Normally if we speak business ethics is an exact decision on what is correct or incorrect. It states what has to be done and what not to be. Leaving aside certain exceptions, people involved in business ethics are generally not concerned with the ABC of ethics , or with explanation of basics of ethical principles, they are more apprehensive about the practical exertion and use of definite duties that relate to business dealings.
Areas under Business Ethics
Any business has a societal duty have towards the public in general, mainly the one in which it functions or has any interests. Many times accidents happen due to sheer lack of effective measures taken by owners of restaurants, cinemas etc. Lack of interest towards business ethics in this case, rooted a negative image for the company in public and a never ending court case.
Matters pertaining to a company's should be conveyed to its shareholders as a duty towards its shareholders. This is a deeply synchronized area but one that needs government involvement, as certain disreputable ways taken up by several concerns in the past. The thought of rising shareholder cost is division of the basic values of a company. A business can come to an end in this situation by the demands made by the shareholders, if business ethics are not put into action.
Transactions and discussions among companies: Many a time it has been witnessed that due to certain personal ego problems and for monetary reason enmities in business can turn repulsive. If revealed, these actions are liable to be punishment by law and owners should be let do free and several punishment should be dealt to owners.
The use of second-rate stuff, allocation of wrong information about the manufactured goods, employing illegal labour at lower than least amount states that people doing that business have been improvising unethical ways. Government controls many things that for example in seventies many cigarette companies kept fooling people by saying smoking is not injurious to health in spite of the fact that they knew they were wrong. But now the government have started taking strict action against such companies and should not allow the owners to operate under these circumstances.
Business ethics is also connected to political financial system. This is analysis of trade and industry of a company from political and historical viewpoint. Political cost-cutting measures deals with the distributive costs of financial activities. It confirms who achieves and who mislays from monetary activity.
Thus now days business ethics have become a significant matter for discussion.