Chapter 2 questions
Chapter 2 questions BMGT 1010-001
Popular in Business Principle
Popular in Business
This 1 page Class Notes was uploaded by Tiew Chen Wooi on Thursday October 13, 2016. The Class Notes belongs to BMGT 1010-001 at University of Toledo taught by Dr. Karen in Fall 2016. Since its upload, it has received 3 views. For similar materials see Business Principle in Business at University of Toledo.
Reviews for Chapter 2 questions
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 10/13/16
Check Your Progress 1. Define business ethics. Who determines whether a business activity is ethical? Is unethical conduct always illegalBusiness ethics refers to principle and standards that determine acceptable conduct in business. Acceptable behavior is determined by the public, the organization, the competitors, government regulators, individual’s personal principle, stakeholders and interest group. 2. Distinguish between ethics and social responsibilitSocial ethics refers to individual’s or work group’s decisions evaluates as right or wrong whereas social responsibility is the broader concept that concerns impact of the entire organization activities on society. 3. Why has ethics become so important in business? Ethics is so important in business because it builds trust that hold the customer relationship together and confidence in business relationships is much more difficult in organizations that have reputations for acting unethically. Unethical actions may result in negative publicity, declining sales, and even legal action. 5. What is a code of ethics? How can one reduce unethical behavior in business? Code of ethics are formalized rules standards that describe what a company expects of its employees. For improving ethical behaviour in business the current trend is to move away from legally based ethical initiatives in organizations to cultural or integrity-based initiatives that make ethics a part of core organizational values. Also, effective business ethics program ae good for business performance. Firms that develop higher levels of trust function more efficiently and effectively and avoid damaged company reputations and product images. 7. What responsibilities does a business have toward its employees? Responsibilities does a business have towards its employees are provide a safe workplace and pay them adequately, provide equal opportunities for all employees, keep them informed of what is happening in the company and listen to their grievances and treat them fairly.