* Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.
* Business ethics has normative and descriptive dimensions. As a corporate practice and a career specialization, the field is primarily normative. Academics attempting to understand business behavior employ descriptive methods.
* The range and quantity of business ethical issues reflects the interaction of profit-maximizing behavior with non-economic concerns. Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia.
* For example, most major corporations today promote ...view middle of the document...
GENERAL CLASSIFICATION OF ETHICS
1. Normative Ethics
* Concerned with the rational enquiry into standards of right and wrong, good or bad in relation to character and conduct which ought to be accepted by a group of individuals.
2. Social and Religious Ethics
* Concerned with what is right and wrong, good and bad in relation to character and conduct. Ethics might be related with almighty god.
3. Positive Morality
* A body of knowledge generally adhered by a social group regarding good or bad and right or wrong.
4. Descriptive Ethics
* Concerned with the study of the system of beliefs and practices of a social group.
5. Meta Ethics
* A form of philosophical enquiry that treats ethical concepts, belief systems as objects of philosophical enquiry in themselves.
ETHICAL NORMS IN MAKING MARKETING DECISIONS
1. Demonstrate Integrity to the marketing profession
2. Be fair and equitable
3. Be honest in dealing with customers and all stakeholders
4. Avoid the dissemination of false information.
5. Demonstrate current knowledge of latest marketing and business development
6. Treat sensitive information with complete confidence
7. Negotiate business in a professional and ethical manner.
ETHICAL APPROACHES IN MARKETING
1. Managerial Egoism
It holds the view that the manager ought to act in his or her best interest and action is right if it benefits the organization and manager.
An approach developed by English author named Jeremy Bentham which suggests that an action is right if, only if, it conforms to the principle of utility.
3. Deontological Ethics
An ethical approach in which rightness and wrongness of an action or decision is not judged to be based exclusively on the consequences of that action or decision.
4. Virtue Ethics
This approach is associated with Aristotle, which stresses the importance of developing virtuous principles, right character.