Features/Nature/ characteristic of Business Ethics?


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.