Ethical Theories and Indian Philosophy in Business Quiz

Indian ethos and values in the workplace emphasize concepts such as dharma (duty), karma (action), and seva (selfless service), which are deeply rooted in Indian philosophy. These values prioritize the collective good over individual success, in contrast to the more individualistic approach often seen in Western work cultures.

The application of business ethics in marketing involves considerations of consumer rights, advertising practices, and issues related to dumping. In finance, ethical concerns revolve around financial disclosures, insider trading, and window dressing. In information technology, data confidentiality is a key ethical consideration, while in human resources management, issues such as whistle blowing and discrimination are important ethical considerations.

Carroll's Pyramid of Corporate Social Responsibility outlines four responsibilities for businesses: economic, legal, ethical, and philanthropic. The model emphasizes the importance of businesses fulfilling their responsibilities towards various stakeholders, including employees, customers, the community, and society at large, in addition to their financial and legal obligations.

<p>The shareholder theory of the firm asserts that the primary goal of a corporation is to maximize shareholder wealth. Voluntary guidelines for corporations outline non-mandatory standards and practices that promote ethical behavior and social responsibility. Corporations are expected to exhibit characteristics such as transparency, accountability, and a commitment to fulfilling their obligations towards shareholders and society.</p> Signup and view all the answers

<p>Ethical theories and approaches play a crucial role in guiding business decisions and actions, ensuring that they are morally sound and socially responsible. By adhering to ethical theories, businesses can maintain integrity, trust, and accountability in their operations, ultimately contributing to sustainable and ethical business practices.</p> Signup and view all the answers

<p>Gandhian Philosophy emphasizes the ethical and equitable distribution of wealth, promoting the idea of wealth management that prioritizes the well-being of all stakeholders, including employees, customers, and the community. It advocates for wealth management practices that are rooted in social responsibility and sustainable development.</p> Signup and view all the answers

<p>Business social responsibility involves the ethical obligation of businesses to consider and address the interests and well-being of various stakeholders, including employees, customers, suppliers, local communities, and the environment. This encompasses promoting ethical practices, transparency, and accountability in all interactions and operations.</p> Signup and view all the answers

<p>The key types of values in the business context include ethical values, cultural values, and social values. Ethical values guide decision-making and behavior in alignment with ethical principles, cultural values shape organizational culture and practices, and social values emphasize the impact of businesses on society and the environment.</p> Signup and view all the answers