Which ethical theory is most commonly used in business?
Probably the most widely understood and commonly applied ethical theory is utilitarianism. In an organisational context, utilitarianism basically states that a decision concerning business conduct is proper if and only if that decision produces the greatest good for the greatest number of individuals.
What are some ethical theories in business?
Three ethical theories are commonly used in the consideration of marketing ethics: utilitarianism, deontology and virtue ethics. Each may lead to a different conclusion when applied to the same ethical dilemma.
Is Kantian ethics good for business?
Kant’s theory expresses the importance of treating people as ends in themselves rather than only as a means to an end. This is a very useful approach as businesses need to use their consumers not only as a means for their profit, but also use them as an end, i.e. providing them the product with quality.
Why is utilitarianism important in business?
Utilitarianism provides a guiding framework of decision making rooted in social benefit which helps direct business toward more ethical behavior. It is the basis for much of our discussion regarding the failures of Enron, Worldcom, and even the subprime mess and Wall Street Meltdown.
What are the four ethical theories?
The 4 theories of ethics Consequentialism. The morality of a decision depends on the consequences. Deontology. Argues that certain things are always right or wrong, regardless of the consequences. Virtue Ethics. These are based on the teachings and writings of Aristotle and Socrates whereby it is the character of a person and the motivations behind their actions, which are
What are some examples of ethical theories?
The most common examples of normative ethical theories are utilitarianism, Kantian duty-based ethics (deontology), and divine command theory, which are described later in this chapter. These systems are used by individuals to make decisions when confronted with ethical dilemmas.
What are the principles of ethical theories?
Ethical Theories. Definition: The Ethics is the branch of philosophy that deals with the principles of morality and the well-defined standards of right and wrong that prescribe the human character and conduct in terms of obligations, rights, rules, benefit to society, fairness, etc.