Why Business Ethics Is Needed?

Need/Objectives Of Business Ethics

(Why Business Ethics Is Needed?)

The following points justify the need of business ethics:

(1)   Checking business malpractices: Business ethics is needed to make business activities fair to consumers. It checks business malpractices and offers protection to consumers.

(2)   Improving consumer confidence: Business ethics is needed in order to improve the confidence of consumers as regards quality, price, reliability etc of goods and services supplied.

(3)   Making businessmen conscious of social responsibilities: Business ethics is needed in order to make business conscious as regards their duties and responsibilities towards consumers and other social groups.

(4)   Safeguarding consumer rights and social welfare: Business ethics is needed for the protection of rights of consumers the business level. It is also needed for raising social welfare.

(5)   Protecting other social groups: Business ethics is needed order to protect the interests of all those concerned with business – the employees, shareholders, dealers and suppliers. It avoids their exploitation through unfair trade practices.

(6)   Developing cordial relations between business and society: Business ethics is needed in order to develop cordial and friendly relations between business and society. It is also needed for social recognition and support to business.

(7)   Creating good image of business: Business ethics is needed in order to create good image of businessmen in the society and also for avoiding public criticism. Ethical business gets public support while unethical business is criticized by all.