ETHICS STUDIES

BUSINESS ETHICS

WHAT IS ETHICS?

Ethics is based on well-founded standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations, benefits to society, fairness, or specific virtues

"Ethics has to do with what my feelings tell me is right or wrong."
"Ethics has to do with my religious beliefs."

"Being ethical is doing what the law requires."

                                            

WHAT IS BUSINESS ETHICS?

Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that can arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. These norms, values, ethical, and unethical practices are the principles that guide a business. 

ETHICAL AND UNETHICAL ISSUES OF HR, FINANCE AND MARKETING:

1.HUMAN RESOURCES:

HR defined a to manage the employees or laborers of the organization.

                         

Ethical issues of HR:

organizational issues or problems, ethical issues are the most difficult ones to handle or deal with. Issues arise in HR are-

• Employee responsibility 
• cash and compensation plan 
• Performance appraisal 
• Safety and Health

Unethical issues of HR:

• Misusing company time
• lying to employees
• employees theft
• abusive behavior

2. FINANCE:

Finance is defined as management of money like investing, borrowing to start a business.

                    

Ethical issues of finance:

Financial mangers prepare reports, oversee accounting function, plan investment strategies and direct cash management functions. They are required to upload the highest ethical standards.

• Accuracy
• Transparency
• Timeliness
• Integrity

Unethical issues of finance:

Some of the unethical practices in finance and accounting are:

• Delay in payments to vendors.
• Delay in paying wages, interest to financiers, bonus to employees.
• holding up bills, avoid payment to earlier vendors. 
• Not promoting tax, and duties.

3. MARKETING:

Marketing is the study and management of exchange relationships. It is a business process of creating relationship with and satisfying customers.

               

Ethical issues of marketing:

Issues in marketing arise from the conflicts and lack of argument on particular issues. Parties involved in marketing transaction have a set of expectations about how the business relationships will take shape and how various transactions need to be conducted.

• Ethics in Advertising and Promotion
• Delivery Channels
• Anti-competitive practices
• Pricing ethics

Unethical issues of marketing:

There are some unethical marketing practices that are commonly employed.

• Misleading advertising
• Contacting people without consent
• Insensitive controversy
• Emotional exploitation