GGSR

• A business is an organization or entity engaged in commercial, industrial, or professional activities with the primary objective of earning a profit.
• The fundamental purpose of a business is to produce goods or provide services to meet the needs and wants of customers, thereby generating revenue
• Businesses exist to fulfill various purposes
• Businesses can take various forms, including Manufacturing, Merchandising, Service, or a hybrid type
• Businesses operate within markets, which can be competitive or monopolistic, local or global.
• Businesses contribute significantly to economic development by creating jobs, driving innovation, and generating wealth.
• The nature of business is shaped by legal and regulatory frameworks that govern areas such as contracts, intellectual property, labor relations, and environmental standards
• ROLES OF THE BUSINESS IN THE SOCIETY

  1. Economic Development

  2. Innovation and Technological Advancement

  3. Wealth Distribution

  4. Taxation and Government Revenue

  5. Social Responsibility and Philanthropy

  6. Consumer Satisfaction and Quality of Life

  7. Globalization and Cultural Exchange

  8. Infrastructure Development

  9. Environmental Sustainability

  10. Skills Development and Training
• ECONOMIC DEVELOPMENT:

  • Job Creation: Businesses are significant contributors to employment. providing job opportunities that support individuals and families.

  • Wealth Generation: By generating profits and contributing to economic growth, businesses play a pivotal role in creating wealth that can be reinvested in the economy.
• INNOVATION AND TECHNOLOGICAL ADVANCEMENT

  • Businesses drive innovation by investing in research and development, leading to the creation of new products, services, and technologies that can improve the overall quality of life.
• Businesses contribute to the distribution of wealth within society through wages, salaries, and dividends, helping to reduce income inequality
• Businesses pay taxes that contribute to government revenue, funding public services such as education, healthcare, infrastructure, and social welfare programs
• Many businesses engage in corporate social responsibility (CSR) initiatives and philanthropy, supporting social and environmental causes through charitable donations, community development projects, and sustainable business practices
• Businesses provide goods and services that enhance the quality of life for consumers, contributing to overall satisfaction and well-being
• Businesses, especially multinational corporations, facilitate globalization by connecting different parts of the world through trade and commerce, leading to cultural exchange and the sharing of ideas
• Businesses invest in and contribute to the development of infrastructure, including transportation, communication, and utilities, supporting economic activities and societal progress
• Increasingly, businesses are recognizing their role in environmental stewardship by implementing sustainable business practices, resource efficiency, and efforts to minimize environmental impact for a healthier planet
• Businesses often provide training and skill development opportunities to their employees, contributing to the overall development of a skilled and competitive workforce
• Business ethics refers to the moral principles and standards that guide the behavior of individuals and organizations in the business world
• Business ethics involves making decisions and conducting business activities in an ethical, transparent, and socially responsible manner
• Importance of business ethics:

  • Build reputation and public trust
  • Cultivates Customer Loyalty
  • Improved Employee Morale and Productivity
  • Legal Compliance
  • Improved Investor Confidence
  • Long-term sustainability
  • Competitive advantage
  • Improved Employee Recruitment and Retention
  • Improved Community relations
• Ethical business practices contribute to a positive reputation and build trust with customers, employees, investors, and the wider community
• Trust is a valuable asset that can take years to build but can be quickly damaged by unethical behavior
• ISSUES IN BUSINESS ETHICS

  1. Sexual harassment

  2. The problem of Just Wage

  3. Gift-giving and Bribery

  4. The Morality of Advertising

  5. Workplace Romance

  6. Problem of Fair Pricing

  7. Product Misrepresentations

  8. Morality of labor strike

  9. Whistleblowing

  • Multilevel Marketing and Pyramiding

  • Unfair Competition

  • Money Laundering

  • Conflict of Interest

  Insider Trading

  • Tax Evasion and Tax Avoidance
• Sexual harassment refers to any unwelcome sexual advances, requests for sexual favors, or other conduct of a sexual nature that interferes with work performance or creates an intimidating, hostile, or offensive work environment
• Catcalling and body shaming are examples of sexual harassment
• A just wage is a wage that provides a fair and livable income, considering factors like the cost of living, job responsibilities, and economic conditions of a region
• The act of paying an employee below the acceptable wage amount is known as the problem of just wage
• Gift giving's primary intent is to express goodwill, appreciation, or celebrate an occasion
• Gifts are usually given openly and without any expectation of a specific favor or action in return
• Gift giving frequency is occasional
• Bribery's intent is to influence the recipient to act in a way that benefits the giver, often at the expense of fairness, justice, or ethical conduct
• Bribery is often conducted secretly or discreetly, with the intention of hiding the exchange from others
• Bribery is uncommon
• The value of a gift can vary but is generally proportionate to the occasion and the relationship between the giver and the recipient
• Gift-giving is legal as long as it is not intended to influence someone to act in an unethical or illegal manner
• The value of a bribe can vary but is typically significant enough to motivate the recipient to compromise their integrity or act against their professional duties
• Bribery is illegal in most jurisdictions and is considered a criminal offense
• False or misleading claims in advertising involve making false or exaggerated claims about a product's features, benefits, or performance
• Advertising a product or service at a certain price and then adding hidden fees at the point of purchase is unethical