Business Ethics encompasses a huge section of strategic and business planning process which analyzes the rules and the principles in consideration with the moral and ethical problems that usually arise during the phase of setting up a business. The organization balances its marketing decisions in the various areas which are concerned with have an ethical perspective in light of the employee, business enterprise and the society at large.
Under the ambit of business ethics social responsibility, inter – company business dealing, negotiations and professionalism, protection of its stakeholders, the business practices form an important area of study. The various areas where stringent business practices needs to be followed are as discussed below: Bribery: Widespread and significant use of corruption inhibits the development and the market access to various individuals in cases of the efficient and just markets.
Hence in order to combat this major problem organizations should be able to lead by example by making ethics as part of their organization culture by involving the stakeholders at all the levels of the management there by helping in solving major ethical issues. Stealing Trade secrets: It’s the illegal gathering of data and information of the intellectual property such as trademarks, trade secrets, copyrights and patents shouldn’t be misused and that people should respect the trade secrets as being a strong component of doing business.
False and deceptive advertising: Since advertising has the ability to shape the movement of the social trends and the way people act and think, it is necessary for businesses to protect the way of advertising and market their processes and not indulge in deceptive and misleading statements. Protecting the rights of the customers and creating a sense of a legal behavior is the main idea firms should work towards.