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Business Ethics Fundamentals

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Presentation on theme: "Business Ethics Fundamentals"— Presentation transcript:

1 Business Ethics Fundamentals
1 1

2 Ethical Dilemma Ethics grey area Law

3 Asking Key Questions What are my core values and beliefs?
What are the core values and beliefs of my organization? Whose values, beliefs and interests may be at risk in this decision, and Why? Who will be harmed or helped by my decision or the decision of the organization? How will I, and my organization be affected by the decision?

4 Why use Ethical reasoning in business?
Many times laws do not cover all aspects or “grey areas” of a problem EXAMPLES Free-market and regulated-market mechanisms do not inform owners/ managers how to respond to far reaching ethical consequences. Many complex moral problems require an “intuitive/ learned understanding of fairness, justice to the community.

5 Inventory of Ethical Issues in Business
Employer-Employee Relations Company-Customer Relations Company-Shareholder Relations Company-Community/Public Interest

6 Business Ethics: What Does It Really Mean?
Business Ethics:Today vs. Earlier Period Society’s Expectations of Business Ethics Expected and Actual Levels of Business Ethics Ethical Problem Actual Business Ethics Ethical Problem 1950s Time Early 2000s

7 Business Ethics: What Does It Really Mean?
Definitions Ethics involves a discipline that examines good or bad practices within the context of a moral duty Moral conduct is behavior that is right or wrong Business ethics include practices and behaviors that are good or bad

8 Business Ethics: What Does It Really Mean?
Two Key Branches of Ethics Descriptive ethics How people behave and what sort of moral standards they claim to follow. “What is” true and factual. Normative ethics involves supplying and justifying moral systems “What should be”

9 Conventional Approach to Business Ethics
Conventional approach to business ethics involves a comparison of a decision or practice to prevailing societal norms Pitfall: ethical relativism Decision or Practice Prevailing Norms

10 Sources of Ethical Norms
Fellow Workers Family Friends The Law Regions of Country Profession Employer Society at Large Religious Beliefs The Individual Conscience

11 Ethics, Economics, and Law

12 Four Important Ethical Questions
What is? What ought to be? How do we get from what is to what ought to be? What is our motivation for acting ethically?

13 3 Models of Management Ethics
Immoral Management—A style devoid of ethical principles and active opposition to what is ethical. Moral Management—Conforms to high standards of ethical behavior. Amoral Management Intentional - does not consider ethical factors Unintentional - casual or careless about ethical considerations in business

14 3 Models of Management Ethics
Three Types Of Management Ethics Moral Amoral Immoral

15 Three Approaches to Management Ethics

16 Moral Management Models and Acceptable Stakeholder Thinking

17 Developing Moral Judgment

18 Developing Moral Judgment

19 Developing Moral Judgment
External Sources of a Manager’s Values Religious values Philosophical values Cultural values Legal values Professional values

20 Developing Moral Judgment
Internal Sources of a Manager’s Values Respect for the authority structure Loyalty Conformity Performance Results

21 Elements of Moral Judgment
Moral imagination Moral identification and ordering Moral evaluation Tolerance of moral disagreement and ambiguity Integration of managerial and moral competence A sense of moral obligation

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