Customer Intimacy: A hidden force to be reckoned with for market success
Beyond Customer Service: The Rise of Deep Business Partnerships There is no doubt that leading products and services with competitive pricing remain important. However, today’s market leaders have discovered a more powerful differentiator: customer intimacy. This approach goes far beyond traditional customer service – it’s about becoming an indispensable partner in your customers’ success. How […]
Expected Default Frequency: Advantages and Disadvantages
The expected default frequency (EDF) model is widely used across the world in order to effectively manage credit risk. In the previous article, we understood the basics of how this model works. However, in this article, we will have a closer look at the advantages and disadvantages of this model. The idea is to enable […]
Introduction to Turnover Ratios
Turnover ratios (also known as efficiency ratios) are a very important class of ratios. These ratios are not only used by financial personnel but also by the people in charge of operations. However, we are going to consider these ratios from the point of view of outside investors. This is because judgments have to be […]
Why are American Companies no Longer Manufacturing Cars?
American car companies are pursuing a very unique strategy to increase growth and profitability. Generally, when companies talk about increasing growth and profitability, they talk about exploring new markets and launching newer products. However, the American automotive industry is planning to do the exact opposite. Executives from Ford Motor Company have announced that within a […]
Importance of Motivation
Motivation is a very important for an organization because of the following benefits it provides: Puts human resources into action Every concern requires physical, financial and human resources to accomplish the goals. It is through motivation that the human resources can be utilized by making full use of it. This can be done by building […]
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-
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