Business Ethics Assignment Example | Topics and Well Written Essays - 3000 words

Business Ethics - Assignment Example At several instances, firms face acute dilemma regarding their functioning, which leaves them perplexed towards making further decision and then these rules help them to take the correct step which is morally acceptable. Now questions might arise concerning what should be the moral standards of a person or organization. Moral standards are different for different situations. It should be given more priority than any other standards related to an organization, which includes self interest even. The guidelines specified for setting moral standards are the basic conventional norms against killing, lying, stealing, cheating etc. which hurts human wellbeing & promotes negative behavior across the society. Providing the employees with safe working conditions is also considered as an integral ethical part of the Organization. There is no rulebook regarding the ethical & moral standards because it’s something which is very obviously expected from a person, as moral is a part of human nature & they are expected to apply it when doing business with other individuals. (Shaw, 2010, pp.8-9) Ethical Theories The purpose behind setting up a theory can belong to several contexts addressing various issues. Each theory has its own logic & each of those are applicable in situations based on which they have been formed. It must be kept in mind that a particular theory might prove to be perfect for a certain framework but it might not suit a completely different situation. Therefore we will discuss here the three main theories of business ethics which are more or less applicable in every situation- 1. Deontological theory- The term Deontology is derived from the Greek word â€Å"Deon† which means duty. This class of theory puts more emphasis on the deed instead of the consequence & states that even if the outcome of an activity is good, still some acts are considered to be wrong always. According to this theory, an action is judged to be ethical or unethical on the ba sis of the intentions of the doer & our actions should be based on the set of rules irrespective of the outcome. There are many theories under the Deontology approach but the most significant one is the moral theory suggested by Immanuel Kant in the year 1788. According to Kant, as human beings possess the unique sense of reasoning therefore they should be totally obliged to their duties without letting emotions, results & other factors to interfere. This indicates that the motivation for actions should be totally dependent on obligation & not on a particular person or situation. (GULCAN, n.d., pp.1-4) 2. Teleological theory- â€Å"Teleology† comes from the Greek expression â€Å"Tales† that refers to goal or end. The Teleological class of theory defines an action to be right or wrong depending on the consequence it bears. Unlike the Deontology approach, this approach puts significant amount of focus on the outcome of an action. Here whether an act is right or wrong is totally decided by the output it delivers & not by the action. This theory showcases the following features Outcomes are important, intentions are insignificant An act is considered to be good only if its results are good Standards & rules are insignificant. (Sunita, 2005,pp.113-119) 3. Natural Law Theory- This law defines every