What are the key ethical standards in business?

What are the key ethical standards in business?

Key ethical standards in business include integrity, transparency, accountability, fairness, and respect for stakeholders.

How can companies ensure they adhere to these standards?

Companies can implement codes of ethics, conduct regular training, and establish clear reporting mechanisms for ethical concerns.

What are the consequences of not following ethical standards?

Consequences can include legal penalties, loss of reputation, decreased employee morale, and financial losses.

Can you give examples of companies that failed in ethical standards?

Sure! Examples include Enron and Volkswagen, both of which faced significant scandals due to unethical practices.

How can consumers influence business ethics?

Consumers can influence business ethics by supporting ethical companies, voicing concerns, and demanding transparency.