Tuesday, 21 February 2017

IPU BBA Semester 4 - Business Environment - Ethical Principles that A Business Should Follow

Ethical Principles that A Business Should Follow

Business Environment 

IPU BBA Semester 4 - Business Environment - Ethical Principles that A Business Should Follow


Question: What are the ethical principles that business should follow?

Answer:
ETHICAL PRINCIPLES FOR A BUSINESS

Do not deceive or cheat customers by selling substandard or defective products by under-measurement or by other means.

Do not resort to hoarding, blackmarketing or profiteering.

Do not destroy or distort competition.



Ensure sincerity and accuracy in advertising, labelling and packaging.

Do not tarnish the image of competitors by unfair practices.

Make accurate business records available to all authorised persons.

Pay taxes and discharge other obligations promptly.

Do not form cartel agreements, even informal to control production, price etc. to the common detriment.

Refrain from secret kickbacks or payoffs to customers, suppliers, administrators, politicians etc.

Ensure payment of fair wages to and fair treatment of employees.

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