Business Ethics & CSR MBA Sem I (PTU)

What are the key characteristics of business ethics?

• Minimal regulation

• Profit maximization

• Aggressive competition

• Integrity, accountability, transparency, fairness, respect, compliance with laws.

List and explain the main principles of business ethics.

• The main principles of business ethics are integrity, fairness, accountability, respect, and compliance.

• Aggressive competition

• Profit maximization

• Market dominance

What are the different types of business ethics?

• Normative Ethics, Descriptive Ethics, Meta-Ethics, Applied Ethics, Professional Ethics

• Corporate Governance

• Financial Ethics

• Environmental Ethics

Why is business ethics important for organizations?

• Business ethics is only relevant for large corporations.

• Business ethics is important for organizations because it builds trust, enhances reputation, ensures legal compliance, and promotes a positive work environment.

• Business ethics can be ignored if profits are high.

• Business ethics is primarily about maximizing shareholder value.

Identify factors that highlight the importance of business ethics.

• Short-term gains

• Trust and credibility, legal compliance, positive workplace culture, brand reputation, long-term profitability.

• Employee turnover

• Increased competition

What are some common myths about business ethics?

• Ethics is not relevant in competitive markets

• Some common myths about business ethics are: 1) Ethics is just about following laws, 2) Ethical behavior is too costly, 3) All businesses are inherently unethical, 4) Ethics is a personal issue.

• Ethics only applies to large corporations

• Business ethics is the same as corporate social responsibility

Define ethical values in the context of business.

• Ethical values in business are the principles that guide behavior and decision-making, including honesty, integrity, fairness, respect, and accountability.

• Prioritizing shareholder interests over ethical considerations

• Ignoring employee welfare

• Profit maximization at any cost

What are the main theories of ethics?

• Moral Relativism

• Hedonism

• Consequentialism, Deontology, Virtue Ethics, Care Ethics

• Utilitarianism

Explain the difference between absolutism and relativism in ethics.

• Absolutism and relativism both agree on the same moral principles.

• Absolutism denies the existence of any moral truths.

• Absolutism asserts universal moral truths, while relativism claims morality is context-dependent.

• Relativism believes in fixed moral standards for all cultures.

What is the teleological approach to ethics?

• The teleological approach emphasizes following strict rules regardless of outcomes.

• The teleological approach to ethics focuses on the consequences of actions to determine their moral value.

• The teleological approach is concerned with the inherent nature of actions themselves.

• It focuses on the intentions behind actions rather than their results.