a). What does the word 'ethics' mean to you? b) Why should managers behave ethically? c) Why should managers try to create ethical organizational cultures?

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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a). What does the word 'ethics' mean to you?

b) Why should managers behave ethically?

c) Why should managers try to create ethical organizational cultures?

 

Expert Solution
Step 1: Define Business Ethics:

The moral principles, values, and standards of conduct that direct individuals' and organizations' actions in the business world are referred to as business ethics. It includes deciding and leading business exercises in manners that are ethically and socially dependable, guaranteeing that activities are lawful as well as fair, legitimate, and accommodating of different partners, including representatives, clients, providers, investors, and the more extensive local area. Business morals envelop many issues, including genuineness, straightforwardness, respectability, corporate social obligation, ecological maintainability, and the moral treatment of representatives, all pointed toward advancing the moral way of behaving and responsibility in the business world.

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