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o Ethical issues arise in how the firm relates to the various elements of the environment eg. customers competitors, stockholders dealers and the community. Many industries and organizations companies have formal, written codes of ethics that provide specific guideline for managers and other employees. But the question is whether when individuals violate the code of conduct, the organization enforces it. Many companies in an attempt to manage ethics have developed specific codes of ethics. These establish guidelines for ethical decision making in business. Areas covered may be truthfulness in advertising, improper use of company assets political contributions, payments in connection with business transactions, conflict of interest, trade secrets etc. There are advantages for organizations to form industry associations to develop and promote improved codes of ethics. It is difficult for a single firm to pioneer ethical practices if its competitors undercut them b y taking
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