1. What is Ethics? Moral principles that govern a person's behaviour or the conducting of an activity are known as ethics.

Business ethics is the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance. Are business and Ethics oxymoron (just read this answer, u will understand, no need to memorise it ) To the average person, business ethics sounds like an airy fairy concept with limited relevance to the real world. The practice of business is to buy cheap and sell dear, and not to bother in some instances whether the cheap price obtained or the dear selling price, is ethical or not. To the average person, business ethics is a public relations stunt employed by large successful companies to look good. The pace, scale and complexity of modern business has forced a change in how business is done. While it is accepted that it is foolish to do business with someone who is not trustworthy, the question arises whether you can trust someone who is not ethical in all of their behaviour. Short timelines, tight supply chains and narrowing margins mean that chances cannot be taken that suppliers or customers will not honour their contracts as expected. Suppliers and customers are now becoming partners and stakeholders in business, and relationships with them are becoming more and more underpinned by trust. Trust is built on expectations of truth in words and consistency in behaviour. It is impossible to do profitable business with someone who says one thing one day and does something different the next. There is also exposure to legal penalties. Companies involved in international trade have to represent their products to potential or current clients based on their expected inputs by the suppliers. A company that is involved in illegal activities, or that knowingly falsifies

information on inputs supplied can create serious problems for its business partners. A company

with a good reputation and solid brands has much to lose, and should not take chances with its brand value. Another issue challenging the practice of good business ethics is the values which employees bring to the work environment. Much has been said over the years about the deterioration of employees work ethics. The impact of poor work ethics results in low productivity owed to high levels of absenteeism, tardiness, theft and acceptance of bribe taking. Unfortunately many employees seem not to understand the concept of conflict of interest nor see anything wrong with it. The result of this is highlighted in the World Economic Forums Global Competitiveness Report 2010-2011rankings. Though Trinidad and Tobago ranks at 43 (out of 139) in the area of Reliance on Professional Management, we rank at 83 in Willingness to Delegate Authority and 126 in Co-operation in Labor-employer Relations. A company that wishes to be efficient and competitive in the future cannot accept this state of affairs. There is a strong business case for the introduction of structured programs to support ethical behaviour in companies, size notwithstanding. These programs should be more than a mere encouragement to be honest, and should be based on clearly articulated values that are linked to the overall vision and mission of the company. The Manual of Business Ethics for Small and Medium Sized Enterprises prepared by the Inter-American Investment Corporation (IIC) and the US Department of Commerce describes the following benefits among others: Enhanced Reputation and Goodwill: A reputation for integrity is important for securing the loyalty of customers, for recruiting and training the best staff, for winning community acceptance and accessing bank and supplier credit. Risk reduction: The process of developing a business ethics program involves the company in identifying and assessing the factors that could pose risks to reputation and financial performance, and developing and implementing the business processes that reduce those risks. Reduced costs: Providing employees with clear guidelines of how to conduct day to day business such as where and when to obtain quotations; how to carry out tenders; how to conclude contracts and how to avoid conflicts of interest can reduce transaction costs and improve the supply chain function.

Protection from Unethical Employees: A program would include clear guidance in respect of the misappropriation and unauthorised use of company resources, and the consequences that could flow from violations, information that employees with undeveloped values may not fully appreciate. The methodology of the implementation of the program at the company level is very similar to that of an ISO series business process implementation. There is also considerable overlap with the introduction of a strategic plan if one has not been done before. First, a diagnostic assessment (gap analysis) is performed of the current state of the company. An Ethics Program, a Business Code of Conduct Manual, and an Ethics Reporting Mechanism is then prepared based on the results of the assessments and the requirements of best practice. Company staff is trained to implement the business ethics program while collateral support components are being prepared. These components include a communications strategy and material, and a monitoring and evaluation element. The promotion of high standards of business ethics remains central to the mission of the Trinidad and Tobago Chamber. We strongly endorse the drive towards supporting good practices in business and raising levels of awareness of the need to fight unacceptable levels of corruption and malpractice which can ultimately impede growth, job creation and economic development. As such, every member on joining the Chamber undertakes to observe the TTCIC Code of Conduct, and we take seriously any violations of this Code. To take one step further, our Corporate Social Responsibilities Committee, which represented the Chamber last year at a two-week training programme organized by Inter American Investment Corporation (IIC) and the Korean Chamber of Commerce on the implementation of a business ethics programme, will be hosting in collaboration with several local business organizations, a seminar on this theme. The programme will be launched on Wednesday 7th September 2011 at the Hilton Trinidad and Conference Centre, where interested organizations will have the opportunity to participate in a series of workshops during the months of October and November 2011. Businesses participating in the workshops will be coached on how to implement a business ethics programme within their organizations.

The Chamber believes that the implementation of a formal business ethics program can contribute to an improved culture at a company, and improved overall performance. Ethics in business should not be taken lightly and we believe that such a programme is well worth practising for the growth and development of business. 2. What are morals, values and ethics Values are our fundamental beliefs. They are the principles we use to define that which is right, good and just. Values provide guidance as we determine the right versus the wrong, the good versus the bad. They are our standards. Let us consider the word evaluate. When we evaluate something we compare it to a standard. We determine whether it meets that standard or falls short, comes close or far exceeds. To evaluate is to determine the merit of a thing or an action as compared to a standard. Typical values include honesty, integrity, compassion, courage, honor, responsibility, patriotism, respect and fairness. Morals are values which we attribute to a system of beliefs, typically a religious system, but it could be a political system of some other set of beliefs. These values get their authority from something outside the individual- a higher being or higher authority (e.g. society). In the business world we often find ourselves avoiding framing our ethical choices in moral terms for fear that doing so might prove offensive (lacking in respect or compassion) to some. Many of us find our values are strongly influenced by our sense of morality - right as defined by a higher authority. Yet we refrain from citing that authority because doing so may seem less rational and more emotional to others who do not share our belief system. The lack of public reference to morals does not diminish the power of moral authority. Avoiding a morality-based rationale is a social convention and one that is not universally practiced. By that definition one could categorize the values listed above (honesty, integrity, compassion ) as moral values - values derived from a higher authority. That is a convenient way to differentiate them from what are often called utilitarian or business values, such as excellence, quality, safety, service, which define some elements of right and good in a business context.

Ethics is about our actions and decisions. When one acts in ways which are consistent with our beliefs (whether secular or derived from a moral authority) we will characterize that as acting ethically. When ones actions are not congruent with our values - our sense of right, good and just - we will view that as acting unethically. Defining what is ethical is not an individual exercise however. If it were then one could have argued that what Hitler did was ethical since his actions conformed to his definition of right, fair and good. The ethics of our decisions and actions is defined societally, not individually. If society is dominated by a single religious or cultural belief system, as is the case in some countries, then what is ethical and what is moral may be defined as the same thing. In societies where there is not a monolithic belief system there can be very wide differences in opinion in society as to whether a given action is ethical (or moral). Consider several of the long-standing national debates that are going on in the United States. Often the controversy is the result of people coming to a question from different moral positions or from different values. Take the very difficult question of abortion. If your religious belief system defines abortion as taking a life then you cannot be ethical (acting in ways that are consistent with your values) and support the position that abortion is a womans individual choice. If your personal value system holds that control of ones body is an inviolable personal right then the idea that others - individually or collectively - can impose their will on you is antithetical to that right.

3. Whistle blowing The disclosure by a person, usually an employee in a government agency or private enterprise, to the public or to those in authority, of mismanagement, corruption, illegality, or some other wrongdoing. for example, a violation of a law, rule, regulation and/or a direct threat to public interest, such as fraud, health and safety violations, and corruption. Whistleblowers may make their allegations internally (for example, to other people within the accused organization) or externally (to regulators, law enforcement agencies, to the media or to groups concerned with the issues).

The term whistle-blower comes from the whistle a referee uses to indicate an illegal or foul play. The truth, as is often the case, probably lies somewhere between these two extremes. Whistleblowers do call attention to genuine abuses of power by decision-makers in business and government. They do often suffer retaliation for their ethical resistance. However, whistleblowers may often be wrong in their accusations and their motives are not always pure. Their actions can disrupt a workplace, and may cause serious harm to individuals wrongly accused. Whatever your personal view of whistleblowers and whistleblowing, as an organizational policymaker you must consider the issue objectively. It is not an issue that can be ignored, due to the possible negative consequences for both your employees and your organization. For example, a recent review of whistleblowing incidents shows that among the whistleblowers surveyed, 62% lost their jobs, 18% felt that they were harassed or transferred, and 11% had their job responsibilities or salaries reduced. 51% of the incidents resulted in external investigations of the companies involved, 37% in management shake-ups, 22% in criminal investigations, and 11% in indictrnents. The likelihood of increased whistle blowing. Although empirical evidence is difficult to come by, there is a general perception that whistleblowing is on the rise, for several possible reasons. First, there is a continuing problem of unethical conduct in business and government. One cannot read the newspaper or turn on the television without hearing of a new scandal, and there is little need to list the numerous well-publicized cases of recent years. We can probably assume that for every case of unethical behavior we hear about, many others do not make the headlines. It seems obvious that despite all the lip service we give to business ethics, we still have a long way to go to achieve ethical behavior in the workplace. The second reason whistleblowing may be increasing is that our society seems to sanction blowing the whistle as a way to promote more ethical behavior in business. Big business and government are generally regarded as too powerful, and as exercising too much control over our

lives. Whistleblowers are regarded as the underdogs, taking on powerful organizations for society's well-being. They are held up as heroic figures by the media Academics praise their actions and call for comprehensive protection for them. And, as they discussed earlier, such legal protection is indeed increasingly available. Finally, the world is becoming increasingly complex. Business organizations must deal with diverse and demanding stakeholder groups. More and more conflict between business and these groups can be expected concerning controversial issues such as the environment, civil rights, product safety, animal rights, and many other issues. Employees who sympathize with activists in various interest groups may be torn between their feelings toward these groups and loyalty to their organizations. When confronted with ethical conflicts which force them to choose between competing loyalties, they may choose actions which are consistent with their perceived obligations to individuals and groups outside the organization. 4. Corporate social responsibility The World Business Council for Sustainable Development defines CSR as "The continuing

commitment by business to behave ethically and contribute to economic development while improving the quality of life of the work force and their families as well as of the local community and society at large. In equation form, CSR = Economic responsibility (make a profit) + Legal responsibility (obey the law) + Ethical responsibility (be ethical) + Philanthropic responsibility (good corporate citizen) Corporate Social Responsibility is a form of ethical behavior that requires that organizations understand, identify, and eliminate unethical economic, environmental, and social behaviors. Why CSR Earlier it was believed that The business of business in business. But today corporations look much beyond profit. The reasons are

Accountability to society: In a democratic society any kind of enterprise exists for the

sake of society. If private organization is justified and allowed to exist, it is because it is seen to contribute better than public enterprise to the common good. Since corporations exist for the sake of public, they are accountable to the public and have a social responsibility. Corporations debt to the society: Corporations whether public or private draw much

from the society. It depends on the society for a developed infrastructure, an educated workforce, etc. If corporations draw so much from society, it has to make its own contribution to society. The corporations have to donate generously towards the causes of public welfare and must get itself directly involved in social welfare programs. Consumers and investors: Consumers and investors, that is, stakeholders of an

organization expect the organization to behave ethically and responsibly. Four types of csr Economic Responsibilities A company's first responsibility is its economic responsibility -- that is to say, a company needs to be primarily concerned with turning a profit. This is for the simple fact that if a company does not make money, it won't last, employees will lose jobs and the company won't even be able to think about taking care of its social responsibilities. Before a company thinks about being a good corporate citizen, it first needs to make sure that it can be profitable. Economic Components It is important to perform in a manner consistent with maximising earnings per share It is important to be committed to being as profitable as possible It is important to maintain a strong competitive position It is important to maintain a high level of operational efficiency It is important that a successful firm be defined as one that is consistently profitable.

Legal Responsibilities A company's legal responsibilities are the requirements that are placed on it by the law. Next to ensuring that company is profitable, ensuring that it obeys all laws is the most important

responsibility, according to the theory of corporate social responsibility. Legal responsibilities can range from securities regulations to labor law, environmental law and even criminal law. Legal Components It is important to perform in a manner consistent with expectations of government and the law. It is important to comply with various national and supra-national laws and regulations. It is important to be a law-abiding corporate citizen. It is important that a successful firm be defines as one that fulfils its legal obligations. It is important to provide goods and services that at least meet the minimal legal requirements. Ethical Responsibilities Economic and legal responsibilities are the two big obligations of a company. After a company has met these basic requirements, a company can concern itself with ethical responsibilities. Ethical responsibilities are responsibilities that a company puts on itself because its owners believe it's the right thing to do -- not because they have an obligation to do so. Ethical responsibilities could include being environmentally friendly, paying fair wages or refusing to do business with oppressive countries, for example. Ethical Components It is important to perform in a manner that is consistent with the expectations of societal mores and ethical norms. It is important to recognise and respect new or evolving ethical/moral norms adopted by society. It is important to prevent ethical norms from being compromised in order to achieve corporate goals. It is important that good corporate citizenship be defined as doing what is expected morally or ethically. It is important to recognise that corporate integrity and ethical behaviour go beyond mere compliance with laws and regulations.

Philanthropic Responsibilities If a company is able to meet all of its other responsibilities, it can begin meeting philanthropic responsibilities. Philanthropic responsibilities are responsibilities that go above and beyond what is simply required or what the company believes is right. They involve making an effort to benefit society -- for example, by donating services to community organizations, engaging in projects to aid the environment or donating money to charitable causes. Philanthropic Components It is important to perform in a manner consistent with the philanthropic and charitable expectations of society. It is important to assist the fine and performing arts. It is important that managers and employees participate in voluntary and charitable activities within their local communities. It is important to provide assistance to public and private educational institutions. It is important to assist voluntarily those projects that enhance a communitys quality of life. Annual spending on CSR by companies: For every financial year, CSR spending would be computed as 2% of the average net profits made by the company during every block of three preceding financial years. Net Profit for the section 135 and CSR rules shall mean, net profit before tax as per books of accounts and shall not include profits arising from branches outside India. For this purpose, the average Net Profit will be calculated in accordance with the Section 198 of the Companies Act, 2013. Eradicating extreme hunger and poverty; promotion of education; promoting gender equality and empowering women; reducing child mortality and improving maternal health; Combating HIV, AIDS, malaria and other diseases; ensuring environmental sustainability;

employment enhancing vocational skills; social business projects; contribution to the Prime Minister's National Relief Fund or anyother fund set up by the Central Government or the StateGovernments for socio-economic development and relief andfunds for the welfare of the Scheduled Castes, the ScheduledTribes, other backward classes, minorities and women.

6. Decision making and theories of ethical business It is useful when making ethical decisions to understand that different considerations enter the picture for each of us. Nonetheless, there are some overarching principles we can use in approaching ethical decision making. The effect of the actions on the decision maker (egoism); everyone potentially involved (utilitarianism); and the fundamental principles (deontology)

represent three major systems of theoretical ethical systems. One approach to ethical decision making is to consider the effect of your decision on yourself as the decision maker, anyone else potentially involved, and the bigger picture the impact of your actions on your institution, your profession, and the world. Once you understand the potential impact of your decision on yourself and others then you will be in a better position to make a decision. Before making a decision, make sure that you first get all the facts about the situation, identify as all the alternative actions as possible, evaluate each possible decision, consult others, if at all possible, and then make a decision. It is always a wise idea to seek the counsel of others around you who may have more and/or a wider array of experiences and/or who may be better able to be impartial about the issue or event. Do you know to whom you can go if something goes wrong? Do you have someone with whom you can discuss sensitive issues in confidence? Whenever possible try to work through those in your organization and work up the organizational ladder. For example, for issues relating to your group, consider consulting your research advisor first

Ethical Theory 1: Egoism Famous Proponents: Ayn Rand, Adam Smith What makes something good or bad, right or wrong, is that it satisfies ones desires, or meets ones needs Basic Principle: Self-interest of person doing, considering, or affected by the action One should chose the action which most realizes or conduces to ones own self-interest Important Variation: should the person look simply to self-interest, or to enlightened or rational self-interest? Conception of Rational Self-Interest is basic component of capitalist economy and business models What should the student provide? Invoke principle of self-interest or something like it: what makes an action right is that it conforms to self-interest of person doing, considering, or affected by the action (notice: can conflict with others) Be able to pick out what choice (or set of likely) consequences is in the persons best self-interest This will probably entail invoking a principle of enlightened or rational self interest Actually indicate that theory would pick that choice as best

What would an Egoist Position Be? Straightforward Egoism: What is in Barbaras immediate self-interest? What consequences would best match up with her interests? What would contravene her interests? What act would best realize her self interest?

Rational Self-Interest What is in Barbaras longer-term self-interest?

Are there longer-term good or bad consequences (coming from short term bad or good consequences) more important to her self interest?

Ethical Theory 2: Utilitarianism Famous Proponents: Jeremy Bentham, J.S. Mill What makes something good or bad, right or wrong, is that it produces the greatest amount of pleasure (or lack of pain) for the greatest number of people Basic Principle: Greatest Happiness Principle Maximizing positive outcomes for the largest number of people, negative outcomes for lowest number of people One should chose the action which will lead to the greatest happiness (i.e. pleasure, lack of pain) overall Ones own pleasure and pain only count as much as any other persons affected Important Variation: Quantitative Utilitarianism vs. Qualitative Utilitarianism

What should the student provide? Invoke Greatest Happiness principle or something like it: what makes something good or bad, right or wrong, is that it produces the greatest amount of pleasure (or lack of pain) for the greatest number of people Another key aspect: no persons pain or pleasure counts as more or less valuable than another persons. Only quantity or intensity counts. Be able to pick out what choice (or set of likely) consequences is likely to bring about greatest happiness overall for all concerned This will probably entail some sort of tallying or calculation of likely pains and pleasures for stakeholders Actually indicate that theory would pick that choice as best

What would a Utilitarian Position Be? Who are all the people possibly affected by Barbaras decisions? What sort of consequences result to them?

o Positive consequences (pleasures, or things conducive to pleasure) o Negative consequences (pains, or things conducive to pain) How many people are affected positively or negatively, and how much, by each possible choice? Rank-ordering the possible choices Perhaps doing a cost-benefit analysis

Ethical Theory 3: Deontology Famous Proponents: Immanuel Kant, W.D. Ross What makes something good or bad, right or wrong, is that it conforms to some (rational) duty Basic Principle: Fulfilling duties towards self or other persons One should chose the action which best conforms to ones recognized duties Important Variation: are these duties discovered and understood primarily by using reason (Kantian Deontology), or by healthy common sense (Rossian Intuitionist Deontology) What should the student provide? Invoke duty as a principle or something like it: What makes something good or bad, right or wrong, is that it conforms to a duty discoverable by reason Not enough to simply say that a person has a duty to do X Student has to be able to identify what the duty is in general o For Kantian, explain which formulation of categorical imperative o For Rossian, which prima facie duty or duties Be able to explain how the particular actions would correspond to the general duty or go against it Notice: actions either in conformity with duty or against it. Actually indicate that theory would pick that choice as best

What would a Deontological Position Be?

What duties does Barbara have? o Duties towards other people? o Duties towards herself? o Which actions or choices will fulfill those duties, and which will go against them?

Kantian perspective o Can Barbaras possible choices be universalized? o Will Barbara be treating other people as mere means to ends, or treating them as ends?

Rossian Perspective o Do Barbaras possible choices violate or fulfill any prima facie duties? o Is there any conflict of duties in this situation?

8. Moral, Amoral and immoral management and people There are Three Moral Types: Immoral Managers Amoral Managers Moral Managers

Immoral Managers Characterised by: managers whose decisions, actions and behaviour suggest an active opposition to what is deemed to be right and ethical These managers care only about their or their organisations profitability or success Legal issues are there to be circumvented Strategy is to exploit opportunities for personal or organisational gain at any cost.

Amoral Managers Characterised by Amoral Managers are neither immoral nor moral but are not sensitive to the fact that their everyday business decisions may have a deleterious effect on others.

These managers may lack an ethical perspective in their organisational lives. Typically their orientation is to the letter of the law as their ethical guide. Sometimes we can have a sub category - the unintentional amoral manager

unintentional amoral manager These managers are un-intentionally amoral in their behaviour. They tend to see ethical issues are for their private lives not their business lives, where different rules apply. They tend to believe that business activity resides outside the sphere to which moral judgements may apply. Amoral managers here may not consider a role for ethics in business. The Moral Manager In moral management, ethical norms that adhere to a high standard of right behaviour are employed Moral managers not only conform to accepted and high levels of professional conduct, they also lead on issues of ethical behaviour. The law is seen as giving a minimal guide to ethical behaviour. The spirit of the law in more important than the letter of the law. The objective is to operate well above what the law mandates the firm to do. Moral mangers want to be profitable and ethical. Moral mangers will use ethical principles to base their judgements upon - justice, rights, the Golden Rule, utilitarianism etc. When ethical dilemmas arise, moral managers and moral companies will tend to assume leadership in their companies and industries.

9.Pyramid of CSR for companies- Different responsibility of business Same as answer no.4 (types of csr) just u can add a diagram to fetch more marks..the diagram is in the link given below:

10.Ethics in HR Paying attention to business ethics is an important part of any business owner or manager's job. The human resources function deals with a variety of ethical challenges; being the department that deals directly with people employed by a company, HR includes numerous ethical pitfalls that can damage a company's reputation or financial sustainability if not handled properly. Understanding the importance of ethics in human resources is crucial for any business owner, whether in a local startup or a multinational powerhouse. Legal Considerations Breaches of ethics in human resources can lead companies into a world of legal trouble, in both the civil and criminal arenas. Companies with comprehensive ethics programs in place can avoid costly trouble regarding discrimination and hostile-work-environment issues, resulting in lower costs for litigation and out-of-court settlements. Company Reputation In the business world, legal trouble can introduce additional challenges to employers, as news outlets and ethics watchdog organizations spread the word about companies' misdeeds. Discrimination issues, sexual harassment and unfair employment policies can land companies on the front page of consumer- or business-focused publications, damaging a company's reputation among consumers, potential strategic partners and potential future employees. Employee Loyalty Treating employees ethically can garner long-term employee trust and loyalty, which conveys a range of distinct benefits to employers. Loyal employees gain more experience working with their employers, allowing them to master production processes and more fully understand the inner workings of the firm. This can increase employees' productivity and efficiency over time in addition to keeping recruiting and training costs under control. Promoting Ethics

A solid reputation as an ethical employer does not happen on its own. Savvy, ethics-conscious business owners put comprehensive ethics programs in place to display a firm commitment to ethics in every area of business, including human resources. Put HR ethics policies in place regarding discrimination, sexual harassment and the treatment of employees, and put each of your managers and supervisors through ethics training programs to make sure they are fully aware of your expectations. Most importantly, lead by example in your organization to create a culture of mutual respect and dignity, where ethical decision-making is valued and rewarded. 10.Ethics in finance The financial industry is at the center of the economy. It enables the flow of capital between savers and companies, and it sets the rates at which investors and lenders exchange money. Ethical problems within the financial industry can have disastrous consequences for all other areas of the economy.

Compliance
Governments at the state and federal level step in occasionally to ensure the financial industry is behaving ethically. Companies and individuals in the financial industry must comply with ethical regulations or face severe consequences, which can include jail time. Some professions within the financial industry also have specific codes of ethics. For example, certified public accountants undergo training and exams concerning the formal code of ethics with which they must comply

Individual Businesses
Ethics are also important on the level of individual businesses within the financial industry. An accountant, for example, has to develop client relationships based on trust and respect. She needs to put client desires and needs first when looking after their financial resources, and they in return must trust that their money is safe in her hands. Even a hint of unethical behavior can destroy such relationships and doom the business.

Considerations

Businesses in the financial industry should be transparent with their customers, revealing all relevant information to ensure that all parties understand contracts. They should keep client information confidential, not using any privileged information for personal gain. As much as possible, they should self-regulate, ensuring that their employees comply with relevant laws and professional codes of ethics. In short, financial businesses should do all they can to behave in a fair and just manner, not just because the law requires it, but because individual companies and the public benefit from participating in an honest system. 10.Ethics in Marketing Basic principles and values that govern the business practices of those engaged in promoting products or services to consumers. Sound marketing ethics are typically those that result in or at least do not negatively impact consumer satisfaction with the goods and services being promoted or with the company producing them. A company must have ethical marketing policies to guide their pricing, advertising, research, and competitive strategies. KEY POINTS Each party in a marketing transaction brings expectations regarding how the business relationship will exist. For example, if a consumer wishes to make a purchase from a retailer, their expectations include wanting to be treated fairly by the salesperson and wanting to pay a reasonable price. Ethical marketing decisions and efforts should meet and suit the needs of customers, suppliers, and business partners. Unethical behavior such as price wars, selective advertising, and deceptive marketing can negatively impact a company's relationships. Recent trends show that consumers prefer ethical companies. As a result ethics itself is a selling point or a component of a corporate image. Ethical Issues in Marketing Ethical problems in marketing stem from conflicts and disagreements. Each party in a marketing transaction brings a set of expectations regarding how the business relationship will exist and

how transactions should be conducted. Each facet of marketing has ethical danger points as discussed below. Market Research Some ethical problems in market research are the invasion of privacy and stereotyping. The latter occurs because any analysis of real populations needs to make approximations and place individuals into groups. However, if conducted irresponsibly, stereotyping can lead to a variety of ethically undesirable results. Market Audience Selective marketing is used to discourage demand from so-called undesirable market sectors or disenfranchise them altogether. Examples of unethical market exclusion are past industry attitudes to the gay, ethnic minority, and plus-size markets. Another ethical issue relates to vulnerable audiences in emerging markets in developing countries, as the public there may not be sufficiently aware of skilled marketing ploys. Ethics in Advertising and Promotion In the 1940s and 1950s, tobacco used to be advertised as promoting health. Today an advertiser who fails to tell the truth offends against morality in addition to the law. However the law permits puffery (a legal term). The difference between mere puffery and fraud is a slippery slope. Sexual innuendo is a mainstay of advertising content, and yet is also regarded as a form of sexual harassment. Violence is an issue especially for children's advertising and advertising likely to be seen by children. The advertising of certain products may strongly offend some people while being of interest to others. Examples include: feminine hygiene products as well as hemorrhoid and constipation medication. The advertising of condoms has become acceptable in the interests of AIDSprevention, but are nevertheless seen by some as promoting promiscuity.

Through negative advertising techniques, the advertiser highlights the disadvantages of competitor products rather than the advantages of their own. These methods are especially used in politics. Delivery Channels Direct marketing is the most controversial of advertising channels, particularly when approaches are unsolicited. TV commercials and direct mail are common examples. Electronic spam and telemarketing push the borders of ethics and legality more strongly. Deceptive Advertising and Ethics Deceptive marketing is not specific to one target market, and can sometimes go unnoticed by the public. There are several ways in which deceptive marketing can be presented to consumers; one of these methods is accomplished through the use of humor. Humor provides an escape or relief from some kind of human constraint, and some advertisers intend to take advantage of this by deceptively advertising a product that can potentially alleviate that constraint through humor. Marketing ethics, regardless of the product offered or the market targeted, sets the guidelines for which good marketing is practiced. To market ethically and effectively one should be reminded that all marketing decisions and efforts are necessary to meet and suit the needs of customers, suppliers, and business partners. The mindset of many companies is that they are concerned for the population and the environment in which they due business. They feel that they have a social responsibility to people, places and things in their sphere of influence.

11. IPR Intellectual property rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs.

Intellectual property rights are customarily divided into two main areas: (i) Copyright and rights related to copyright. The rights of authors of literary and artistic works (such as books and other writings, musical compositions, paintings, sculpture, computer programs and films) are protected by copyright, for a minimum period of 50 years after the death of the author. Also protected through copyright and related (sometimes referred to as neighbouring) rights are the rights of performers (e.g. actors, singers and musicians), producers of phonograms (sound recordings) and broadcasting organizations. The main social purpose of protection of copyright and related rights is to encourage and reward creative work. (ii) Industrial property. Industrial property can usefully be divided into two main areas: One area can be characterized as the protection of distinctive signs, in particular trademarks (which distinguish the goods or services of one undertaking from those of other undertakings) and geographical indications (which identify a good as originating in a place where a given characteristic of the good is essentially attributable to its geographical origin). The protection of such distinctive signs aims to stimulate and ensure fair competition and to protect consumers, by enabling them to make informed choices between various goods and services. The protection may last indefinitely, provided the sign in question continues to be distinctive. Other types of industrial property are protected primarily to stimulate innovation, design and the creation of technology. In this category fall inventions (protected by patents), industrial designs and trade secrets. The social purpose is to provide protection for the results of investment in the development of new technology, thus giving the incentive and means to finance research and development activities.

A functioning intellectual property regime should also facilitate the transfer of technology in the form of foreign direct investment, joint ventures and licensing. The protection is usually given for a finite term (typically 20 years in the case of patents). While the basic social objectives of intellectual property protection are as outlined above, it should also be noted that the exclusive rights given are generally subject to a number of limitations and exceptions, aimed at fine-tuning the balance that has to be found between the legitimate interests of right holders and of users.