2.3 Ethical Factors

• What does ethical behavior in business refer to?

  Moral principles and values
• Companies often establish ethical codes to guide their actions.
• Ethical codes in businesses are enforced to maintain integrity.
• What is one example of ethical environmental sustainability in business?

  Reducing carbon emissions
• Match the ethical consideration with its description:

  Fair Labor Practices ↔️ Fair wages and safe conditions

  Honesty in Marketing ↔️ Truthful product portrayal

  Data Privacy ↔️ Protecting customer information
• Ethical decisions in business can significantly affect performance.
• How does prioritizing fair labor practices enhance a company's reputation?

  Builds trust with stakeholders
• Increased costs are a potential negative impact of ethical decisions in business.
• One negative impact of ethical decisions is the potential loss of business.
• Order the positive impacts of ethical decisions on business performance:

  1️⃣ Enhanced Reputation

  2️⃣ Increased Customer Loyalty

  3️⃣ Attracting Investors
• What might a company prioritizing fair wages lose in terms of business impact?

  Price-sensitive customers
• Investing in data privacy measures can be expensive.
• What is one positive impact of ethical decisions on business performance?

  Enhanced reputation
• Customers prefer businesses with strong ethical standards.
• Investors are more likely to invest in businesses with strong ethical standards, such as environmental sustainability
• What is one negative impact of ethical decisions on business performance?

  Increased costs
• Adopting environmental sustainability practices always leads to immediate profits.

  False
• What are ethical frameworks structured approaches to?

  Ethical decision-making
• The ethical framework of utilitarianism focuses on maximizing overall happiness
• Deontology emphasizes moral duties and rules.
• Match the ethical framework with its focus:

  Utilitarianism ↔️ Happiness

  Deontology ↔️ Moral duties

  Virtue Ethics ↔️ Moral character
• Arrange the key ethical principles in order of importance:

  1️⃣ Justice

  2️⃣ Fairness

  3️⃣ Responsibility

  4️⃣ Respect
• What does ethical behavior in business involve considering?

  Impact on stakeholders
• Prioritizing fair wages and safe working conditions is an example of ethical behavior in business.
• Environmental sustainability involves minimizing negative impact on the environment
• What does honesty in marketing involve presenting?

  Truthfully portrays product features
• A conflict of interest arises when personal interests compromise unbiased decisions.
• Arrange the steps for analyzing ethical dilemmas in case studies:

  1️⃣ Identify the dilemma

  2️⃣ Understand stakeholder perspectives

  3️⃣ Apply ethical frameworks

  4️⃣ Propose solutions
• Which ethical framework emphasizes compliance with regulations regardless of financial impact?

  Deontology
• Engaging stakeholders in ethical decision-making improves business relationships and policies.