Scope of Business Ethics – Business Ethics | Business and Society

Scope of Business Ethics

Scope of Business Ethics

Business ethics refers to values and principles that businesses should incorporate into their codes of conduct. For the welfare of society and all stakeholder groups, businesses must adopt and follow these rules. Business is referred to as a social organ and therefore should refrain from engaging in practices that are detrimental to the interests of all its stakeholders. Besides focusing on profit maximisation and higher growth, it should also work to uplift its surrounds. Businesses can use these ethics to decide what is right and what is wrong according to their circumstances.

The practice of business ethics helps the business to maintain better relationships with society, customers, employees, and other stakeholders. Business ethics must be adhered to strictly by everyone involved with the business. Business ethics should be tied to rewards and punishments for violators as well as for those who abide by these ethics. Ethics play an important role in raising the profitability and productivity of a business, as well as improving its reputation.

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Board of Directors vs Management – Organization | Management Notes

Board of Directors vs Management

Board of Directors vs Management

Board of Directors(BOD) is an organized group of people which are elected normally by the stockholders of the firm generally at an Annual general meeting or (AGM) with the collective authority to control and foster an institution, and to govern the firm and look after the subscribers’ interests.

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Difference between Liberalization and Privatization | Business Environment in Nepal

Difference between Liberalization and Privatization

Difference between Liberalization and Privatization

Difference between Liberalization and Privatization: Liberalization is the removal or loosening of restrictions on something, typically an economic or political system. Liberalization refers to the relaxation of government restrictions in areas of economic policies. When the government liberalizes trade, it means it has removed the tariff, subsidies and other restrictions on the flow of goods and services between companies.

Privatization is the process of transferring an enterprise or industry from the public sector to the private sector. In the international context privatization typically refers to the denationalization of government-run industries. In the international context privatization typically refers to the denationalization of government-run industries. Privatization means replacing government monopolies with the competitive pressure of the marketplace to encourage efficiency, quality, and innovation in the delivery of goods and services.

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Internal Stakeholders and External Stakeholders – Major Differences | Types of Stakeholders

Internal and External Stakeholders

Internal and External Stakeholders

Who are internal and external stakeholders

Internal Stakeholders are the individuals and parties that are part of the organization or inside the organization. External Stakeholders are the parties or groups that are not a part of the organization, but get affected by its activities.

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Relationship between Business Management and Sociology – Sociology | Management Notes

Relationship between Business Management and Sociology

Relationship between Business Management and Sociology

Business management is the process of management of different business activities to run the business smoothly. Sociology is comprehensively the study of human behavior, structure, institutions and development of society.Sociology provides educational background to understand their employees and customers. Business leaders and entrepreneurs having a good knowledge of sociology are able in anticipating customers’ needs and are able to respond to employees’ problems.

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