1. Ethical Values:
Business ethics is concerned with morality in business in today’s business world, community firms is large part of society and its action is bond to have a direct impact on the wellbeing and welfare of the society. Business affects society in terms of what products it supplies. Therefore, it is necessary that business community conduct its activities with self control, self check, and self scarifies .i.e. acting with less concern for yourself than for the success of the joint activity. And keeping always in mind the interest of community at large signifies ethical values.
2. Relative term:
Ethics is a relative term in the concept of morality and immorality. It differs from one individual to another or from society to society. What is moral to one may be immoral to another.
3. Interest of society:
Business ethics implies that business should first do good to the society and then to itself. Business is an important institution and has a social responsibility to protect the interest of all those groups who are directly or indirectly related to the organization like employees, shareholders and consumers etc. to contribute to the success of business.
4. Business social relationship:
Business ethics set the terms and standards to understand the societal relationship of business. It indicates what society expects from business and what it thinks about the business.
5. Provides the framework:
Like an individual, business is also bound by social rules and regulations. Business is expected to restrict its activities within the limits of social, legal, cultural, and economic environment.
6. Facilitates protection of social groups:
Business ethics gives protection to consumers and other social groups such as shareholders, employees and the society at large. Business should give priority to social interest or social good. Such ethical approach creates good name, add status to business and helps in its growth and expansion.
7. Not against profit making:
Business ethics is not against fair profit making. However, it is against making profit by cheating and exploiting consumers, employees or investors. It supports expansion of business activities but by fair means and not through illegal activities or corrupt practices.
8. Needs willing acceptance:
Business ethics cannot be imposed by law or by force. It must be accepted as self-discipline by businessmen. It should come from within. Businessmen should go for ethical trade practices on their own and not by force of law.
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