Business ethics have gained great importance in the world of business. In respect to this, state what
relevance does ethics have towards business?
Operating according to ethical values is an increasingly important role in business today. Companies do not operate in a vacuum, but are part of a society which expects a certain standard of behaviour from businesses.
Following point will suggest Irrelevancy of ethics in business ;
(i) Business is a part of society so social values in this respect acts as a guiding principle for doing business.
(ii) If an organisation fails to behave in accordance with the society’s expectation, it may loose its image.
(iii) Various laws were also enacted by the government to conduct ethical practices.
(iv) Ethics in business helps in retaining the business for long-term.