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Business Ethics

A well defined vision on business ethics for organizations is a must in today 's highly competitive global business environment . Ethics can be defined as the conception of what is right and fair conduct or behavior It can be equated with the concept of morals - one 's ability to choose between right and wrong , good and bad , acceptable and unacceptable Morals , ethics , and corporate social responsibility are not mutually exclusive rather , they are interrelated and interdependent . World Business Council for Sustainable Development has defined corporate social responsibility comprehensively as

the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large " In broad summary it is the ethical behavior of a company towards society

Business corporations operate in a pluralistic society . There is a high level of interaction and interdependence between the business , the government and the society . Business corporations have an ethical duty to be socially responsible to the society in which they operate . To become competitive and profitable business organizations need quality resources like human resources , financial resources , infrastructure , and raw materials which come from the society . It is the loyal customers from the community who contribute to its profits by consuming its products and services . Businesses have the requisite financial and managerial resources to improve the quality of life of the underprivileged in the community who can be potential future customers...