Week five was all about ethics in different aspects such as political, education, business, health care, natural resources, development, media, and so on. I would like to reflect about business ethics. What is business ethics? Business ethic is a form of applied ethics that examines ethical principles and ethical problems that arise in a business environment.
There is several importance of business ethics such as improve consumer confidence, survival of business, protecting consumer rights, develops good relations between business and society, increases consumer satisfaction, healthy competition, smooth functioning of business, and so on.
We should implement right things in the business such as higher revenues, follow the environmental policy & actions, Corporate social responsibility, Improved brand and business awareness and recognition, Better employee motivation and recruitment, New sources of finance – e.g. from ethical investors. On the other hand, we should deduct wrong things from business such as higher costs, higher overheads, and a danger of building up false expectations, selling the goods in black price, exploitation of products, products unsatisfied product, and so on.