31266 Lecture Notes - Lecture 6: Corporate Action, Direct Marketing
Document Summary
We defined ethics: the principles of right and wrong that individuals use to make choices that guide their behavior. You learnt to use ethical frameworks once you want to make an ethical decision: Based on this approach the ethical corporate action would be the one that produces the greatest good and does the least harm for all affected parties customers, employees, shareholders, the community and the environment. Rights approach: maintains that an ethical action is the one that best protects and respects the moral rights of the affected parties; customers, employees, shareholders, business partners and even competitors. Fairness approach: posits that ethical actions treat all human beings equally, or, if unequally, then fairly, based on some defensible standard. Common good approach: an ethical action is the one that best serves the community as a whole not just some members. We explained and applied the steps for making an ethical decision.
