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Chain of command exists everywhere, even in the work place.
Business ethics is a key to how an organisation is been perceived by the environment in which it operate. a loop sided ethical standard indicts corporations of lack of integrity.
Business ethics applies to all aspects of business conduct, relevant to individual conduct and to the entire organization.This business ethics is a set of values governing the behavior of individuals in a business and the society at large.
Usually there are both internal and external stakeholders.
Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. Business ethics refers to contemporary, standards or set of values that govern the actions and behaviour of an individual in the business organisation.
All human being have their own ethics and moral principles and some rules to get their aim or goals. At the same, in companies or organization, there is moral principles called Business Ethics that guide the organizations professional way of doing business.
Stakeholders plays a vital part in the business ethics of a company.
Mention the element making up business ethics
There are five business ethic; constituents, employees, customers, suppliers and government. According to these, most agree and cooperate with stakeholders.
Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual”s actions also apply to business.
An ethical approach would normally incorporate a range of stakeholders. Which groups and individuals may be considered as stakeholders can vary, but most would agree that core stakeholders are:
(a) Constituents on whose behalf the organization exists and operates, e.g., business owners or voluntary association members;
(b) Employees who conduct the organization's affairs;
(c) Customers who receive the goods or services the organization produces;
(d) Suppliers who provide the input materials for the organization's activities; and
(e) Government that guarantees an organization's rights and privileges, enforces its responsibilities, and regulates its behaviors through political processes.
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