What defines business ethics?

Business ethics refers to the principles and standards that guide behavior in the world of business. This involves a set of moral values and beliefs that influence how individuals and organizations conduct themselves in the marketplace. It encompasses considerations of fairness, honesty, integrity, and respect in all business dealings, ensuring that actions taken by businesses are not only compliant with the law but also align with ethical norms and values accepted by society.

The importance of business ethics lies in fostering trust and respect between companies and their stakeholders, which can enhance a business's reputation, lead to customer loyalty, and support healthy competition. In essence, business ethics is about doing the right thing, even when it may be tempting to pursue profits at any cost.

Legal guidelines, while essential to business operations, provide a framework of what is permissible rather than what is considered ethical. Corporate governance structures relate to the systems and processes that direct and control a company but do not directly address moral principles. Marketing strategies focus on promoting and selling products, which, while crucial for business success, operate within the broader context of ethical decision-making.