Question

Elements of Business Ethics?

Answer 1

The concept of social responsibility of business is closely connected with the concept of business ethics. Business ethics covers following elements.

1. Trustworthiness: -Top to bottom, organization must work to maintain trustworthiness. Client should hold deep confidence in your abilities. They should believe on company's reliability and quality. Business runs on character, fairness, truth, honour and ability.
2. Honest Service Delivery: -empty promises decline reputation of company. It is better to be honest about what you can do. Company should leave every client feeling well served upon completion of each project. "Idea" mobile company's formula is remarkable. "Under commitment and over delivered".
3. Confidentiality: -Business organization should follow strict written internal confidential policy. Consumer's information and confidential records should not be disclosed to others. At the same time, they should not use wrong means to obtain information from competitors about certain formula or method of production.
4. Openness: -Business organization should follow the principle of openness. Opinion and feedbacks from clients and team members should be asked regularly. Even in time of business disagreement, treat other's opinions and ideas with professional respect and courtesy (good manner).
5. Other Common Business Ethics: -

• A large part of society is made up of common man with low purchasing power. Considering their likes, dislikes and economical positions. Goods should be provided.
• The guarantees and warrantees offered by the businessmen should be proper and customers should believe in them.
• While advertising the products, businessmen should see that the advertisement should not cross limit of decency and they do not contain undue criticism on competitors.