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

Ethical Principles that A Business Should Follow

Business Environment 

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

Answer:

ETHICAL PRINCIPLES FOR A BUSINESS

① Do not deceive or cheat customers by selling substandard or defective products by under-measurement or by other means.

② Do not resort to hoarding, blackmarketing or profiteering.

③ Do not destroy or distort competition.



④ Ensure sincerity and accuracy in advertising, labelling and packaging.

⑤ Do not tarnish the image of competitors by unfair practices.

⑥ Make accurate business records available to all authorised persons.

⑦ Pay taxes and discharge other obligations promptly.

⑧ Do not form cartel agreements, even informal to control production, price etc. to the common detriment.

⑨ Refrain from secret kickbacks or payoffs to customers, suppliers, administrators, politicians etc.

⑩ Ensure payment of fair wages to and fair treatment of employees.