Question

Describe the code of business ethics.

Answer 1

Code of ethics documents the generally accepted principles of ethical conduct. They are statements of values and principles which define the purpose of an organization. It gives a clear picture of the standards that employees should follow. It guides them in decision-making. The code of business ethics can include the following:

1. To offer goods at fair prices.
2. To supply goods of good quality and not to deal in spurious and sub-standard products.
3. To listen to consumer’s complaints and to reduce them.
4. Not to raise the price of its products unjustifiably.
5. Not to resort to hoarding and lack marketing.
6. Not to resort to price-cutting with the sole aim of killing competition.
7. Not to issue advertisements containing false information or exaggerated claims.
8. To pay fair wages to its employees and not to exploit them.
9. To provide a congenial work atmosphere.
10. To design production process in such a way as to reduce environmental pollution.
11. To keep proper books of accounts and records.
12. To pay taxes regularly.
13. To complain about various business losses and never to flout Government regulations.