Nature of Business Ethics

Ethics are learned early in life form parents and family, peers, teachers and significant others and are either reinforced or altered by subsequent experience.

Business ethics deal with those activities of business enterprises some of which should be done and some should not be done for the society.

A businessman must practice some ethics and here we describe nature of business ethics below:

Nature of business ethics

  1. Ensure legality of business activities: Business activities must be legal and a business man should not do any kind of illegal activity.
  2. Customer orientation: All of his operations must be customer oriented. He must bear in his mind that the “customer is the kinds” So, he should produce and distribute that types of goods and services which can satisfy the customers.
  3. Supplying good quality product: A businessman must have to ensure the supply of good quality products and services. He has to maintain minimum standard of his product and service.
  4. Price: Businessman has to claim a reasonable price for has products or services that is under buying capacity of the customers.
  5. Following rules and regulationsA businessman must have to follow all business related rules and regulations that is formulated by the government.
  6. Employer-employee relationship: This is an important issue to build up a friendly relationship between employer and employees in an organization because successes of the organization largely depends on it.
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    Nature of Business Ethics

    Avoiding fraud and cheating: A businessman has to avoid unfair means. He should not try to cheat or fraud the customers or general public. He should always practice honesty and sincerity in his activities.

  8. Environmental issues: in the present world, environmental issues are considered a vital matter. A businessman ensures healthy environment for the insiders as well as the outsiders for running the organization smoothly.
  9. Avoiding artificial shortage: Some dishonest businessmen create artificial shortage of products and thereby they want to gain more profit. This is not acceptable.
  10. Meeting the claims: Chaims of different categories of people like workers, executives, suppliers etc. are not the same but businessmen have to satisfy them as per their requirements.
  11. Avoiding harmful competition: In order to survive in the market successfully, each and every business organization should co-operate with each other. They should avoid harmful competition.
  12. Social welfare: Profit earning cannot be the sole motive of business activity. Businessmen have a social responsibility that must be met. Moreover, business organization produces goods and services to generate profit. At the same time, it must have some impact on society as well as the whole community. The responsibility of businessman is to provide the goods and services in that way that is not harmful to the society. Finally, a businessman must consider the overall social welfare.

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