Presentation on Ethical Standards Presented by Nabina Regmi

Ethical Standards Ethical standards are the moral principles which promotes various good values/virtues by promoting honesty, integrity, utmost good faith among employees, protect consumers interest by providing fair treatment, qualitative product and also safeguard the well-being of the society. Ethical standard in organization is represented through the values, mission, code of conduct. Ethical standard helps to take right decisions in case of ethical dilemmas.

Ethical Standards Ethical standard is at very delicate and initial phase in case of Nepali firms. Various private and public initiatives has been undertaken to promote ethical standard. The set code of conduct must be regularly updated with the changing situations.

Why ethical standard? Ethical standards are the basis for customer retention and brand value acquisition. Importance of ethical standards are as follows: Maintain quality Customer satisfaction Protect the customer from being beguiled Regulate unfair trading practices Attract investors, lenders and employees

Level of ethical standard in business organization Law Laws define the difference between wright and wrong, and what is considered acceptable behavior by the majority of people. Policies The level of ethical standards for a business organization concerns with its internal policies and procedures. The business creates these as a guidelines for its manager and employees to follow.

Individuals Consequences Though a business organization may be bound by applicable laws and internal policies, adherence by individual determines the true integrity of the company. Consequences There are notable consequences for a business organization when it ignores or breaks the ethical standards at each level.

Ethical standard by government Quality/quantity Price fixing Monopoly Carteling False advertisement

Some code of conduct to follow in the business organization

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