Business Ethics Concepts

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Explain different types of marketing

What is ethics?

Ethics is a branch of social science that refers to a code of conduct businesses are expected to follow.

What does business ethics deal with?

Business ethics deals with concepts of right and wrong, good and bad, fair and unfair, just and unjust in business decisions.

According to Andrew Crane, what is business ethics?

<p>Business ethics is the study of business situations, activity, and the influence of maintaining harmonious relationships with society.</p> Signup and view all the answers

What is a key feature of business ethics in terms of conduct?

<p>Business ethics is a code of conduct that guides what to do and what not to do for the welfare of society.</p> Signup and view all the answers

What are the principles that business ethics is based on?

<p>Business ethics is based on moral and social values, including self-control, consumer protection, service to society, and fair treatment to social groups.</p> Signup and view all the answers

How does ethics help organizations in making decisions?

<p>Ethics helps organizations make decisions where issues of right and wrong are addressed.</p> Signup and view all the answers

Why is it important for businesses to adhere to business ethics?

<p>To provide protection to different social groups and to establish a basic framework for business conduct.</p> Signup and view all the answers

Is acceptance of business ethics voluntary or mandatory for businessmen?

<p>Voluntary.</p> Signup and view all the answers

Why is education and guidance important before introducing business ethics?

<p>To ensure proper motivation and implementation of business ethics.</p> Signup and view all the answers

Why are business ethics considered a relative term?

<p>Because they vary between businesses and countries.</p> Signup and view all the answers

In which type of countries is the concept of business ethics strictly followed?

<p>Developed countries.</p> Signup and view all the answers

How do moral and social values influence decision-making in individuals?

<p>Our decisions are a reflection of our values and beliefs, always directed towards a specific purpose.</p> Signup and view all the answers

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