Business ethics notes chapter 1

Chapter 1 Notes Ethics

Please join StudyMode to read the full document. But difficult to evaluate all consequences, right of minorities can be sacrificed. Focus on integrity of moral actor rather than the act. The real issue is that it is about character — the kind of person you want to be as opposed to which action to take. Likewise, Pfizer is a Pharmaceutical firm that have recently been question on their ethical behaviour and standards. The organisation was unsuccessful on their takeover bid on British company AstraZeneca, due to their recent scandals on animal testing, testing drugs on children and bribery issues to resolve their illegal activities paying 60 million to settle their charges. Each businesses should take into consideration their ethical standards and corporate social responsibility CSR. Therefore, it is inevitable to maintain sustainability in order to achieve good public image and reputation within their stakeholders. Pfizer primary mission is to improve Prior to the World War II, the industrialists of Germany, Walter Rathenau, declared that the corporations have turned out to be huge and that they have developed to be an important part of the community or the society. As said by Walter Rathenau, although a corporation significantly intends to pursue the personal and individual interests and revenues for the owners or the leaders of the corporation they progressively bear the mark of a responsibility and to a growing degree, have consistently assisted the private interest of individuals. Moreover, philosophers such as James H. Compare and contrast the Ethical Egoism and Utilitarianism frameworks. Ethical Egoism, from the viewpoint of a business entity, maintains that companies should act strictly in line with their own interest. While this sounds like the direction that companies currently take anyway, pure pursuit of Ethical Egoism opens up a host of problems that deserve discussion. For example, under pure Ethical Egoism, companies would essentially disregard product safety, ethical business practices good corporate citizenship, environmental respect and the like, as the pursuit of profit, market share, or any other strategic goal would be the only concern. Utilitarianism, in contrast to Ethical Egoism, from a business ethics standpoint, would be defined as the ultimate pursuit of whatever it is that the goal of a given business might be, ranging from maximum profitability to largest possible market share to industry award. Overall, the main In fact they are—or would be if they or anyone else took them seriously—preaching pure and unadulterated socialism. Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades. Only people have responsibilities. Stakeholders are individuals, companies, groups, and nations that cause and respond to external issues, opportunities, and threats. Disruptive technologies, increased working hours, increased personal and professional stress create pressure on stakeholders. Organzing thoughts logically 2. Tailoring message to audience 3. Telling a story for maxiumum impact 4. Speaker must anticipate questions and answer them.

Business Ethics Notes Chapter 1 and 2

To browse Academia. Skip to main content. Log In Sign Up. Susan V H Castro. Susan V. Racists and Misogynists The Law Dimensions of Ethical 1 Evaluation Definition of Ethics as Common-Sense Pluralism Evaluate Consequences - the benefits and harms to everyone and everything that may be affected, i. This is a patient-centered dimension of ethical evaluation. Ignoring intentions. Evaluate Responsibilities - obligations, fiduciary duties, etc. This is an agent-centered dimension of ethical evaluation. Focus on intentions is also central to this dimension of ethical evaluation. These are not necessarily legal rights, though there is overlap. Evaluate Character - virtues like industry, honesty, justice, temperance, etc. Essentialism false belief that character is immutable. Evaluate Relationships - partnership, collegiality, friendship, family, etc. Can lead to extreme altruistic requirements. Ethics concerns how to live good lives, build healthy communities, and help the world flourish. How each component matters is highly context-sensitive, and sometimes they conflict. This is why we need good IBPs. Common-Sense Pluralism will be our default ethical theory. These are only examples to illustrate potential limitations of the theories. Others are just good good in themselves or intrinsically good. Distinction: Some of the virtues on this list are generally good, whereas others are good in a way that we think of as specifically moral. Questions for Reflection 1. Determine which virtues are instrumentally good and which are intrinsically good. Remember, one counterexample disproves a strict universal, but generalizations admit of exceptions. Which of these virtues are most important at work? Choose three and explain how or why. You may want to use an example to illustrate. Can you think of important business virtues that have been left off this list? What are the most common vices in the workplace? Identify three, identify their correlative virtues, then explain how or why these are problematic. Does each virtue on the list have exactly one corresponding vice? Can you think of a counterexample to the general rule that virtues and vices come in pairs? Hint: sometimes the virtue is a mean between two extremes. Can you name all the corresponding vices? Which of these putative virtues could actually be a vice in some context?

Social Responsibilities of Business and Business Ethics Class 11 Notes Business Studies

Ethics consists of the standards of behavior to which we hold ourselves in our personal and professional lives. It establishes the levels of honesty, empathy, and trustworthiness and other virtues by which we hope to identify our personal behavior and our public reputation. In our personal lives, our ethics sets norms for the ways in which we interact with family and friends. In our professional lives, ethics guides our interactions with customers, clients, colleagues, employees, and shareholders affected by our business practices Figure 1. Should we care about ethics in our lives? In our practices in business and the professions? That is the central question we will examine in this chapter and throughout the book. Our goal is to understand why the answer is yes. Whatever hopes you have for your future, you almost certainly want to be successful in whatever career you choose. But what does success mean to you, and how will you know you have achieved it? Will you measure it in terms of wealth, status, power, or recognition? Before blindly embarking on a quest to achieve these goals, which society considers important, stop and think about what a successful career means to you personally. Does it include a blameless reputation, colleagues whose good opinion you value, and the ability to think well of yourself? How might ethics guide your decision-making and contribute to your achievement of these goals? Want to cite, share, or modify this book? This book is Creative Commons Attribution License 4. Skip to Content. Business Ethics Introduction. Table of contents. Answer Key. Chapter Outline 1. Figure 1. In a business context, these choices have consequences for ourselves and others whom we must take into account in our decision-making process. Previous Next. We recommend using a citation tool such as this one. Authors: Stephen M.

Ethics sets the standards that govern our personal and professional behavior. To conduct business ethically, we must choose to be a professional of integrity. The first steps are to ask ourselves how we define success and to understand that integrity calls on us to act in a way that is consistent with our words. There is a distinct difference between legal compliance and ethical responsibility, and the law does not fully address all ethical dilemmas that businesses face. The three normative theories of ethical behavior allow us to apply reason to business decisions as we examine the result utilitarianismthe means of achieving it deontologyand whether our choice will help us develop a virtuous character virtue ethics. A long-term view of business success is critical for accurately measuring profitability. Customers and clients tend to trust a business that gives evidence of its commitment to a positive long-term impact. By exercising corporate social responsibility, or CSR, a business views itself within a broader context, as a member of society with certain implicit social obligations and responsibility for its own effects on environmental and social well-being. The adoption of a single ethical code is the mark of a professional of integrity and is supported by the reasoned approach of each of the normative theories of business ethics. When we consistently maintain the same values regardless of the context, we are more likely to engender trust among those with whom we interact. Want to cite, share, or modify this book? This book is Creative Commons Attribution License 4. Skip to Content. Business Ethics Summary. Table of contents. Answer Key. Previous Next. We recommend using a citation tool such as this one. Authors: Stephen M.

Students can download the Study materials and Pdf Books and they can use them in their Academic Preparation. The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources, operations, and statistics, etc. Ethics are principles or standards of human conduct, sometimes called morals, and, by extension, the study of such principles is sometimes called moral philosophy. Management of Ethics — Ethics analysis [ Hosmer model ]; Ethical dilemma; Ethics in practice- ethics for managers; Role and function of ethical managers- the Comparative ethical behavior of managers; Code of ethics; Competitiveness, organizational size, profitability, and ethics; Cost of ethics in Corporate ethics evaluation. Social-cultural environment and their impact on business operations, Salient features of Indian culture and values. Economic Environment; Philosophy of economic growth and its implications for business, Main features of Economic Planning with respect to a business; Industrial policy and framework of government contract over Business; Role of the chamber of commerce and Confederation of Indian Industries. Definition- Evolution- Need for CSR; Theoretical perspectives; Corporate citizenship; Business practices; Strategies for CSR; Challenges and implementation; Evolution of corporate governance; Governance practices and regulation; Structure and development of boards; Role of capital market and government; Governance ratings; Future of governance- innovative practices; Case studies with lessons learnt. Admissions, Courses, Fee. Leave A Reply Cancel Reply. Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email. Study Material Books. Content in this Article. Related Topics. Business Ethics and Corporate Governance S. Prabakaran Excel Books Paperback: pages. Currently not available. Ltd Paperback: pages. Priyanka Kaushik Sharma Paperback. This field is for validation purposes and should be left unchanged. Randy Deigado says 12 months ago. I just added this blog to my google reader, excellent stuff. Cannot get enough! Leave A Reply. Papers Results Syllabus.


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