Strategy Formulation vs Strategy Implementation
Following are the main differences between Strategy Formulation and Strategy Implementation- Strategy Formulation Strategy Implementation Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action. In short, Strategy […]
Inventory Classification – ABC Classification, Advantages & Disadvantages
Inventory is a necessary evil in any organization engaged in production, sale or trading of products. Inventory is held in various forms including Raw Materials, Semi Finished Goods, Finished Goods and Spares. Every unit of inventory has an economic value and is considered an asset of the organization irrespective of where the inventory is located […]
Industry Academia Collaborations Add Value to Corporates and Universities
The Need for Industry Academia Collaborations Industry and Academia cannot exist independently of each other. Just as the education system prepares students for their future careers, it also has to collaborate closely with industry to try to understand the needs of the industry so that they can prepare the students accordingly. If there is no […]
Tips to Strengthen Bond Among Employees
Employees are the biggest asset of an organization. In today’s scenario of cut throat competition, individuals need to work together as a team and also strive hard to deliver their level best. Negative feelings like jealousy, ego and so on have no place in the professional world. Let us go through some tips to strengthen […]
Westley and MacLeans Model of Communication
Yet another achievement in the discipline of communication was the Westley and MacLean’s model of communication proposed in the year 1957 by Bruce Westley and Malcolm S. MacLean Jr. Let us try to understand this model with the help of below examples: At night, when suddenly an individual experiences the shaking and trembling of the […]
Business Ethics refers to carrying business as per self-acknowledged moral standards. It is actually a structure of moral principles and code of conduct applicable to a business.
Business ethics are applicable not only to the manner the business relates to a customer but also to the society at large. It is the worth of right and wrong things from business point of view.
Business ethics not only talk about the code of conduct at workplace but also with the clients and associates. Companies which present factual information, respect everyone and thoroughly adhere to the rules and regulations are renowned for high ethical standards. Business ethics implies conducting business in a manner beneficial to the societal as well as business interests.
Every strategic decision has a moral consequence. The main aim of business ethics is to provide people with the means for dealing with the moral complications. Ethical decisions in a business have implications such as satisfied work force, high sales, low regulation cost, more customers and high goodwill.
Some of ethical issues for business are relation of employees and employers, interaction between organization and customers, interaction between organization and shareholders, work environment, environmental issues, bribes, employees rights protection, product safety etc.
Below is a list of some significant ethical principles to be followed for a successful business-
Your email address will not be published. Required fields are marked *
