Introduction to Business Ethics | Elements of Business Ethics | Business Ethics

For free Notes and Videos Install our App: https://bit.ly/CT_app (Exclusive features only on App) Join our Whatsapp Group: http://bit.ly/CT_whatsapp Business ethics is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. The law often guides business ethics, but at other times business ethics provide a basic guideline that businesses can choose to follow to gain public approval. Business ethics ensure that a certain basic level of trust exists between consumers and various forms of market participants with businesses. For example, a portfolio manager must give the same consideration to the portfolios of family members and small individual investors. These kinds of practices ensure the public receives fair treatment. The concept of business ethics began in the 1960s as corporations became more aware of a rising consumer-based society that showed concerns regarding the environment, social causes, and corporate responsibility. The increased focus on so-called social issues was a hallmark of the decade. Since that time period, the concept of business ethics has evolved. Business ethics goes beyond just a moral code of right and wrong; it attempts to reconcile what companies must do legally versus maintaining a competitive advantage over other businesses. Firms display business ethics in several ways. [Important: Business ethics are meant to ensure a certain level of trust between consumers and corporations, guaranteeing the public fair and equal treatment.] Examples of Business Ethics Here are a few examples of business ethics at work as corporations attempt to balance marketing and social responsibility. For example, Company XYZ sells cereals with all-natural ingredients. The marketing department wants to use the all-natural ingredients as a selling point, but it must temper enthusiasm for the product versus the laws that govern labeling practices. Some competitors' advertisements tout high-fiber cereals that have the potential to reduce the risk of some types of cancer. The cereal company in question wants to gain more market share, but the marketing department cannot make dubious health claims on cereal boxes without the risk of litigation and fines. Even though competitors with larger market shares of the cereal industry use shady labeling practices, that doesn't mean every manufacturer should engage in unethical behavior. For More Subscribe now... http://bit.ly/collegeprotutor All notes and videos Visit our website: Show us your Support and Love :) Paytm: 8800302039 For notes: Check our website http://collegetutor.net or mail us on collegeprotutor@gmail.com or Comment below Check our facebook page:   / collegeprotutor   Follow us on Instagram:   / collegeprotutor   mail us for any queries: mailto://collegeprotutor@gmail.com #BusinessEthics #Ethics #BBA #StayHome and help save lives #WithMe Buying something from Amazon? The same price for you, Little help for us. Crazy Deals on Amazon: https://amzn.to/33OopAM Our Recommendations (Affiliate Link): Video Making (Cheap and Best): Camera/Mobile Tripod Stand: https://amzn.to/3nPnQie Gorilla Tripod/Mini Tripod: https://amzn.to/3nPnQie Lavalier Microphone for Recording (Offer): https://amzn.to/3lBr8n6 Boya Omnidirectional Lavalier Microphone: https://amzn.to/3iNgxnu AmazonBasics Whiteboard, Duster, Marker Combo: https://amzn.to/2GMhbod Durable Whiteboard: https://amzn.to/3lEqwNN Best Affordable Smartphone: https://amzn.to/3nMYD8b Best OnePlus Affordable Smartphone: https://amzn.to/3nHysPS Best Offers on the smartphone: https://amzn.to/3nGCpEI