you hello student welcome to the lecture on introduction to business effects and after this lecture we will be able to learn the following objectives discuss the values morals levels of justice ethics explain the myths of business ethics discuss the relationship between values morals and ethics describe the ethical decision-making let’s start with the term ethics it is derived from the Greek word if it goes meaning custom or corrector the dictionary defines ethic as a treating of moral question but this definition is imprecise and leaves a number of loose ends whose morals which moral questions business ethics covers diverse areas ranging from labor practices free and fair trade health concerns euthanasia to animal welfare environmental concern to genetic modification to human cloning perhaps the definition comes closest to providing a workable definition ethics is a code of behavior considered correct what the society considered correct may have been arrived by the crystallization of consumer pressure on corporations and governments and regulatory forces it is the science of morals describing a set of rules of behavior business ethic itself is an offshoot of applied ethics the study of business ethic essentially deals with understanding what is right and morally good in business ethics is a branch of philosophy and is considered a normative science because it is concerned with the norms of human conduct as distinguished from formal sciences such as mathematics and logic physical sizes such as chemistry and physics and empirical sciences such as economics and psychology as a science ethics must follow the same rigor of logical reasoning as other sciences ethics as a science in versus demising defending and recommending concept of right and wrong behavior the principle of ethical reasoning are useful tools for sorting out the good and bad components within complex human action for this reason the study of ethics has been at the heart of intellectual thought since a time of early Greek philosopher and its ongoing contribution to the advancement of knowledge and science makes ethics irrelevant if not vital expect of management theory values of business ethics students can you guess what could be possible value of business ethics this is ethics are related to issues of what is right and what is wrong while doing business the constituents of business ethics include adherence to truth a commitment to justice and public integrity what values are two individual ethics are to business personal values as seen earlier refer to a conception of what an individual or group regards as desirable value is a view of life and judgment of what is desirable that is very much part of a person personality and it groups morale thus abandoned attitude to labour welfare is a value which may prompt an industrialist to do much more for workers than what the labor law stipulates service mindedness is a value which when Charles in an organization would manifest in better customer satisfaction personal values are imbibed from parents teachers and elders and as an individual grows values are adapted and refined in the light of new knowledge and experiences within an organization values are impacted by the founder enterpreneur or a dominant chief executive and they remain in some form even long after that person’s exist grd Tata once said this when asked to define the house of Tatas and what links that Forge the Tata companies together I would call it a group of individually managed companies United by two factors first a feeling that they are part of a larger group which carries a name and prestige of Tatas and public recognition of honesty and reliability trustworthiness the other reason is more metaphysical there is an innate loyalty sharing of certain beliefs we all feel a certain pride that we are somewhat different from others these several values that jRD Tata refers to have been derived from the ideals of the founder of the group Jamshedji Tata ethics and business strategy kin manager prevent their personal values from effect business strategy formulation and implementation versal values and ethics are important for all human beings they are especially important for business manager as they are custodians of the immense economic power vested in business organization by society it is often observed from failed corporation that management executives while working out their business strategy are guided generally by what they personally want to do rather than what they have been directed to do by the board or the company policy in the absence of any direct supervision as a result somewhere down the line the right connection between values ethics and strategy is lost while they’re managing business however it is vitally necessary that business manager should be guided as much as by values and ethic as by economic reason guided by this it can be added that purity of mind can come only from having the right connection between values ethics and strategy it is imperative that executives take business decision not only on the basic of purely economic reason but on ethical and moral values as well using ethical consideration in strategic decision-making will result in the development of the most effective long-term and short-term strategies specifically ethical criteria must be included as part of the strategic progress in before profit decision rather than after profit decision this will enable the company to maximize profits and enhance the development of strategy and its implementation now let’s move on to the next interesting topic of morals morality is a standard that an individual or group has about what is right and wrong or good and evil moral norms can usually be expressed as general rules or statements such as always tell the truth moral values can usually be expressed as statements describing objects or features of objects that have word such as an ST as good an injustice is but five characteristic can help pin down the nature of moral standards more Sanders deal with matters that one thing’s can seriously injure or seriously benefit human beings moral standards are not established or changed by the decision of particular legislative bodies one field that moral standards should be preferred to other values including especially self-interest moral standards are based on impartial concentration a point of view that does not evaluate standards according to whether they advance interests of a particular individual or group but one that goes beyond personal interest or universal standpoint in which everyone’s interests are impartial II counted as equal moral standards are associated with special emotion and a special vocabulary although ethic is a normative study of ethics the social sciences engage in a descriptive study of ethics a normative study aims to discover what should be a descriptive study attempts to describe or explain the world without reaching any conclusion about whether the world is as it should be moral development and moral reasoning as we have understood what moral is let’s discuss more on moral development and moral reasoning as people mature they change the values in very deep and profound ways the ability to make reasoned moral judgment if locked in identifiable stages pre-convention stages at this first two stages the child is able to respond to rules and social expectation and can apply the labels of good bad right and wrong these rules however are seen as something externally imposed on the self punishment and obedience orientation at this stage the physical consequences of an act wholly determine the goodness and badness of that instrument and relativity orientation at this stage right action become those that can serve as instruments for satisfying the Charles needs of the needs of those for whom the child cares conventional stage maintaining the expectation of one’s own family pure group or nation is now seen as valuable in its own right regardless of the consequences interpersonal concordance orientation good behavior at this early conventional stage is living to the expectation of those for whom one field loyalty affection and Trust such as family and friends law and order orientation right and wrong at this more mature conventional stage now come to be determined by loyalty to one’s own larger nation or surrounding society post conventional autonomous our principle stages at these stages the person no longer simply accept the values and norms of the groups to which he or she belongs instead the person now tries to see situation from a point of view that impartially takes everyone’s interest into account social contract orientation at this first point conventional stage the person becomes aware that people hold a variety of conflicting person views and opinions and emphasizes fair ways of reaching consensus by agreement contract and due process universal ethical principles orientation at this final stage right action comes to be defined in terms of moral principle chosen because of their logical comprehensiveness universality and consistency although people generally progress through the stages in the same sequence not everyone progresses through all the stages moral reasoning refers to the reasoning process by which human behaviors institutions our policies are judged to be in accordance with or in violation of moral standards moral reasoning always involves two essential components an understanding of what reasoning moral standards require private value or condemned and evidence or information that shows that a particular person policy institution our behavior has the kinds of feature that these model Sounders require prohibits value or condemn more responsibility and blame coming up to the next topic more responsibility more reasoning however is sometimes directed added related but different kind of judgment determining whether a person is morally responsible or culpable for having done something wrong or for having wrongfully injured someone the term moral responsibility is sometimes used as an equivalent to model duty or moral obligation a person is morally responsible only for those acts and therefore seen injurious effects which the person knowingly and freely performed are brought about and which it was morally wrong for the person to perform or bring about on which the person knowingly and freely failed to perform or prevent and which it was morally wrong for the person to fail to perform or prevent the condition completely eliminate a person’s moral responsibility for causing or wrongful injury ignorant and inability there are also several mitigating factors that can lessen a person’s moral responsibility depending on the severity of the wrong mitigating factors include circumstances that leave a person uncertain but not altogether and sure about what he or she is doing these affect the person’s knowledge circumstances that make it difficult but not impossible for the person to avoid doing it these affect the person’s freedom circumstances that minimize but not completely remove a person involvement in an act these affect the degree to which the person actually caused or helped to cause the wrongful injury critics are the traditional view of the individual responsibility for corporate acts have claimed that the corporate group and not individual who make up the group must be held responsible for the act law typically attributes the acts of a corporation manager to the corporate so long as the manager act within their authority and not to the manager as individuals because individuals are morally responsible for the known and tended consequences of the free action and individual who knowingly and freely joins his action together with those of others intending thereby to bring about a certain corporate I will be morally responsible for that act back in the day children were expected to help their parents do common chores around the farm family business or at home getting up early every day to help out taught them to be responsible disciplined and reliable the basis for their work ethic they internalized as society became increasingly more industrialized and service based personal wealth grew and time became a factor so people began to hire others to do many of these tasks for them this meant children spent less time helping their parents and they began filling those hours with recreational pursuits over that same time schools were pressured to meet standardized academic requirements so teachers had less time to develop students character values as a result of all these changes today employers everywhere are complaining about the work ethic of the emerging workforce they’re not reliable they act entitled they spend too much time texting and Facebook and their friends they don’t dress like professionals they don’t take pride in their work they don’t know the first thing about giving good customer service woo managers are left to wonder what their young employees know and what they don’t know or their cognizance about simple work ethic values but even if they know what to do it doesn’t mean they’ll comply what will they do or not do when it work this leads to four separate boxes or quadrants of workplace behavior when employees don’t know what to do and don’t do anything they are idle and they are not of much value to anyone when employees don’t really know what to do but take a chance and do something that coincidentally happens to be a value to their employer they are lucky it’s good it’s just not sustainable if they know what to do and don’t do it or worse they do the opposite they are cheating this is the most dangerous place for employees to be as it picks them squarely at odds against their boss and their company only when they know what to do and do it do they really have value to their employer they have value and they are valued it’s a win for them a win for them the accusing factors of ignorance and inability which are endemic to large-scale bureaucratic corporate organization will completely eliminate a person’s moral responsibility moreover depending on the receivers nasaw of the item it again factors of uncertainty faculty and minimal involvement can also diminish a person’s moral responsibility for a corporate act levels our business ethics there are mainly four level of business ethics let’s talk about them the ethical standards of a business are a key factor in how that business is defined a business reputation impacts its customers employees potential for growth and overall success a business organization that exemplifies integrity in its products services and actions holds itself up to high ethical standards on all three levels number one is law these laws define the difference between right and wrong and what is considered acceptable behavior by the majority of people number two is policies the second level of ethical standards for a business organization concern its internal policies and procedure now the tree is individual the Oh business organization may be bound by applicable laws and internal policies adherence by individuals determines at the true integrity of the company and number for its consequences there are notable consequences for a business organization where it ignores or breaks ethical standards at each level myths of business what caused a recent rash of corporate wrongdoing and what can we do if anything to prevent similar transgression in the future perhaps because everyone has opinions about ethics and personal reaction to the scandals a number of pad answers have circulated that per page with a methodology of business ethics management in this one can identify several of these myths and respond to them based upon knowledge grounded in research and practice some of the points should be kept in mind business ethics most people discuss business ethics but they really do not realize its importance ethics is a matter of Education it is considered that responsibilities a person is having can be cleared by education but the right to explain that just education is not enough for people who are really ethical in nature ethical dilemmas are possible when the ethical satisfaction is not there in routine human interaction the chances of recognition any ethical problem decreases and in the long run creates major problems either an ethical person or not if a business won itself to be called an ethical accepted business must have to take action which are ethically accepted downward thinking by considering the profit as a sole rule of any business all other goals such as benefits for the society economic development and good will go beyond the screen business’s scheme business must be taken as a game having defined rules and regulation like all other games if one wins he or she would have followed some strategies and adopting the advancement in this field business is jungle business world is competitive due to the reason of its survival but this competition is not fair all the time the order business leaders are like kings like all other kings the business leaders struggle for their survival and try to maximize their profit you think that due to more responsibilities they are not born to these rules but these rules are just for common people I need for you to work on a project for me no problem what do you need me to do the firm need you expertise in green business I can do that company do good want to start selling their products in a new organic grocery store what kind of product it’s called not organic ax a non recyclable plastic bottle to hold liquid plastic non recyclable does not sound organic or green it is trust me I’m not sure about this I am listen junior de good is a huge client and we will both make a ridiculous amount of money through this deal this doesn’t sound right all they need is a letter from th firm that certifies the product is sustainable but it is not sustainable maybe it is I don’t think so it is unrecyclable that is not sustainable or now you are the expert listen just sign it I will write the letter that sounds unethical what if we get cut what if too good gets cut that is of no cochin to you you are not paid to ask what if I think it is my concern I am going to tell blow the whistle call you out I don’t take kindly to threats well you can sign this document and be rich or you can leave good luck finding another job in this economy hmm an ethical relationship between values morals and ethics now let’s find out how values morals and ethics are in connection with each other morality from the Latin morals meaning habits or custom is a character of being in a court with principles or standards of right conduct it picks the discipline concerned with what is good and bad or right and wrong deals with moral principles and values morals and ethics are important to all people regardless of their world view some important points should be kept in mind values are our fundamental beliefs values are the rules by which one makes decision about right and wrong should and should not good and bad typical values include honesty integrity compassion courage honor responsibility the trite ISM respect and fairness morals are values which one attribute to our system of beliefs models have a greater social element to values and tend to have a very broad acceptance morals are far more about good and bad than other values ethic is about action and decision when one acts in ways which are consistent with our beliefs where the secular are derived from a moral authority one it will characterize that as acting ethically let’s move on to our next topic a foundation to good ethical decision-making is acceptance of two core principles we all have the power to decide what we do and what we see we are morally responsible for the consequences of our choices there are seven steps to ethical decision-making stop and think one of the most important step to better decision is the oldest advice in the world going ahead to do so it is necessary first stop the momentum of even long enough to permit calm analysis clarity goals before you choose clarify your short and long term desired outcomes determine which of your many ones and do not one affected by the decision are the most important determine the facts be sure you have adequate information to support and intelligent choice you cannot make good decision if you do not know the facts to determine the facts first resolve what you know and what you need to know the vlog option now that you know what you want to achieve and have made your best judgment as to the relevant facts make a list of option a set of action you can take to accomplish your goals consider consequences two techniques help reveal the potential consequences filter your choices through each of the six pillars of character trustworthiness respect responsibility fairness caring and citizenship identify the stakeholders and how the decision is likely to affect them choose it is time to make your decision monitor and modified since most hard decision use imperfect information and best effort prediction some of them will inevitably be wrong ethical decision maker monitor the effects of their choices if these decisions are not producing the intended result or are causing unintended or undesirable results then reassesses the situation and make new decision now in the end let us summarize what we have learned in this lecture business ethic is a sum total of principles and code of conduct businessmen are expected to follow in their dealings with their follow men such as talk holders employees customer creditors and comply with to an act the laws of the land and to protect all these stakeholders business ethics operate as a system of values relating business goals and techniques to meet specific human ends morality is a standard that an individual or group has about what is right and wrong are good and evil ethic is a discipline that examines once moral standard or the moral standards of a society the ethics of our decision and action is a fine societally and individually you

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