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Question
Write short note on the following:
Elements of Business Ethics.
Solution
Elements of business ethics:
(a) Trust and Commitment: The top-level officers, such as the CEO and other higher level managers, must sincerely follow the ethical code of conduct. They should also guide employees in their organisation to practise the code. This would build a sense of trustworthiness, commitment and faith within the business players.
(b) Follow Honesty: A business should conduct fair and honest dealings with its clients. It must engage into legal activities and should aim at complete customer satisfaction.
(c) Confidentiality and Secrecy: In addition to follow a certain code of conduct and the confidential policy, an enterprise should not disclose the consumer's records and data to the outsiders.
(d) Involvement of employees at all levels: The successful implementation of ethical standards depends, to a large extent, on
the involvement of employees at different levels. This should be done by taking regular feed-backs and opinions from the employees.
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RELATED QUESTIONS
Elements of Business Ethics?
Match the correct pairs.
| Group “A” | Group “B” | ||
| a. | Business ethics | 1. | Respecting rules and regulations |
| b. | Employees | 2. | Proper conduct of meeting |
| c. | Responsibility towards community |
3. | Negotiations with management |
| d. | Responsibility towards government |
4. | Pollution control |
| e. | Trade union | 5. | Good quality product |
| 6. | Help to weaker sections of society |
||
| 7. | Provide after sales services |
||
| 8. | Confidentiality | ||
| 9. | Job security | ||
| 10. | To maintain solvency and prestige |
Answer the following question.
What is business ethics? What are the elements of business ethics?
State with reason whether the following statement is true or false.
A business unit is a part of society.
State with reason whether the following statement is true or false.
Ethics is a branch of politics.
State with reason whether the following statement is true or false.
Business ethics are applicable to all business organizations.
What is business ethics? Mention the basic elements of business ethics?
Explain the various elements of business ethics?.
