Business Ethics Mid-Term Examination Assignment

Business Ethics Mid-Term Examination - Assignment Example The ethical philosophies of an individual are characterized by ethical principles and norms that they possess as their ethical frames for reference. Every individual faces to take moral decisions on daily basis. These decisions revolve around the questions related to correct or false. Therefore, the bases in accordance with which these decisions are produced are shown several researchers (Stead, Worrel, & Stead, 1994). Purtilo (2005) showed that the three steps in the Individual Ethical Decision-Making Process are recognizing and defining the issues that are ethical, reflecting upon and interpreting the information gathered in recognition of the issues, implementing and evaluating the decision taken. Define business ethics and explain the value of focusing on conduct rather than characteristics. Business ethics is the appliance of our perceptive of good and right to the collection of technologies, institutions, transactions, pursuits and activities. According to Rossouw et al. (2007) business ethics has been referred to those ethics that focuses on what is good and right especially in economical activities. Hence business ethics is more focused upon morally evaluating economic activities and practices. For the long term survival of any business and its profitability the ethics involved in the business are very essential to be followed. The failure of many companies is due to unethical behaviors. The companies with sound principles of business ethics are likely to benefit more and have a lesser risk of developing a bad reputation that can be harmful for the company in terms of future perspective. The board has the responsibility to actively manage the ethics performance of the company. Virtues have been defined as the main features that are valued by moral philosophers and religious thinkers. Identify and define the six high virtues presented by Peterson and Seligman. Select a virtue you believe is inherently important to the study of business ethics, identify i ts corresponding character strengths and explain why it is important. The six high virtues presented by, Peterson & Seligman (2004) are intelligence and awareness, bravery, humanity, fairness, self-control and transcendence. Wisdom and knowledge involves the cognitive strengths which engage the acquisition and use of knowledge the creativity thinking, curiosity, open-mindedness and things like love for mastering new skills etc. Courage involves the emotional strengths, the implementation of will to achieve goals, always speaking and supporting truth and being pure and genuine. Humanity relates to interpersonal strengths like kindness, doing good deeds for other, social intelligence and being aware of the feelings of others. Justice involves fairness in treating all people similarly and working well in teams. Temperance refers to the strengths that protect against excess, forgiveness, modesty, and prudence etc. Transcendence relates to appreciation of excellence and being aware of an d thankful for the good things happening. Although all the virtues are important but justice, honesty, fairness happen to be the most important of all as all the other virtues revolve around it. If a person is not capable of doing justice and being honest then none of the other virtues apply