1. ethics in business
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Ethics in Business
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Specification detail The meaning of the term ‘ethics’ in
business and the complexity of moral issues affecting organisations
Possible trade-off between ethics and profit
The importance of the potential effects of pressure group activity
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Legal Vs Ethical Being legal means operating within the
law. Being Ethical means doing what is
right.
Example: Trading Standards : Here
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Definition of Business Ethics
Businesses which follow moral principles.
Ethical behaviour covers every aspect of business including: Who they buy their supplies from How they treat its employees How they act toward their competition Their impact on the environment Their impact on the local community
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TASK: What impact can businesses have
on the environment and communities? Here
Using the following examples, in pairs decide what you could do to make your business more ethical.
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Cigarette company
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Clothes store
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Palmolive
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Movie maker
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Gymnasium
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Green grocer
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Hairdresser
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Travel Agent
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Cafe
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Book shop
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Trade off between ethics and profit
Go Ethical: An advertising company who refuse to work for cigarette companies or clothes stores who produce items in a sweat shop.
Go Profitable: An oil company, Total, had a fire which ignited 300 tonnes of petrol in the UK. Some residents received compensation (money for their loss), but many were left. 1,300 claims were left outstanding. £370million.
Go Both: By becoming more ethical, you will attract customers with a ethical conscience. Product trial and repeat purchase.
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The importance and effects of pressure group activities
Pressure group: An organised group that seeks to influence government, legislation or business behaviour. E.g. Greenpeace, Amnesty International, Searchlight
Nike suffered serious sales decline when its expensive trainers were produced by low wage far Eastern factories. Pressure groups lead consumers to boycott the business.
Here and Here
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Revision clips Corporate social responsibility
(CSR) - selling water: Here Advertising online: Here
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Healthy Business : Here