Describe the five principles for thinking ethically?
Describe the five principles for thinking ethically?
The five principles for thinking ethically are:
1)Utilitarianism is a concept which focuses on maximizing utility.
This principle focused on profit maximizing for firm along with fulfilling social responsibility. Example: Colgate has BSBF (Bright Smile Bright Future) program which is aimed to increase Oral health awareness amongst children. The company also distributes toothpaste and toothbrush. In this way, along with CSR, there is marketing for company's product.
It is ethically good as per Utilitarianism as:
- It helps to benefit both the company and society at large and is thus optimum for company
- The company can fulfill ethical responsibility towards society along with using hard earned profit to maximize use
- It helps to benefit both people and company equally
)Principle of virtue
Virtue ethics gives importance to an individual's character. It is of the view that an individual should be of high moral character and must behave by being honest, just, brave and generous. So, by being of high moral character a person will make good decisions when faced with ethical dilemma in his or her life.
3)Fair value principle
Equals should be held to or evaluated by the same standards. Reasonable value is represented by knowing the competition for the price, utility, and demand of a product or service. Thus, even if they estimate the current market, it is not equal to the current market price, since they only refer to any price in the market. However, the historical value of assets and supplies is not significant in the coming years. If a business acquires a land several years ago, the current market value of that land may be much higher.
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