Ethics can be defined as doing good to all parties involved in the business with a sound understanding of what is good and bad.
Adherence to business ethics is important to businesses.
Examples :
Malpractices such as financial frauds can be avoided by following the ethics relevant to accounting purposes.
For an efficient human relation management, there shouldn’t be discrimination with regard to religion, race and gender, to employees through employer- employee rights and duties.
Be fair to the customers by supplying them quality goods and services
Several facts have to be considered when preparing a code of ethics
Examples:
Customers – Understanding who he is That is concerning facts relevant to religion, social background and culture as well as demand patterns, communication etc.
Culture of the society – Preparing the code of ethics determining the ethics, values and
sub cultures of the various races.
