MGMT: Chapter 3

the principles of right and wrong that guide an individual in making decisions

What constitutes right or wrong behavior and the application of moral principles in a business context.

-Unethical behavior is on the rise -Society's evaluation of right and wrong affects its ability to achieve business goals -Doing so shows you care while failing to do so can lead a business to fail

Following a law doesn't mean that you are ethical

Violation of these codes lead to discipline action

The minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law.

Numerous industries have also developed codes of ethics. This and Private/Professional codes must be followed.

Making money as well as possible can lead to poor reviews.

A business which puts some money towards making sure their customers are treated right.

1. Legal implications of a decision

2. Public relations impact of a decision

3. Safety risk for party in the decision

4. Financial implications

Sets tone, things they do convey how they expect employees to act.

The more unrealistic the goals the more likely employees will resort to unethical actions to complete it.

Business owners and managers engaging in such conduct

Short run leads more to unethical decisions

Companies check us out on social media as we have information out there

Doesn't make it okay for them to rant, they should think about their behavior

Have a role in controlling what your workers do at work