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They apply not only to how the business interacts with the world at large, but also to their one-on-one dealings with a single customer.
Per Wikipedia, Ethics (also known as moral philosophy) is a branch of philosophy which seeks to address questions about morality; that is, about concepts like good and bad, right and wrong, justice, virtue, etc.
According to the Miniature Guide to Understanding the Foundations of Ethical Reasoning, “The proper role of ethical reasoning is to highlight acts of two kinds: Those which enhance the well-being of others—that warrant our praise—and those that harm or diminish the well-being of others—and thus warrant our criticism.” I think that is amazing how history seems to always repeat itself.
Many companies have broken anti-trust, ethical and environmental laws and received fines worth millions.
The problem is that the amount of money these companies are making outweighs the fines applied.
This in terms affects the employee’s attitude and may greatly increase the desire for individual to start practicing unethical ideas.
Practicing and encouraging good work ethics helps to create a happy work environment.
If you are surrounded by individuals with unethical habits, then the chances of you picking up and distributing these practices increases.
Regardless of how big or small; it is very important for the leaders of the company to practice and enforce an ethical environment.
To some people, businesses are interested in making money, and that is the bottom line. Good business ethics should be a part of every business. When a company does business with another that is considered unethical, does this make the first company unethical by association?
Some people would say yes, the first business has a responsibility and it is now a link in the chain of unethical businesses.