Meaning: -The term ethics is derived from the Greek word “Ethos”, which means character. Ethics is a branch
of social sciences, which deals with concepts such as right and wrong, good and
bad, fair and unfair, just and unjust, legal and illegal, moral and immoral,
proper and improper in respect of human actions.
Business ethics deals with morality in business
environment. These are rules or standards governing the conduct of a person or
members of professions.
Definition: -“Business Ethics is primarily concerned with
the relationship of business goals and techniques to specific human needs”. Defined by................ (Thomas
M. Garett)
The
Features of Business Ethics is
explained as follows:
1.
Business Ethics is a code of conduct
evolved for regulating the activities of business towards society and other business
units.
2.
Business Ethics is a relative
term. It may differ from country to country.
3.
It protects the interests of all
the constituents of the society. It creates healthy and competitive business
atmosphere. It specifies what should be done and what should be avoided for
welfare of the society.
4.
Business Ethics is applicable to
all business organizations whether small or large sole trading, co-operative or
public limited companies.
5.
It calls for the importance of
fair treatment with the consumers, workers, suppliers, shareholders
competitors, government and community at large. It
promotes the principle of honesty, sincerity, fairness and justice in business
dealings.
6.
Business Ethics defines the
social, legal, cultural and economic limits within which business organization
are expected to plan their activities.
7.
Business Ethics underlines the
conditions to be satisfied by any course of action to be taken by business
organization. It guides the business organization to formulate the business
policies in a justified manner.
Conclusion:
-Thus Business Ethics practiced by businessmen in the right spirit can be
considered as a tool for social development.
