ROLE OF BUSINESS ETHICS IN - RELATION TO BUSINESS DEVELOPMENT

Abstract

Sustainable economic development of the business is the ultimate object for which business survives, and to achieve this object ethics plays an important role. Business Managers and employees have great power to influence any decision in organisation and behaviour that lead to sustainability. Ethical behaviour is expected by everyone in the modern workplace and outside the workplace. Business ethics is nothing but the in-depth study of business policies based on framework of values and principles. These values and principles govern how employer and employees should behave with each other and with outsiders. As Business is a part of larger social community, there must exist certain level of trust between business and various forms of market participants and consumers. To build this trust, ethics plays an important role. Business Ethics refers to a set of moral principles and social values that the business should adopt in its code of conduct. Thus, code of conduct is a governing principle that should be followed in everyday operation for the welfare of the society and stake-holders. These governing principles is called business ethics which decide what is right and wrong and helps the business to maintain better and harmonious relations with the society, employees and other business partners. In this paper we try to understand importance of ethical principle as business profit, productivity and goodwill, it is directly related with its ethical conduct.