Ethical Business Practices Saturday, October 01, 2016.

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Presentation transcript:

Ethical Business Practices Saturday, October 01, 2016

Profile

What would you do in each of the following situations? 1. Your friend asks you to add a few extra hours to a work time sheet for him, but you know that he did not put in the time. 2. A salesperson in an electronics store offers to sell you an iPod after hours at a discounted price. 3. You are aware that the teller gave you back too much money when completing a banking transaction.

Definitions Ethics: the rules that help us tell the difference between right and wrong and encourage us to do the right thing. Values: personal or corporate beliefs about what is important (e.g. a person who values trustworthiness is unlikely to betray a friend) Morals: rules that are used to decide what is good and what is bad. (e.g. stealing is bad because it harms the person you steal from) What are some products that could be considered unethical and morally wrong?

Definitions Continued Code of Ethics: a document that explains specifically how employees should respond in different situations (e.g. Rogers Communications Inc. - ) Read pages 366 to 367 in your text

Definitions Continued Ethical Dilemma: a moral problem with potential right or wrong answers (e.g. downsizing staff, pollution control) Whistle-blowing: the decision of an employee to inform officials or the public about a legal or ethical violation (e.g. Sherron Watkins of Enron exposed the corporate financial scandal) Fraud: the crime of lying or pretending

To Catch an I.D. Thief ID theft and credit card fraud.

Legal Protection In Canada we have several Acts to ensure business act ethically and consumers are protected. A) Competition Act prohibits False or misleading advertising Advertising at a bargain price for merchandise that is unavailable for sale in a reasonable quantity (“bait and switch” selling) Placing two different prices on a product and selling it to the consumer at the higher price (double ticketing)

Legal Protection Continued B) Business Practices Act protects consumers from fraud and from salespeople who mislead consumers about the quality of the merchandise or the terms of the sale. C) Consumer Protection Act regulates door- to-door selling by providing a two-day cooling-off period (consumer can cancel any contract signed within 2 business days)

Code of Ethics Activity Marketplace: “Gauged by Geeks” Handout: “Corporate Ethics” Read the “Pirates Code of Ethics” (handout) What is good about the Pirate Creed of Ethics? What is bad about the Pirate Creed of Ethics? What is the purpose of the Creed for the Pirate Community? What values are embedded in the Pirate Creed Page Question 1