Business Ethics and Ethical Decision Making
Explore the significance of business ethics, ethical behavior, and the relationship between ethics and the law. Discover how ethical principles guide business conduct and decision-making, with a focus on social implications and community standards.
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Presentation Transcript
Unit 37 Business Ethics
Learning outcomes 1. Understand the meaning and importance of ethics in the business world 2. Understand the implications of businesses operating ethically 3. Know the social implications of business ethics 4. Understand ethical concerns facing different communities.
Objectives Identify the meaning of business ethics Provide some examples of ethical behaviour Identify why it is important for businesses to operate in an ethical way
What are ethics? In groups come up with a definition of ethics Ethics are to do with what is 'right' and 'wrong'. Moral guidelines which govern behaviour. Ethical behaviour is doing what is morally right. Standards required by society. Who sets the standards? GE
Is ethics the same as being lawful? Ethics Law About what is right and what is wrong About what is lawful and unlawful
A business may act lawfully but unethically Your view on the ethics of these stories depends on your moral code
Business ethics Business ethics is therefore the application of ethical values to business behaviour. It applies to all aspects of business conduct - from boardroom strategies and how companies treat their staff and suppliers to sales techniques and accounting practices.
Ethical principles & standards in business Used by individuals to make choices about how to behave Define acceptable conduct in business Should underpin decision making An ethical decision is one that is both legal and meets the shared ethical standards of the community
Debate Each group will have an ethical question. As a group identify what you think is right or wrong about the question posed note your views as a group. Share your views with the rest of the class. Rest of the class feedback on these views do you agree? Have you got an alternative view?
Rules of debate No talking over each other. Hands up to be selected to speak. Wait until one person has finished talking until you begin. Direct comments to the group answering their question. Show respect for each other. Tutor is the chairperson. 10 minutes maximum per group is allocated.
Group 1 Should businesses be allowed to advertise food products that are high in saturated fat or sugar?
Group 2 Should businesses encourage consumers to borrow large amounts to fund their spending?
Group 3 Should supermarkets sell lager cheaper than bottled water?
Group 4 Should businesses sell clothing that has been produced in sweatshops in developing countries?
Case study Each group to examine the case study on Primark and answer the 4 questions on the sheet. Share your findings with the class
Objectives Identify the meaning of business ethics Provide some examples of ethical behaviour Identify why it is important for businesses to operate in an ethical way
