PHILOSOPHY_106[1]

PHILOSOPHY_106[1] - 1 In todays world, all corporations and...

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1 In today’s world, all corporations and business firms have to follow a certain ‘code of conduct’ i.e. a set of rules that define the working of an organization. These rules are instilled in every employee at the time of orientation and the company makes sure that the employees know the consequences the employee will have to bear in the case of breach of the code of conduct. Most of the successful firms today value ethics and regard it as a source of goodwill. Companies understand the importance of goodwill in today’s times of global competition. In times where companies spend hundreds of thousands of dollars on promoting and marketing their products and services, it must be noted that the ‘word of mouth’ is the cheapest and the most effective tool of marketing and promotion. “Goodwill is the only asset that competition cannot undersell or destroy.” -MARSHALL FIELD Ethics is the discipline that deals with moral duty and obligation. Ethics can also be regarded as a set of moral principles or values. Morality is a doctrine or system of moral conduct. Moral conduct refers to that which relates to principles of right, wrong and fairness in behavior. Business ethics, therefore, is concerned with morality and fairness in behavior,
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PHILOSOPHY_106[1] - 1 In todays world, all corporations and...

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