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. Gives protection to social groups : Business ethics give protection to different social groups such as consumers, employees, small businessmen, government, shareholders, creditors, etc. This cultural aspect of modern Japan is probably reflected more visibly in the business management systems more often with very large companies, than smaller companies in Japan.
A man who had been a trusted advisor for hundreds of people for many years has gone to prison because his entire business was built on an elaborate Ponzi scheme that, in the end, defrauded these people of their money. We have allocated significant resources to the ethics program and will continue to strive for excellence in this regard.
Please explore the tabs at the top of this guide and don’t hesitate to contact John, Ed or Kim in the Crocker Business Library if you have any questions. In other words, it treats profit and business success as means to a greater end: making the world a little better.
In short, business ethics means to conduct business with a human touch in order to give welfare to the society. As consumers grow wary of those that they do business with, one must understand that there is just cause for such wariness. To compete with larger businesses, it may be tempting to abandon ethics just to make an adequate profit. Koehn, D. & B. Wilbratte, 2012, A Defense of the Thomistic Concept of the Just Price”, Business Ethics Quarterly, 22(3): 501-526.
It may come off as a dry subject but it is crucial to any company, because now more than ever people are taking a company’s ethics into mind when they buy their products or services. Not accountable in a legalistic way; accountable in a social way that comes with the feeling that people around you area aware of your behaviour. The reason is that the owners have no obligation as business people to support these causes.