What do you understand by business ethics? Discuss the importance of business ethics and the ethical issues involved in business.

                                                                                                                             

MBA

Business Environment

ASSIGNMENT

 

Course Code: MMPC-003

Assignment Code: MMPC-003/TMA/JULY/2022 

Coverage : All Blocks

2. What do you understand by business ethics? Discuss the importance of business ethics and the ethical issues involved in business.

Business ethics refers to the principles and standards of conduct that guide the behavior of individuals and organizations in the business world. It involves the study of moral values and principles in a business setting and the application of those values to decision-making processes. In simple terms, it refers to doing the right thing in the business world, which includes treating employees, customers, shareholders, and other stakeholders with fairness and respect.

The importance of business ethics cannot be overstated. First and foremost, businesses that operate with high ethical standards tend to have a better reputation, which can lead to increased customer loyalty and trust. Customers are more likely to buy products or services from companies they trust, and ethical behavior can help build that trust.

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