This document discusses various philosophies and theories of business ethics including deontological ethics, teleological ethics, egoism, utilitarianism, and relativism. It also addresses the scope and advantages of business ethics. Specifically, it notes that deontological ethics focuses on the rightness or wrongness of actions themselves rather than consequences, while teleology is the study of design and purpose. Utilitarianism determines the moral worth of an action based on its overall utility. The document also discusses how ethics applies to various business functions including finance, human resources, marketing, and production. It lists some common ethical issues that can arise in each of these areas. Finally, it states that practicing high ethics in business can help with

2.  Introduction
 • Governance through Inner consciousness
 • Ethics
 • Business Ethics
 • Concept of Business Ethics
 • Ethics Philosophies
 • Scope of Business Ethics
 • Advantages of Business Ethics

3.  Business ethics is a form of applied ethics. In broad sense ethics in business is
simply the application moral or ethical norms to business.
 •The term ethics has its origin from the Greek word “ethos”, which refers to
character or customs or accepted behaviors.
 • Deontological ethics or deontology (Greek: (deon) meaning 'obligation' or
'duty') is an approach to ethics that focuses on the rightness or wrongness of
actions themselves, as opposed to the rightness or wrongness of the
consequences of those actions.
 •Teleology (Greek: telos: end, purpose) is the philosophical study of design and
purpose.
 • Enlightened-egoism.This model takes into account harms, benefits and rights.
 • Utilitarianism is the idea that the moral worth of an action is solely determined
by its contribution to overall utility.
 • Relativism is the idea that some elements or aspects of experience or culture
are relative to, i.e., dependent on, other elements or aspects.
 • Justice is the concept of moral rightness in action or attitude; it is closely linked
to fairness.

4.  Organizations that value high ethics comply with the laws not
only in spirit but go beyond what is stipulated or expected of
them.
 • (HRM) plays a decisive role in introducing and implementing
ethics.
 • Marketing ethics is the area of applied ethics which deals
with the moral principles behind the operation and regulation
of marketing
 • Advantages ofbusiness ethics - attracting and retaining
talent, investor loyalty, customer satisfaction and regulators.
 • In making ethics work in an organization it is important that
there is synergy between vision statement, mission statement,
core values, general business principles and code of ethics.

5.  The term “ethics” is derived from theGreek word “ethos” which refers to character or
customs or accepted behaviours.
 The Oxford Dictionary states ethics as “the moral principle that governs a person’s
behaviour or how an activity is conducted”.
 Ethics refers to well-founded standards of right and wrong
 Ethics is a set of principles or standards of human conduct that govern the behavior of
individuals or organizations.
 Ethic is creation of mind , not law.
 Ethics can be defined as the discipline dealing with moral duties and obligation, and
explaining what is good or not good for others and for us.
 — Ethics is the study of moral decisions that are made by us in the course of
performance of our duties.
 — Ethics is the study of characteristics of morals and it also deals with the
moral choices that are made in relationship with others.
 — Ethics is concerned with truth and justice, concerning a variety of aspects
like the expectations of society, fair competition, public relations, social
responsibilities and corporate behavior.

6.  Deontological ethics
 Teleological Ethics,
 Egoism,
 Utilitarianism
 Relativism
 Virtue Ethics theory
 Justice

7.  • Deontological ethics or deontology (Greek: (deon) meaning
'obligation' or 'duty') is an approach to ethics that focuses on the
rightness or wrongness of actions themselves, as opposed to the
rightness or wrongness of the consequences of those actions.
 •Teleology (Greek: telos: end, purpose) is the philosophical study
of design and purpose.
 • Enlightened-egoism. This model takes into account harms,
benefits and rights.
 • Utilitarianism is the idea that the moral worth of an action is
solely determined by its contribution to overall utility.
 • Relativism is the idea that some elements or aspects of
experience or culture are relative to, i.e., dependent on, other
elements or aspects.
 • Justice is the concept of moral rightness in action or attitude; it is
closely linked to fairness.

8. Ethics in Finance
The ethical issues in finance that companies and employees are confronted with include:
 — In accounting – window dressing, misleading financial analysis.
 — Related party transactions not at arms length
 — Insider trading, securities fraud leading to manipulation of the financial markets.
 — Executive compensation.
 — Bribery, kickbacks, over billing of expenses, facilitation payments.
 — Fake reimbursements
Ethics in Human Resources
 The issues of ethics faced by HRM include:
 — Discrimination issues i.e. discrimination on the bases of age, gender, race, religion, disabilities etc
 — Sexual harassment.
 — Affirmative Action
 — Issues surrounding the representation of employees and the democratization of the workplace,
trade unionisation.
 — Issues affecting the privacy of the employee: workplace surveillance, drug testing.
 — Discrimination with whistle-blower.
 — Issues relating to the fairness of the employment contract and the balance of power between
employer and employee.
 — Occupational safety and health

9. Ethics in Marketing
 Marketing ethics is the area of applied ethics which deals with the moral principles
behind the operation and regulation of marketing.The issue of marketing ethics is
not limited to the kind of products alone.
 — Pricing: price fixing, price discrimination, price skimming.
 — Anti-competitive practices like manipulation of supply, exclusive dealing arrangements, tying
arrangements etc.
 — Misleading advertisements.
 — Contents of advertisements.
 — Use of decision
 — Children and marketing.
 — Surrogate advertising: Many liquor firms carry advertisements of products like apple juice,
soda water etc.
 — Black markets, grey markets.
Ethics in Production
 This area of business ethics deals with the duties of a company to ensure that products and
production processes do not cause harm.
 — Defective, addictive and inherently dangerous products and
 — Ethical relations between the company and the environment include pollution, environmental
ethics, carbon emissions trading
 — Ethical problems arising out of new technologies for eg. Genetically modified food
 — Product testing ethics.

10. 1. Attracting and retaining talent
 People aspire to join organizations that have high ethical values.
Retaining talented people is as big a challenge as getting them in the
first place.Work is a means to an end for them, not an end in itself.
2. Investor Loyalty
 Investors are concerned about ethics, social responsibility and reputation
of the company in which they invest.
3. Customer satisfaction
 Customer satisfaction is a vital factor in successful business strategy.
Ethical conduct towards customers builds a strong competitive position.
It promotes a strong public image.
4. Regulators
Business should act ethically not only to benefit itself and its
reputation but also all the key stakeholders. Regulators eye
companies functioning ethically as responsible citizens

11. I M POSSIBLE
1
I M POSSIBLE
Bibek Prajapati
(FCMA, CS , MBA, M COM, ).
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