Mngt

• Ethics is the practical science of the morality of human acts
• Ethics is the study of human conduct from the standpoint of morality
• Ethics is the practical science that guides us in our actions so that we may live rightly and well
• Ethics is derived from the Greek word "ethos" which means "characteristic way of acting" which is proper to man as a rational being
• Ethics is sometimes called Moral Science or Moral Philosophy, as the Latin word for "ethos" is "mos" or "mores"
• Ethics and morality are two different concepts
• In business, there must always be a motive to contribute some social benefits
• Ethics must be regarded as a support and not a hindrance in making money
• Society nowadays desires immediate satisfaction and people look forward to instant outcomes
• Ethically good behavior in the workplace can bring many benefits to the company
• Integration of ethics within business operations is crucial to achieve success in a highly competitive business environment
• Business ethics is the study of what is the right and wrong behavior and conduct in business
• Business ethics is a form of applied ethics that examines moral rules, theories, and principles in a business context
• Features of business ethics include a code of conduct, protection to social groups, being based on moral and social values, voluntary acceptance for enforcement, providing a basic framework, requiring education and guidance, being a relative term, and not being against profit-making
• The importance of ethics in business includes satisfying basic needs, connecting leaders and employees, building credibility, continuing gains, enhancing decision-making, and protecting society
• Moral reasoning in business involves benchmarking ethical issues and problems against a moral standard to make moral judgments possible
• Characteristics of a good moral standard include seriousness, being grounded on good moral judgment, objectivity, and evoking feelings of guilt, shame, and remorse of conscience
• Requirements for a good moral judgment are logic, being based on facts and solid evidence, and being based on sound and defensible moral principles
• The morality of profit involves personal satisfaction/desire, earning a livelihood, serving society through goods and services offered, and making a profit as a form of reward
• The concept of moral responsibility is based on the idea that man is by nature a being and a creature who is supposed to be responsible and accountable for his actions
• Meanings of moral responsibility include holding people morally accountable for past actions, care, welfare, or treatment of others, and one's capacity for making moral and rational decisions independently
• Areas of concern for business ethics include product safety and quality, fair employment practices, bribery, use of confidential information for personal gain, fair marketing and selling practices, community involvement, employee favoritism, gift-giving, discrimination and harassment, health and safety, incorrect accounting, social media, whistleblowing, non-disclosure and corporate espionage, conflict of interest, just compensation, wrongful dismissal, money laundering, insider trading, multi-level marketing and pyramiding, mergers and acquisitions, environmental issues, and unfair competition
• Factors in determining the morality of gift-giving include the value of the gift, purpose of the gift, circumstances under which the gift was given or received, position or relationship of the giver and receiver, acceptable business practices in the industry, company policy, and laws and regulations