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Project 1: Role of Ethics and Social Responsibility in Business Decision Making

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Submitted By endjala
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HAROLD PUPKEWITZ GRADUATE SCHOOL OF BUSINESS
Project 1: role of ethics and social responsibility in business decision making
Tobias Endjala 200414518
Business Law & Ethics Project 1
Dr Jacqui Meyer
14 January 2015

Part A Roles of Ethics 1. Definition of 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. Or
Business Ethics: can be defined as the critical, structured examination of how people and institutions should behave in the world of commerce. In particular, it involves examining appropriate constraints on the pursuit of self-interest, or (for firms) profits, when the actions of individuals or firms affect others.

Why it is important to understand ethics’ role in business? * To attract customers to the firm's products, thereby boosting sales and profits * Make employees want to stay with the business, reduce labor turnover and therefore increase productivity * Attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees * Attract investors and keep the company's share price high, thereby protecting the business from takeover.
Unethical behavior or a lack of corporate social responsibility, by comparison, may damage a firm's reputation and make it less appealing to stakeholders.

2. Discuss 5 business ethics issues you have learnt to recognize
Issues of Honesty and Integrity: If you work for a company that settles for its employees simply obeying the law and following few internal regulations, you might think about moving on.
Conflicts of Loyalty: Sometimes you find…...

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