1. Morals, ethics & Business Ethics
Abhishek Mishra
Institute of Management Studies
Mahatma Gandhi Kashi Vidyapith

2. Morals & ethics What are ethics?
Morals are concerned with the principles of right and wrong behaviour.
Ethics are the set of moral principles that guide personal or group behavior.

3. What are business ethics?
'Business ethics' integrates the core elements of ethical philosophy into business activities, institutions, and organizations. Business ethics focuses on the study of moral standards - of right and wrong - and how these standards are applied (or not) to the production, distribution and utilization of goods and services. These standards are applicable to both individuals within an organization and the organization as a complete entity.

4. Features of business ethics
Code of conduct
Based on moral and social values
Gives protection to social groups
Provides framework for dong business
Requires education and guidance
Relative term
voluntary

5. Importance of Business Ethics in Management
Creating credibility
Improving decision making
Long term gains
Securing the society

6. Specific Advantages for business
Attract customers to the firm’s products, which means boosting sales and profits
Make employees want to stay with the business, reduce labour turnover and therefore increase productivity
Attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees
Attract investors and keep the company’s share price high, thereby protecting the business from takeover.

7. Business ethics should take into consideration the following factors:
1. A business should aim to have fair dealing with everyone dealing with it.
2. Ethics should be fixed for everyone working in the organisation at any level and their implementation should be linked with reward- punishment system.
3. Any violation of ethics should be detected at the earliest and remedial measures taken immediately.
4. Business ethics should be based on broad guidelines of what should be done and what should be avoided.
5. The ethics should be based on the perception of what is right.

8. Ethical issues relating to business
Honesty- Communication & Behaviour consistent with facts
-Disclosure of Information
-Promises/commitments
-Laws and professional standards
-Representation of other stakeholders
Unfair competition
Just compensation
Respecting rights of others