MODULE - I

BASIC PRINCIPLES OF ECONOMICS

AND METHODOLOGIES IN
MANAGERIAL ECONOMICS
SESSION – V | BUSINESS ETHICS

Dr. S. K. Rai | Sr. Associate Professor, SOB

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BUSINESS ETHICS

5
ETHICS
SESSION
To be Covered VALUES​

PRINCIPLES OF PROFESSIONAL
ETHICS​

TOUCHSTONES OF BUSINESS
ETHICS​

Presentation for UPES Faculty & Students

 BROAD PLAN
OF THE COURSE

ORIGIN OF THEORY OF MARKETING

DEMAND &
ECONOMICS & OPTIMIZATION PRODUCTIONS & STRUCTURE AND
SUPPLY ANALYSIS
THE SCOPE OF TECHNIQUES FOR THEORY OF PRICING
FOR THE
MANAGERIAL MANAGERS COSTS PRACTICES
MARKET
ECONOMICS

Presentation for UPES Faculty & Students

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WHAT IS
ETHICS​?
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ETHICS​?
Ethics is a code of behavior
considered correct
…Chambers Dictionary​

Derived from the Greek word ‘Ethikos” meaning custom or character.​

Business Ethics is a sum total of principles and code of conduct businessmen are expected
to follow in their dealings with all the stakeholders​
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VALUES​

Values are personal

1 2 Values are the things that you believe
are important in the way you live and
work.

They are standards or ideals with which

we evaluate actions, people, things or
situations
3 4 Honesty, Justice,
Peace, Generosity
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INDICATIVE AREAS COVERED UNDER

Labour Practices Free & Fair
Trade

Genetic ‘Business Health Concerns

Modification
Ethics’

Environmental Animal
Concerns Welfare
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PRINCIPLES OF PERSONAL & BUSINESS

ETHICS​
Principle of AUTONOMY

COMPLIANCE EQUITY RESPECT for OTHERS

CARE HONESTY INTEGRATION

INTEGRITY FAIRNESS ACCOUNTABILITY

TRUSTWORTHINESS LOYALTY IMPLIMENTATION

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PRINCIPLES OF PROFESSIONAL ETHICS​

IMPARTIALITY : OBJECTIVITY

OPENNESS : FULL DISCLOSURE

CONFIDENTIALITY : TRUST

DUE DILIGENCE / DUTY OF CARE

FIDELITY TO PROFESSIONAL RESPONSIBILITIES

AVOIDING POTENTIAL or APPARENT CONFLICT of INTEREST

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TOUCHSTONES OF BUSINESS ETHICS​

Honesty

Integrity Transparency
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WHAT IS NOT BUSINESS ETHICS​

Ethics is not just Ethics is

a collection of different from
values religion

It is not a Science
It is not
in the strictest ‘Business synonymous with
sense of the term
Ethics’ Law

Ethics is Ethical
different from standards are
feelings different from
Cultural Traits
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STAKEHOLDERS OF A FIRM​

Primary Secondary
Survival of the firm depends on Those who affect /are affected by the firm​

• Stockholders • Consumers/Customer advocacy Groups.​

• Employees • Government/Media/Judiciary

• Suppliers • Competitors/Society/Political-Activist Groups

• Creditors • Trade Unions/Trade Associations

• Customers • Financial Community/Local Community

• Environment
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MAIN STAKEHOLDERS & THEIR

CONCERNS​
Shareholders -​ Value maximization – Profitability, Liquidity-Growth-Market Price​

Employees. -​ Benefit maximization​

Government -​ Tax, Employment, True reporting, Diversity​

Creditors. -​ Liquidity, Debt servicing​

Customers. -​ Quality, Price, Care​

Community -​ Job, Environment protection, Equity​

Trade Unions. -​ Quality of work (worker’s) life​

Competitors. -​ Fair play, Ethical business​

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ETHICS VALUES​

SESSION - 5
BUSINESS ETHICS
PRINCIPLES OF TOUCHSTONES
PROFESSIONAL OF BUSINESS
ETHICS​ ETHICS​

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Presentation for UPES Faculty & Students