Most businesses have a mission statement, centered round qualities and values they swear to uphold. Earlier, programs conducted under this head did not include a subject of business ethics, but ever since the importance of ethics in business has been recognized, a complete course study on this subject has been included in the program. Business ethics is primarily a negotiation with partners; ethics recordkeeping; use ethical methods of competition.
Virtue and Role: Reflections on the Social Nature of Morality,” Lisa Newton (Business Ethics Quarterly July 1992). When good conduct and morals are applied in all the levels of an organization’s structure, that is, from the junior employees to the management staff, the company is most likely headed for success.
Assuming that managers already have good intentions, the task for business ethics is to go beyond sermonizing” in at least two ways. Carroll A.B. (1991), The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders, Business Horizons, n° 34, p. 39-48.
Ethics involve what’s going on outside the company walls, like the environmental footprints, and the way you handle your obligations in the community, with your customers, and even with your vendors. There are economists that assert that, in any competitive economy, ethics are impossible to uphold; that a company can legitimately bypass ethics with the excuse that unethical practices are the only way to make a profit.
Business ethics should be distinguished from the philosophy of business, the branch of philosophy that deals with the philosophical, political, and ethical underpinnings of business and economics. Any organization big or small should follow ethical practices as it brings in a sense of social responsibility which eventually provides sustainability to the organization.