Business Ethics: Definition, Components, Types and its Importance: A Review

Abstract

Importance of ethics in the business world is superlative and global. New trends and Issues arise on a daily basis which may create an important burden to organizations and end consumers. Nowadays, the need for proper ethical behaviour within organizations has become Crucial to avoid possible lawsuits. The public scandals of corporate malfeasance and misleading practices, have affected the public perception of many organizations. It is widely known that advertising does not promote the advancement of human moral sensibility. Lasch’s contention that modern advertising “Seeks to create needs, not to fulfil them: to generate new anxieties instead of allaying old ones. The recent expansion of global business and fall of trade barriers worldwide have further Underlined the interest in the topics of ethical behaviour and social responsibility. In addition, as many scholars believe, human rights and environmental conservation are gaining increasing more recognition in both academic and commercial settings.