Question

Business ethics is a study of the implication of our moral standards for business activities. Some school of thoughts have said that ethics has no place in business? Discuss.

Answer 1

Generally Ethics are moral standards to be followed by a person in a society.Basic standards determine what is wrong and what is correct.Despite the basic standards some unethical business practices take place.

For example some Company ABC arranges to make contract with Company XYZ for the purpose of fixing the quotation.Company ABC invites the company officials to a 5 star hotel for the purpose of making decisions about the quotation.In order to fix lower price for the purchase of goods ,Company ABC invited the officials and made their meeting grandier so that the officials would accept the price that Company ABC offers. This practice of inviting officials to the 5 star hotel may not be considered as an unethical practice though it might look like.

For any business to be successful,it has to follow the basic standards to attract more number of customers as well as the employees.An organisation following ethics increases trust and confidence among the piblic.This will in turn make the investors and the creditors of the company confident in its actions towards the company.

So following business ethics can make an enterprise carry out its business activities flwalessly and can instill confidence in the minds of the public.