Defining Business Ethics

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Defining Business Ethics by Mind Map: Defining Business Ethics

1. Business Ethics

1.1. the application of ethical standards to business behavior

1.2. 2 perspectives:

1.2.1. descriptive summation of business documenting what is happening

1.2.2. normative evaluation recommending what should be happening

2. Who are the stakeholders?

2.1. are people with a share or interest in a business

2.2. Interests

3. Is business ethics an oxymoron?

3.1. standard of corporate governance

3.1.1. system by which corporations are directed & controlled

3.1.2. at lowest level in business history

3.2. code of ethics

3.2.1. written standards of ethical behavior

3.2.2. designed to be a decision making guide for managers & employees

3.2.3. cornerstones of the organization: mission values principles

3.2.4. dual function: message to stakeholders internal message to managers & employees

3.3. oxymoron

3.3.1. combination of 2 contradictory terms

4. History of business ethics.

4.1. increased presence of an employee voice

4.2. emergence of corporate social responsibility

4.3. corporate ethics is moved from legal/human resource doman into mainstream

4.4. code of ethics have evolved into a measure of performance

4.5. Sarbanes-Oxley Act

4.5.1. greater accountability for CEOs & board of directors

5. Justifying unethical behavior

5.1. Gellerman's 4 common rationalizations:

5.1.1. belief that anything that isn't specifically labeled as wrong must be OK.

5.1.2. belief that an activity is the best interest of employee or company

5.1.3. belief an activity is OK because it will never be discovered or publicized

5.1.4. belief that because an activity helps the company will condone it protect perpetrator

6. Resolving ethical dilemmas

6.1. Ethical dilemma

6.1.1. situation that requires selection between conflicting values important to the individual the organization

6.2. Resolution

6.2.1. type of conflict? truth vs. loyaly short-term vs. long-term justice vs. mercy individual vs. community

6.2.2. 3 resolution principles: ends-based greatest good for greatest # of people rules-based what would happen if everyone made same decision as you? the golden rule do unto others...