REQUIRED:Please explain the photo attached (for our report) Ethical Principles in BusinessThe lists of principles below incorporate the characteristics and values that the majority ofpeople associate with ethical behavior.Honesty: an ethical entrepreneur must be honest and truthful in all his or her dealings. Theyshould never purposefully mislead or deceive other people by overstatements, partial truths,misrepresentations, selective omissions, etc.Integrity: ethical entrepreneurs demonstrate the courage of their convictions and demonstratespersonal integrity by doing what they believe to be the right thing, regardless of pressures to dootherwise. They are honorable, principled and upright, and will defend their beliefs Principle isnever sacrificed for expediency, they are never unscrupulous or hypocritical.Trustworthy & a Promise Keeper: they are worthy of trust. Ethical entrepreneurs are forthcomingand candid in explaining things with the relevant information and correcting misstatements. Theytry as hard as they can to keep to the letter and spirit of their commitments and promises.Loyalty: they are loyal to individuals and institutions by support and devotion to duty andfriendship in adversity. They do not exploit a situation by disclosing information they learned inconfidence. They are extremely careful not to be affected by conflicts of interest. They areextremely loyal to their companies and work colleagues.Fairness: they are just and fair in all their dealings. They never exercise power arbitrarily. They donot use indecent means to gain an advantage or exploit other people's mistakes for their ownbenefit. They are committed to justice and the equal treatment of people. They are willing to admitthey are wrong.Compassion and Empathy: ethical entrepreneurs are compassionate, empathetic, benevolent, kindand caring They strive to achieve their business goals and targets in a manner that causes theleast harm and the greatest positive good. Respect: they demonstrate total respect for the human rights, dignity, autonomy, interests andprivacy of everybody who is affected by their decisions. They are polite and treat everybody withequal respect and dignity regardless of nationality, national origin, race or sex.Law Abiding: they respect and abide by the laws, regulations and rules of the marketplace.Committed to Excellence: they aim to perform their duties to the best of their abilities. They makesure they are prepared and well-informed, and constantly try to improve in all areas of responsibility.Leadership: they aim to be positive ethical role models. They are aware of the responsibilities andopportunities of their position of leadership - they aim to create an environment in which ethicaldecision-making and principled reasoning are highly prized.Reputation & Morale: they aim to build and maintain the company's good reputation as well as themorale of its workforce. They avoid becoming involved in conduct that may undermine respect andwill take all actions necessary to prevent the inappropriate conduct of others.Accountability: they accept personal accountability for the ethical quality of their decisions.

Business ethics are the moral practices and rules that every organization has to abide by. It…

Answered: Ethical Principles in Business The…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Explain how consistency forms the basis for integrity in one’s ethical thinking and reasoning.
Ethical codes are foundational frameworks that guide individuals or groups in making moral decisions and conducting themselves in a manner that aligns with values such as honesty, integrity, fairness, and respect for others. These codes serve as compasses in navigating complex situations where ethical dilemmas may arise, providing a set of principles to uphold in both personal and professional contexts. They often encompass a wide range of considerations, including responsibilities to clients or customers, colleagues, the organization, and society at large. For instance, in professions such as medicine or law, ethical codes outline obligations to prioritize the well-being of patients or clients, maintain confidentiality, and avoid conflicts of interest. In business, ethical codes may emphasize transparency, environmental sustainability, and adherence to laws and regulations. However, ethical codes are not static; they evolve over time to reflect changing societal norms, advancements in…
People won’t do the right things just because they know what is right or wrong. Some conditions, systems, behaviours and tools must be put in place to MAKE THEM want to do the right things. This is because ethical action involves more than just the cognitive process of moral reasoning. Required: Identify and discuss at least 5 factors requisite for ethical action.
Utilitarian’s theory suggests that ethical action is one which promotes the greatest good for the greatest number of people. Describe different ways of defining what is good for people and explain how these might relate to the practical application of utilitarianism in business scenarios?
As a business leader over the course of your career you will establish patterns of behavior that determine what's capable and what's not within your organization. Create a Code of Ethics for your organization that explains acceptable behavior towards employees, customers, and suppliers. Your Code of Ethics could be a list of guidelines that explains everyone's responsibilities within the organization, or statements of goals for everyone in the organization to meet or exceed, or policies that must be followed to promote ethical behavior from everyone in the organization.
Most of the ethical prescriptions of normative moral philosophy tend to fall into one of the following three categories: deontology, consequentialism, and virtue ethics. These categories in turn put an emphasis on different normative standards for judging what constitutes right and wrong actions. Moral psychologists and behavioral economists such as Jonathan Haidt and Dan Ariely take a different approach: focusing not on some normative ethical framework for moral judgment, but rather on the psychological foundations of moral intuition and on the limitations that our human frailty places on real-world honesty, decency, and ethical commitments. In this context, write on what you see as the most important differences between the traditional normative philosophical approaches and the more recent empirical approach of moral psychology when it comes to ethics. As part of your answer also make sure that you discuss the implications of these differences.
Virtue ethics is agent based, because agents use a moral code they've adopted for themselves, and that moral code is made up of true, honorable, and just virtues that guide their actions. How does virtue ethics fit (or not fit) into your own code of business ethics?
Examine and clarify the significance of fairness and honesty in business as ethical issues. Analyze and outline some of the most important ethics issues that businesspeople encounter.
Examine and clarify the significance of fairness and honesty in business as ethical issues.Analyze and outline some of the most important ethics issues that businesspeople encounter. Asap
If business ethics is understood under the concept of universal values then most of the conflict among ethical values, the laws of state and the codes of the corporate world could be eliminated. Any individual, professional, corporation or small & medium business can make one or more of these universal values the focal point of their business; be it trust, integrity, fairness, compassion etc and the rest of the values will follow. Identify which two universal values influence you OR your organization/business and discuss how this influence & focus has led to ethical decision making and a better reputation for you OR your organization (Write about any ONE - yourself or your organization).
i need this with explanation in own words not copy Utilitarian’s theory suggests that ethical action is one which promotes the greatest good for the greatest number of people. Describe different ways of defining what is good for people and explain how these might relate to the practical application of utilitarianism in business scenarios?
How to respond to this in 100 words? Ethics and strategic management relates because both weighs heavily on making sound decisions for the business and being held accountable for individual at risk behaviors. One benefit of utilizing ethics in an organization is that it creates a trustworthy environment in which the company has confidence in their employees to do the right thing. Another benefit for utilizing ethics is having high performing employees who have regards for both the business aspect of the company and possessing the responsibility for making solid moral decisions. “Managerial ethics refers to an individual’s responsibility to make business decisions that are legal, honest, moral, and fair” (Parnell, 2017, p. 116). For managers, it is also their moral responsibility to make sure that employees are in compliance with their work obligations and conduct themselves in a professional manner. “As a consequence, management needs to confront the challenge of balancing the…

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