Role Of Ethics In Business

                     Management

                   

What is Ethics?

Ethics is the Branch of Philosophy that involves systematizing concepts of right or wrong.The term ethics derived from the ancient Greek Word ehikos which is derived from ethos.

Marketing Management

Marketing Management is the organisational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organisations and on the management of firm marketing resources and activities.

             

      Impact Of Ethics On Marketing                                 Management

Ethical Marketing decisions and efforts should meet and suit the needs of

customers, suppliers, and business partners.Recent trends shows that consumer prefer ethical companies.

As a result ethics itself is a selling point or a component of corporate image.The mindset of many companies is that they are concerned for the population and the environment in which they due business. They feel that they have a social responsibility to people, places and things in their sphere of influence.

Pricing Ethics:Predatory Pricing is the practice of selling the product or service at a very low price,intending to drive competitors out of the market or creates barriers to entry for potential new competitors.
                         

                                                                                  Unethical behaviour such as price,                                       wars, selective advertising,

and deceptive marketing can negatively impact a company's relationships. selective marketing is used to discourage demand from so-called undesirable market sectors. e.g, Past industry attitudes to the gay, ethnic minority, and plus-size markets.

To show the relationship between ethics and marketing management

                                                                                             There is a formula which relates ethics and marketing are :-.                                                           E=f(m) and

                    Where, E is Ethics;

                                 f is function of;

                                  m is marketing;

   

        Financial                 Management

 Financial management refers   to the strategic   Planning organising,directing, and controlling of financial undertakings in an organisation or an institute. It also includes applying management principles to the financial assets of an organisation, also playing an important part in fiscal management.It focuses on ratios, equities and debts.It is useful for portfolio management,distribution of dividend, capital raising and looking after fluctuations in foreign currency and product cycles.

       

  Role Of Ethics In      Financial                 Management

The role of ethics in financial management is to balance, protect and preserve stakeholders' interests.

Avoid conflicts of interest in professional relationships. Also, avoid the appearance of such conflicts.

Provide people with accurate, objective,

understandable information.

The business should act ethically until attaining the ultimate success. Every financial manager must aware of ethics. Ethics guard you and your employer's reputation. If you act ethically, you are in the clear. However cross the lines, and you can destroy your company's good name as well as your own.

The risk of scandal and loss of reputation were sufficient to discourage financial managers from acting unethically.

But sometimes system rewards unethical behavior. An organisation rewards financial manager for making decisions that benefits the company, not the clients.

Human Resources Management 

Human resource management is the strategic approach to the effective management of the people in a company or organisation such that they help their business gain a competitive advantage. it is designed to maximize employee performance in service of an employer's strategic objectives.

               

      Impact Of Ethics In                 Human Resources                      Management

Ethics are important in ensuring the trust among organisational members. Without  Ethical ways. Thus, the long term survival of the organisational is not threatened by unethical behaviour. There are many examples of failure due to unethical practices.Understanding ethical challenges and utilizing an ethical framework for program/policy

implementation and service delivery

enable organisations to complete successfully. Organisations who work within an ethical framework are more likely to develop employees' trust in management.Treating employee ethically can garner long-term employee trust and loyalty, which conveys a range of distinct benefits to employers. Loyal employees gain more experience working with their employers, allowing them to master production Process and more fully understand the inner working of the firm.

trust, nothing can be done. Ethics are the glue which unites organisational member to work towards common objectives in an

Organisation.