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The business model canvas is a strategic management template that is used for developing new business models and documenting existing ones. [2] [3] It offers a visual chart with elements describing a firm's or product's value proposition, [4] infrastructure, customers, and finances, [1] assisting businesses to align their activities by illustrating potential trade-offs.
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [ 1 ]
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
Examples of a company's internal and external stakeholders Protesting students invoking stakeholder theory at Shimer College in 2010. The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. [1]
The Potter Box is a model for making ethical decisions, developed by Ralph B. Potter, Jr., professor of social ethics emeritus at Harvard Divinity School. [1] It is commonly used by communication ethics scholars. According to this model, moral thinking should be a systematic process and how we come to decisions must be based in some reasoning.
Organizations that lack ethical practices as a mandatory basis of their business structure and corporate culture, have commonly been found to fail due to the absence of business ethics. Corporate downfalls would include, but are not limited to, the recent Enron and WorldCom scandals, two primary examples of unethical business practices ...
Ethical codes are adopted by organizations to assist members in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of business ethics , codes of conduct for employees, and codes of professional practice.
A commonly used measure of ethical leadership is the Ethical Leadership Scale (ELS), developed by Brown et al. in 2005. It consists of 10 items with an internal consistency of alpha = .92 and shows a satisfying fit, with indices at or above recommended standards. [ 1 ]