Que : What is business ethics? Discuss the need for ethics in business.

  Business ethics is a branch of practical ethics, under which the business activities, decisions and relationships of a business unit or organization with its employees and customers are evaluated on the basis of moral values ​​and principles and various moral issues related to it are studied.

•  Why is ethics necessary in business?
  

•  Prevention of unethical business activities: Often, unethical activities like black marketing, hoarding, adulteration, selling of fake and harmful goods are carried out by businessmen. Due to this, the customer has to suffer negative impact, business ethics helps in preventing the conduct of such activities.
  
•  Trust in customers: It helps in winning the trust of customers in matters such as product quality, quantity, its price etc.
  
• To maintain the existence of the business: Sometimes short-term benefits can prove to be harmful for the business in the long run. In such a situation, it is necessary to follow business ethics to survive in the market.
  
•  Protection of consumer rights: Several types of rights are given to consumers. Business ethics are necessary to protect the right to health and safety, right to choose, right to get information, etc.
  
•  Healthy and fair business competition: It helps in preventing unethical incidents like insider trading, bribery, discrimination, monopoly, etc. Apart from this, business ethics are very necessary in terms of promoting corporate governance, social responsibility (CSR), compliance with national and international level rules, etc.

•  But, in the present time, some multinational companies of the world are seen neglecting ethical values ​​and business principles to gain commercial benefits. For example, the Cambridge Analytica incident, the Panama and Pandora Pacers incident, etc.
  
• Due to this kind of neglect, the company has a bad impact on the market and at the same time socio-economic activities are also seriously affected.
  

                           Thus, for any company to earn profit, it is equally important to take decisions keeping in mind the interests of the customers instead of taking decisions keeping in mind only commercial interests. So that we can be successful in establishing “good corporate governance”.