Ethical business practices are conduct standards related to moral judgments applicable to people engaged in commerce related positions (Gitman, 2012). It is s subject that can go hand-in-hand with business and when employees and CEO’s alike understand what ethics are about, business can improve. Within every business there are marketing ethics to be considered as well. Good business ethics is a distinguishing quality that can bring unmeasured success to a commercial organization.
Unethical behavior where people deliberately intend to harm themselves or others, develops from and is reinforced by, destructive states of mind, including fear, greed, anger and jealously. For example, many businesses are now feeling a social responsibility to cut back on their pollution in the environment.
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible – those who dispute that premise, such as libertarian socialists, (who contend that “business ethics” is an oxymoron) do so by definition outside of the domain of business ethics proper.
However, as populations grew, the necessity for incorporating the best business practices into a company became somehow less important because there was always another customer around the corner and the owner of a business was rarely the focus of attention in a community the way he or she may have been in the past.
In the consequence-based approach, the manager would look at this event from a cost-benefits perspective and decide that most people in the community would enjoy this activity and that the organization would make more money from offering the program, and would have little financial risk due to injuries because of the waivers signed by participants.