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44643
Business Ethics
Description
Business Studies Mind Map on Business Ethics, created by laura-wilson134 on 12/04/2013.
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business studies
business studies
Mind Map by
laura-wilson134
, updated more than 1 year ago
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Created by
laura-wilson134
over 11 years ago
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Resource summary
Business Ethics
Difference between being ethical and legal
Ethics
About what is right and what is wrong
Law
About what is lawful and what is unlawful
Benefits and possible drawbacks of behaving ethically
Benefits
Higher Revenues- Demand from positive consumer support
Improved brand and business awareness and recognition
Better employee motivation and recruitment
New sources of finance- e.g ethical investors
Possible Drawbacks
Higher Costs- e.g sourcing from Fairtrade suppliers rather than lowest price
Higher overheads- e.g training & communication of ethical policy
A danger of building up false expectations
What are ethics?
Morals of the people working in the business
What is right or wrong
Common areas where ethics are tested in business
Advertising
Personal Selling
Suppliers
Contracts
Pricing
Different Approaches to How Ethical a Firm is
The amoral business
Seeks to win at all costs
Anything is acceptable
The legalistic business
will obey the law but no more than that
The responsive business
Accepts that being ethical can pay off
The ethical business
Ethical practice is at the core of the business
Evidence/ Examples of businesses caught acting unethically
News Corp & NOTW phone-hacking
Banks- miss-selling of payment protection insurance
Electronics brands & clothing retailers using sweatshop labour in emerging markets
Supermarkets selling very low-priced alcohol
Firms accused of avoiding tax: e.g amazon; Arcadia Group and Vodafone
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