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Ethics and Business Strategy

In: Business and Management

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Corporate Ethics: The Moral element of business :
Corporate Ethics: The Moral element of business

Defining Ethics :
Defining Ethics Understanding of right and wrong Ability to distinguish between the right and the wrong. Integral part of life Running a business is a part of life

Corporate Ethics :
Corporate Ethics Based on principles of integrity and fairness Focuses on - Stakeholders, and employees. Quality of product and services Customer satisfaction. Community and environment

Corporate Ethics are implemented to- :
Corporate Ethics are implemented to- Define the framework of the acceptable behavior. Follow high standards of practice. Create benchmarks for self evaluation. Enhance sense of community. Create transparency in the business activities. Foster higher standards of business ethics. Comply with government laws and norms.

Who is responsible for ethics in the company? :
Who is responsible for ethics in the company? “Everyone”

An ethical problem can’t be resolved unless it’s first recognized as a ‘dilemma’ :
An ethical problem can’t be resolved unless it’s first recognized as a ‘dilemma’ Reward or punishment to ethical integrity and moral courage decide the act of an individual

Corporate ethics: The global perspective :
Corporate ethics: The global perspective Study by Columbia University 1990 Half of 1,000 business executives admitted being rewarded for taking action on the job that they considered unethical. One in three reported that refusing to take unethical action resulted in penalties.

The inferences :
The inferences Overemphasis on immediate gains can cascade down the organization. Sending message to staff to generate cash flow, supersedes all other objectives, including personal integrity. This message carries more weight than official proclamations of values, and codes of ethics Corporate directors need to minimize a company’s…...

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