion in the workplace.