Chapter 4 Business Ethics 2018 MINI-LECTURE FOR ONLINE

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Copyright ©2017 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

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Business Ethics The standards of conduct and moral values governing actions and decisions in the work environment. What is right and what is not! Social responsibility Balance between what’s right and what’s profitable Often no clear-cut choices Often shaped by the organization’s ethical climate What is right What is profitable

Ethics, Universal Ethical Standards, and Business Ethics:

Ethics, Universal Ethical Standards, and Business Ethics Ethics : Set of beliefs about: Right and wrong Good and bad Universal ethical standards : Ethical norms that apply to all people across a broad spectrum of situations Business ethics : Application of right and wrong, good and bad, in a business setting Ethical dilemmas : Decision that involves a conflict of values

Build an ethical firm:

Build an ethical firm Start with ethical leadership and buy-in – both in words and in practice – you must set a good example Establish a code of conduct Train your employees Establish a clear reporting structure Enforce ethical conduct

Stakeholders:

Stakeholders Employees Shareholders Board of directors Suppliers Distributors Creditors Unions Government Local communities Customers

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Responsibilities to Customers CONSUMERISM The Right to Be Safe. Safe operation of products, avoiding product liability. The Right to Be Informed. Avoiding false or misleading advertising and providing effective customer service. The Right to Choose. Ability of consumers to choose the products and services they want. The Right to Be Heard. Ability of consumers to express legitimate complaints to the appropriate parties.

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Development of Individual Ethics

Social Responsibility:

Social Responsibility Responsibility to community Corporate philanthropy : Business donations to nonprofit groups Cause - related marketing Corporate responsibility : Business contributions to the community through the actions of the business itself

So many problems:

So many problems Firestone-Ford General Motors ignition switch Volkswagen emissions standards

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