Premium Essay

Business Ethics

In: Business and Management

Submitted By mt1993
Words 16800
Pages 68
Licensed to: CengageBrain User

Licensed to: CengageBrain User

This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest.

Copyright 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Licensed to: CengageBrain User

Business Ethics, Ninth Edition O.C. Ferrell, John Fraedrich, and Linda Ferrell Vice President of Editorial/Business: Jack W. Calhoun Publisher: Erin Joyner Senior Acquisition Editor: Michele Rhoades Managing Developmental Editor: Joanne Dauksewicz Editorial Assistant: Tamara Grega Marketing Manager: Jon Monahan Senior Marketing Communications Manager: Jim Overly Marketing Coordinator: Julia Tucker Content Project Manager: Joseph Malcolm Production Manager: Kim Kusnerak Media Editor: Rob Ellington Rights Acquisition Director: Audrey Pettengill Rights Acquisition Specialist, Text and Image: Deanna Ettinger Manufacturing Planner: Ron Montgomery Senior Art Director: Tippy McIntosh Internal Designer, Production...

Similar Documents

Premium Essay

Business Ethics

...Ideally, the paper will delve into more details concerning what business ethics entails and the importance of business ethics to individuals and businesses alike. Body In analysing business ethics, it is important to differentiate ethics and law. An individual might argue that the law is concerned with handling wrongful acts hence applicable in business. However, ethics is mainly based on moral acts which are not codified into either social law or prohibitions. Of importance is that most of the morally...

Words: 1492 - Pages: 6

Premium Essay

Business Ethics

...BUSINESS ETHICS: COMPARE AND CONTRAST PAPER By: Karla Powell North Central University What is business ethics? The word business can mean different things, but in this context it means a commercial or industrial endeavor to make/sell products or services. The word ethics is defined as a set of principles of right conduct or a system of moral values. So what does business ethics mean? Used together it means for a commercial/industrial endeavor to form a set of principles or rules to follow while they are making or selling products or services. The word business ethics is frequently heard as it relates to social responsibility. According to the dictionary social responsibility is “an ethical ideology or theory that an entity, be it an organization or individual has an obligation to act to benefit society at large” (the freedictionary.com). Three notable management authorities: Patrick Murphy, Milton Friedman, and Peter Drucker, have different opinions on what business ethics and social responsibility are and what is should mean to the business world. According to Patrick Murphy (2009) responsibility is a key principle of business ethics which implies a moral obligation to act. The word act is used as a verb and means to “do something.” Murphy points out that one is to not only act but to act in a certain way based on the persons extent of the freedom they have, meaning the bigger the space of freedom the bigger the obligation or responsibility one has....

Words: 2022 - Pages: 9

Premium Essay

Business Ethics

...The success of modern business is apparent, but recently there is much concern in the business-and-society literature and in the general press on whether business fulfils its social role responsibly. Business ethics, corporate social responsibility and corporate governance movements have been developed in recent decades as responses to a growing sense of corporate wrongdoing. This paper attempts to explain why the three movements seem yet to have generated little in the form of widely accepted prescriptions for improvement of business behaviour to the satisfaction of the “constituents” of business, i.e. the major stakeholders. Without denying the usefulness of any of the three movements, the paper suggests that there are weaknesses in all three, especially concerning the way they conceive modern business operation. To this end business pluralism, responsive codes of practice and re-examination of the assumptions (conditions) of business operation could be helpful. In the business literature there is a major strand that celebrates business strength and seeks formulae for success. This strand was manifested in the Scientific Management tradition dating from Frederic Taylor’s work in the early twentieth century (Taylor, 1911) and continued through the Human Relations studies of Elton Mayo that sought to find growth through taking care of the “people dimension” (Roethlisberger and Dickson, 1939)....

Words: 1693 - Pages: 7

Premium Essay

Business Ethics

...Running head: Ethical and Moral Issues in Business * Ethical and Moral Issues in Business MGT/216 * Ethical and Moral Issues in Business * In this paper I will address the following topics: the differences between moral and ethical issues, the differences between business ethics and personal ethics and list some examples of ethical issues in today’s business environment. The line between morals and ethics may seem blurred; however, some differences between the two do exist. Morals are defined as one’s personal values or beliefs. These values are typically established by religious beliefs or family influences. Ethics are defined as guidelines for behavioral standards. These guidelines are usually set in place by a specific group or groups of people. For example, businesses usually have a specific code of ethics that may differ from a religious group’s code of ethics. What is acceptable for one group or organization may be unacceptable to others. Business ethics are defined as codes or guidelines used to govern behaviors and practices within any given company. Typically all companies abide by a written code of ethics. These codes are used to ensure that employees understand and practice acceptable behaviors in the workplace. Usually a company’s code of ethics is influenced by the culture surrounding that business....

Words: 669 - Pages: 3

Premium Essay

Business Ethics

...The application of ethics is not limited and applies to a number of aspects including business behavior which is termed as business ethics. Business ethics is the behavior adopted by a business and is concerned with how a business deals with the world at large. It involves the business taking responsibility for its activities...

Words: 3013 - Pages: 13

Premium Essay

Business Ethics

...Business Ethics * Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. * Business ethics has normative and descriptive dimensions. As a corporate practice and a career specialization, the field is primarily normative. Academics attempting to understand business behavior employ descriptive methods. * The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns. Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. * For example, most major corporations today promote their commitment to non-economic values under headings such as ethics codes and social responsibility charters. Adam Smith said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices."  * Governments use laws and regulations to point business behavior in what they perceive to be beneficial directions. * Ethics implicitly regulates areas and details of behavior that lie beyond government control....

Words: 525 - Pages: 3

Premium Essay

Business Ethics

...For the modern business ethics are a priori questions of corporate social responsibility. Opinion that the financial well-being of the least compels her to ethical behavior, is fundamentally wrong, the very life and business practice postulated the following statement: "Good ethics is good business." Otherwise, a negative reaction on the part of customers and partners will inevitably lead to a significant reduction in the profitability of the company, and widely disseminated by the media unsavory reputation will lead to a lack of any credibility. Nobel Prize winner Milton Friedman wrote that "the true role of business! "PICs in its use of energy and resources in activities designed to increase profits, provided that it adheres to the rules of the game ... participate in an open competition, without resorting to fraud and deception." Ethics imposes restrictions on the business system, being the moral rules and practices of a given society. Business Ethics - Business ethics based on honesty, openness, fidelity to one's word, the ability to function effectively in the market s compliance with applicable laws, rules and established traditsiyami.22 Experience confirms the importance of international business to business ethics in shaping the success of the company....

Words: 2749 - Pages: 11

Premium Essay

Business Ethics

....….................................10 CHAPTER 2: BUSINESS AND ENVIRONMENTAL ETHICS..……………….….…12 2.1 Definition of Business………………….. .........................................................12 2.2 Definition of Business Ethics………….. .........................................................13 2.3 Definition of Environmental Ethics..….. .........................................................15 2.4 Conflict between Business and Environmental Ethics………………………..15 2.5 The Relationship between Business and Environmental Ethics…………….24 2.6 Benefits of Ethics for Business………………………………………………….25 2.7 Problems of Business Ethics……………………………………………………25 CHAPTER 3: SUPER CHEM COMPANY…............................................................27 3.1 Introduction to Super Chem……………………………...................................27 3.2 Product Ranges………………………………………………………………….27 3.3 Process Development Services……………………………………………......28 3.4 The Issues………………………………………………………………………..29 3.5 Possible Solution………………………………………………………………...29 3.6 The Pollution Cause by Super Chem………………………………………….30 3.6.1 Water Pollution…………………………………………………………..30 3.6.2 Air Pollution………………………………………………………….…...31 3.6.3 Sound Pollution………………………………………………………….33 3.7 The Solution Taken by Super Chem Company to Prevent or Avoid the Chemical Plant Pollution……………………………………………34 3.7.1 Prevention for Water Pollution………………………………………....34 3.7.2...

Words: 8415 - Pages: 34

Premium Essay

Business Ethics

...Running head: Code of ethics Code of ethics within businesses Saif Mustafa Ali Monash University Ethics relate to an individual's moral judgements about right and wrong. Decisions taken within a corporation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to act ethically is a moral one; employees must choose what they think is the right course of action. This may require declining the route that would lead to the largest short-term profit. Ethical behavior and corporate social responsibility can bring considerable advantages to a business. Ethics and ethical behavior are very high priorities for companies today (Davis 2004; Weber 2006). Although codes of ethics are tools that are frequently used as one of the efforts to promote ethical behavior, research suggests that there may be a great deal of room for enhancement of existing codes (Kitson 1996; Blodgett and Carlson 1997; Moyes and Park 1997; Hume, Larkins and Iyer 1999; Schwartz 2001). The aim of this paper is to recognize and discuss ways to improve the code of ethics of an corporation. Blodgett and Carlson reviewed twenty-nine business codes of ethics and concluded that "the codes often contained unclear references to acting ethically, then give widespread compliance lists which operate mainly to forbid breach of current laws"(1997, 1369)....

Words: 1095 - Pages: 5

Premium Essay

Business Ethics

...Business Research Ethics David Taylor III Res/351 8/31/2012 Erica Mitchell Business Research Ethics Ethics in business research is analogous with the structure of variables in a construct. The onus of the burden of proof does not reside in proving the existence of ethics in business research, rather, in identifying the relationship between ethics and research and how ethics impinges on research. Ethics is typically conceptualized as making the right choice, however, because “right” is an abstract value, the definition and consequences of ethical choices is far reaching A customary unethical practice in business research is the falsifying of data. The ethical repercussions of falsifying data are substantial. Unethical Research The University of Minnesota heads one of the top stem cell research facilities. Their rise to prominence in 2002 was the result of falsification of data by one of the Ph students on the research team. The research indicated that new evidence reveals a stem cell that can generate body tissues. Tampered images and plagiarism was also revealed by a panel of scientists. The student used patented images in her presentation to illustrate a seemingly new discover although it had already been patented. The tampered images were the same images presented at different angles to attempt to appear as different results. The behavior of skewed results has on-going consequences....

Words: 819 - Pages: 4

Premium Essay

Business Ethics

...Business managers can use such egoistic practices to improve productivity, as it is often argued that business managers ought to act egoistically in order to promote general interest in the long term. The issue with ethical egoism is that ethical egoists disagree on the type of good one should be seeking (Cavico & Mujtaba, 2013,...

Words: 1121 - Pages: 5

Premium Essay

Business Ethics

...Although ethically child labor is frowned upon, many companies continue to invest in these companies and turn their back on America’s laws of business. (Apple) Business ethics began in the 1960’s in the beginning of the “Social Responsibility” movement. The movement itself stimulated the public interest...

Words: 2018 - Pages: 9

Premium Essay

Business Ethics

...INTRODUCTION Ethics is a branch of philosophy that inquiries into the nature of ultimate value and the standards by which human actions can be judged right or wrong. Nowadays, with competitive market shares, ethics is becoming more and more important. It could be concerned as one of the elements to business development. To business, ethics is a tool to exam principles and moral or ethical problems that arise in a business environment. Therefore, business ethics can be both a normative and a descriptive discipline. Business ethics is a factor of determining the fundamental purposes of a company. BASIC PRINCIPLES OF BUSINESS ETHICS 1. Be Trustful: Recognize customers want to do business with a company they can trust; when trust is at the core of a company, it's easy to recognize. Trust defined, is assured reliance on the character, ability, strength, and truth of a business. 2. Keep An Open Mind: For continuous improvement of a company, the leader of an organization must be open to new ideas. Ask for opinions and feedback from both customers and team members and your company will continue to grow. 3. Meet Obligations: Regardless of the circumstances, do everything in your power to gain the trust of past customer's and clients, particularly if something has gone awry. Reclaim any lost business by honoring all commitments and obligations. 4....

Words: 581 - Pages: 3

Premium Essay

Business Ethics

...Personal Views Ethics Essay Ricky Bateman BUS4801 October 19, 2014 Jason Lum Personal Views Ethics Essay Business ethics these days seem to remain a topic that has a high flexibility threshold, while these concepts are supposed to remain the backbone of any business that keeps the business honest and protects consumers, these days it would seem more about what benefits the business and little in regard to the overall satisfaction of the consumer. Taking the ethics test in our textbook, I would have to say that the results themselves are only as accurate as the person taking them. I mean if you are truthful, the results will say that you question everything and if something goes against your moral backing, you should voice it. As for my results, I do not see myself as an alpha employee, therefore I am willing to do what I was hired for and not result in the cut throat tactics that some rely upon for advancement in their career. I believe that I can be a team player through my hard work and dedication. These test questions seemed to be centered around someone that has the philosophy of he who dies with the most toys wins, while I admit that I do require money in order to feed my family and to ensure that bills are paid, I could not wrap my head around the notion that the more money you have at the cost of hurting someone else is what puts you at the top in a company’s eyes....

Words: 641 - Pages: 3

Premium Essay

Business Ethics

...Retrieved from http://smallbusiness.chron.com/challenges-business-face-involving-ethics-20160.htm Toolkit. (n.d.) Retrieved from...

Words: 272 - Pages: 2