2_1 - Management Science I Prof. M.Thenmozhi ETHICS Dr. M....

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Management Science I Prof. M.Thenmozhi Indian Institute of Technology Madras ETHICS Dr. M. Thenmozhi Professor Department of Management Studies Indian Institute of Technology Madras Chennai 600 036 E-mail: mtm@iitm.ac.in
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Management Science I Prof. M.Thenmozhi Indian Institute of Technology Madras INTRODUCTION: Ethics in business are nothing but the do’s and don’ts by the business users in the business. In other words it could be referred as set of principles a business man ought to follow. ”There should be business ethics” means that the business should be conducted according to certain self recognized moral standards. Few unethical elements in the present day business are cheating, stealing, lying, bribing, corrupting etc. A business man should be aware of the ethics in the business and should follow them in order to maintain ecological balance in the society. OBJECTIVES: The main objective of this study is to identify the vital few concerns of business which influence the ethical status of a business and to identify the necessary measures. DESCRIPTION DEFINITION: The study and examination of moral and social responsibility in relation to business practice and decision making in business is known as “Business Ethics”. The term “business” is commonly referred to the commercial activities achieved at making profit. But gradually there is a substantial change in the way in which people viewed the business.
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Management Science I Prof. M.Thenmozhi Indian Institute of Technology Madras In the past primary objective of a business was profit maximization but the present perspectives on business objectives is not maximization. It is profit maximization in long run besides fulfilling the ethics in the business. A business is regarded as social institution forming integral part of social systems .The business is viewed as subsystem to the social system. This is because any type of social system is influenced by 1. The way the business functions 2. The organization of the business 3. Innovations 4. Transmission and diffusion of information. 5. New ideas etc. They have either direct or indirect effect on the society.
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2_1 - Management Science I Prof. M.Thenmozhi ETHICS Dr. M....

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