Business Ethics Week 3

BUSINESS ETHICS AND SOCIAL

RESPONSIBILITY

CODE OF ETHICS IN BUSINESS

Let’s Start Few years from now, you will be employed whether in a public
office or in a private enterprise. As an employee, it is very important that you display good ethics, especially in your
workplace. This module was prepared for you so that you will have a good interpersonal relationship with all the
people around you, specifically with the ones you will work with.
Specifically, you are to do the following:

 explain what code of ethics is;
 identify which of the common practices in the business organizations are acceptable or not;
 suggest ways on how some common practices could be improved;
 write a good script that reflects good decision; and
 formulate a “code of ethics” that reflects core principles derived from analyses.
VISION: Immaculate Heart of Mary Academy envisions of a life giving and innovating Educational ministry committed to
transforming community of learners into Christ-centered Augustinian Recollect Stewards.
Let’s Explore
Definition of Ethics
The term Ethics is derived from the Greek word ethos which means “characteristic way of thinking”. Ethics, as a
science, does not only evaluate the morality of our human conduct but also provides us with a common understanding of
the universal, objective, and irreversible moral principles that should govern our human behavior and guide our moral
decisions (Roa, 2011).
Ethics are moral principles that guide the conduct of the individual (Racelis, 2017). These are rules of behavior
based on ideas about what is morally good and bad (Merriam-Webster Dictionary).
Why is ethics important in business?
Ethical conduct, whether at the corporate, professional, or personal level, is a direct reflection of the principles and
values which regulate the person and the institution he/she represents. Organizations establish their own culture that is
socially expressed as their ideals. Such principles or ideals have an impact on the relationships within the company,
efficiency, prestige, performance and retention of employees, legalities, and the wider community they work in.
As a result, most organizations generate a list of organizational values and codes of conduct to be recognized d and
adhere by all workers. Motivating and enhancing constructive actions, and at the same time building an atmosphere that
prevents unethical behavior are vital obligations on the part of both administrators and workers.
How to Apply Ethics
At the individual level, organizations ought to concentrate on improving and encouraging every employee to
respect and adhere to ethical principles. Certain aspects of individual ethics have their roots in the individual. Achieving a
strong sense of professionalism and recognizing certain professional decisions' ethical implications are the key components
of education, individual reflection, and experience.
Examples of Ethical Issues in Business
1. Ethical Issues in Finance
Under the umbrella of finance and accounting, fairness in trading practices, trading conditions, financial
contracting, sales practices, consultancy services, tax payments, internal audits, external audits, and executive
compensation are included, whereas specific corporate ethical/legal abuse includes insider trading,
bribery/kickbacks, misleading financial analysis, and fraud on securities.
2. Ethical Issues in Human Resource (HR) Management
Human Resource Management 's tasks include hiring and orientation, performance evaluation, training and
development, labor relations, and health and safety concerns. Among the ethical issues are discrimination by age
(the young ones are preferred over the older ones), gender preference, sexual orientation, race, ethnicity,
disability, and physical appearance are all ethical issues that the HR oversees.
3. Ethical Issues in Sales and Marketing
Marketing ethics deals with the beliefs, standards and/or morals that advertisers and marketing organizations will
operate upon. Ethical marketing issues include promotion of obsolete or harmful products services; openness /
about environmental threats; food ingredients (Genetically Modified Organisms); possible health hazards or
financial risks; protection for the privacy and autonomy of consumers; truthfulness in advertising; and honesty in
price and delivery. Some claim that advertisements can affect the views of individuals and their relationships with
others, suggesting an ethical obligation to avoid distorting those expectations and relationships.
Ethics in marketing includes practices in pricing, which involves unlawful acts such as price manipulation and price
skimming. According to Hayes (2020), price skimming is a product pricing strategy by which a firm charges the
highest initial price that customers will pay and then lowers it over time. On the other hand, advertising has raised
concerns over offensive advertisements objectification, and school marketing.

Business Ethics Week 3

Uploaded by

Copyright:

Available Formats

Business Ethics Week 3

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Business Ethics Week 3

Uploaded by

Copyright:

Available Formats

BUSINESS ETHICS AND SOCIAL

CODE OF ETHICS IN BUSINESS

Specifically, you are to do the following:

Why is ethics important in business?

How to Apply Ethics

Examples of Ethical Issues in Business

1. Ethical Issues in Finance

2. Ethical Issues in Human Resource (HR) Management

3. Ethical Issues in Sales and Marketing

You might also like