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BUS 201 (122)
Chapter 3

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Simon Fraser University
Business Administration
BUS 201
Maureen Fizzell

Chapter 3 Conducting Business Ethically and ResponsiblyEthics are beliefs about what is right and wrong or good and badIndividuals personal values and morals determine whether a particular behaviour is perceived as ethical or unethicalEthical Behaviour is behaviour that conforms to individual beliefs and social norms about what is right and goodUnethical behaviour is behaviour that individual beliefs and social norms define as wrong and badBusiness ethics is a term often used to refer to ethical or unethical behaviours by a manager or employee of a businessManagerial EthicsManagerial ethics are the standards of behaviour that guide individual managers in their work Behaviour Toward Employeeshiring firing wages privacy respectethical and legal guidelines emphasize that hiring and firing decisions should be based solely on the ability to perform a jobwages and working conditions are also areas for ethical controversyBehaviour Toward the Organizationconflict of interest confidentiality and honestyConflict of interest occurs when an activity benefits an individual at the expense of the employerhonesty includes stealing supplies padding expense accounts and using a business phone for long distanceBehaviour Toward Other Economic Agentsrelationship b the firm and its customers competitors stockholders suppliers dealers and unionsprice gouging responding to increased demand with overly steep price increases Assessing Ethical Behaviour1Gather the relevant factual information2Determine the most appropriate moral values3Make an ethical judgment based on the rightness or wrongness of the proposed activity or policy 4 ethical norms utility rights justice caring Managing Ethics in OrganizationTop management to demonstrate ethical commitment by taking decisive action when problems ariseTwo of the most common approaches adopting written codes and instituting ethics programsAdopting Written Codesadopted written codes of ethics that formally acknkowledge their intent to do business in an ethical manner1 increase public confidence in a firm or its industry2 may help stem the tide of government regulation3 improve internal operations by providing consistent standards of both ethical and legal conduct4 help managers respond to problems that arise as a result of unethical or illegal behaviour
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