Business Ethics

• What does an ethical policy set out for a business?

  Actions to ensure ethical decisions
• What do business ethics involve?

  Doing what is morally right for stakeholders
• Why do businesses have strong ethical policies?

  To align with owners' beliefs and consumer pressures
• How do consumer pressures influence business ethics?

  Consumers prefer businesses that share their values
• What is a consequence of meeting government targets?

  Avoiding fines and reducing costs
• How can bad publicity affect a business?

  It can lead to a loss of customers
• Why is employee treatment important for businesses?

  It improves worker morale and company performance
• What is the impact of fair trade on producers?

  It improves reputation and boosts sales
• What is one way a business can act unethically?

  Not treating workers fairly
• What does exploiting small businesses lead to?

  Creating unemployment and poverty
• What does animal rights advocate for?

  Humane treatment and protection from exploitation
• What is social responsibility in business?

  Considering all societal groups in decisions
• What are some ways a business can operate ethically?

  • Use fair trade goods
  • Use biodegradable/recyclable packaging
  • Implement recycling schemes
  • Minimize food miles
  • Donate food to charities
  • Ethical marketing practices
  • Fair treatment of workers
  • Ensure animal welfare
  • Reduce CO2 emissions
• What can protests from unethical behavior lead to for a business?

  Loss of sales revenue and poor reputation
• What is one advantage of having ethical policies?

  Improved worker morale and reduced absenteeism
• How can consumer pressures benefit a business?

  They can lead to increased sales and recommendations
• What is a disadvantage of being ethical in business?

  Increased costs impacting profit margins
• What challenges might a business face when trying to be ethical?

  Transportation costs and sustainability issues
• What could happen if a business makes ethical errors?

  It could lead to bad publicity and loss of customers
• What is a potential issue with fair trade goods?

  Higher prices impacting consumer purchases
• What are packaging issues related to ethical policies?

  Costs and hygiene concerns with alternatives
• What are the advantages and disadvantages of having ethical policies in business?

  Advantages:

  • Improved worker morale
  • Better image and marketing
  • Increased sales from ethical consumers
  • Less negative attention from pressure groups
  • Premium pricing for ethical products

  
  

  Disadvantages:

  • Increased operational costs
  • Challenges in maintaining ethical practices
  • Need for staff training and supervision
  • Risk of bad publicity from errors
  • Higher prices for fair trade goods