Implications of Ethical Values in Business Management and Practices: A study in Retrospect

The ethics word is derived from the Greek word ‘ethica’ which originates from the substantive ethos. Ethos means the customs, usages or habits. Ethics is the science which evaluates that the conduct is appropriate or not. Ethics seeks to define moral ideas. The aim of ethics is to define the highest good of man as a member of the society. Management of any business involves hundreds of decisions. Ethical issues occur in all decision making processes. Ethics in the context of organization or business constitutes right and wrong or good and bad in human conduct. It is concerned with the issues of morality that arises in any situation where employers and employees come together for the specific purpose of producing commodity or rendering services for the purpose of making profits. Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed. Business ethics is currently a very prominent business topic, and debates and dilemmas surrounding business ethics have attracted a lot of attention from various quarters. For a start, consumers and pressure groups have increasingly demanded that firms seek out more ethical and ecologically sounder ways of doing business. And even firms themselves appear to be increasingly recognizing that being ethical may actually be good for business. There are a lot of sources were found from where the basic ethical values are originated. Bhagawata Gita, Mahabharata, Ramayana and some prominent philosophers, thinkers are there who contribute a lot of ethical values to society. In this paper the researchers discuss some implications of such ethical values in context of an organization. This study will be based on secondary sources of information. In this paper the researchers also try to focus some unethical issues that prevails in India.