Business Philosophy and Ethics

Objective
Having completed the course, students are able to:
Analyze

and synthesize business philosophy

Implement proper models for management ethics
Produce value system of core belief in business
Reconstruct fundamentals of ethics in business
implement ethical judgement and moral choices in
the workplace

Method of Teaching

Critical pedagogy including discussion,

talk show among students, panel
discussion, sharing, field observation
and scientific report of the
implementation

Case Study

Class Program

Reference

Mollie Painter-Morland, 2008, Business Ethics as

Practice, New York: Cambridge University Press
George G. Brenket, Tom L. Beauchamp, 2010, The
Oxford Handbook of Business Ethics, Oxford, New York:
Oxford University Press.
Donaldson, T., Werhane, P.H., and Cording, M., 2002,
Ethical Issues in Business: a philosophical approach. 7th.
edn. New Jersey: Prentice Hall.
Luetge, C.,(Ed.), 2012, The Handbook of the
Philosophical Foundations of Business Ethics, Munich:
Munich University of Technology
Gray, James Way, 2011, Notes on Business Ethics,
(ebook), http://ethicalrealism.wordpress.com, accessed
on July 15, 20
Paul Miesing, John F.Preble, A Comparison of Five
Business Philosophies, in Journal of Business Ethics 4
(1985) 405-470.13

Parameter of grade

Presence
Quiz
Assignment
Mid Term Exam
Final Exam

10 %
10 %
20 %
30 %
30 %

Meaning of Business
Philosophy-1
(a)

Meaning of Philosophy

Philo (Greek word) = Love

Sophia (Greek word) = Wisdom

(b) Meaning of Business Philosophy

1. A deep rooted system of core belief and
value that provide reason in business. A
business philosophy need to be
personal and company culture. It has
something that can be lived by
2. A set of conceptual principles that
govern work, the mission statement
about why we work, code of ethics out
companys values in doing work.

Objective of business
philosophy

The aim of a philosophy for business

is to understand the rules that define
the business arena, in other words, to
grasp from an ethical perspective
how business is possible. (Geoffrey
Klempner 2004)

Example of Business
Philosophy

Be the best I can be to help others,

and never stop improving
Agents business philosophy: I will get
your home sold faster and more
efficently with less hassle than any other
Realtor. Period
Be number one, Act as runner up

Three steps to create

business philosophy
1. Ask yourself: Why am I in business and what
do I want my client to remember me for
2 Sit down with a pen and paper and start writing
(a) Flesh out the core element of your
business. Brainstorm. Just write until you cant
write anymore. Describe your ideal client.
Describe your ideal transaction.
(b) Write out the feeling you get when you help
people complete transaction. Get deep
yourself.
3. Take those core elements and test your
business

Modern Philosophers of
Business

Peter Drucker
Paul R. Lawrence
Jeoffrey Klempner
Norman E. Bowie

Business Ethics-1
Business Ethics is moral principles,
standards that guide behavior in the world
of business
It relates to rules, moral standards and
principles to what is right or wrong in
specific situations
(Cf. Ferrell, O.C & Fraedrich, John, 1997:6).

Business Ethics-2
Business Ethics is the application of
general ethical rules to business
behavior
Business Ethics is rules of business by
which propriety of business activity may
be judged regarding effects of
products/sevices and in relation with
stake holders.

Business Ethics-3
Business ethics is the systematic
handling of values in business and
industry.
(a) rules of business
(b) moral standard applied to business
policies, institutions and behavior
(c) application of ethics in business:
ethical practices and ethical implication
in business

Business Ethics-4

Business ethics focuses on what

constitutes right or wrong behavior in the
world of business. Corporate business
executives have a responsibility to their
shareholders and employees to make
decisions that will help their business
make a profit. But in doing so,
businesspeople also have a
responsibility to the public and
themselves to maintain ethical
principles.

Business Ethics-5

Business Ethics means conducting all

aspects of business and dealing with all
stakeholders in an ethical manner

Objectives of
Business Ethics

According to Peter PratleyBusiness

ethics has a two fold objectives-it
evaluates human practices by calling
upon moral standards, also it may give
prescription advice on how to act
morally in a specific kind of situation.

3 cs in Business Ethics
1. Compliance: (The need for compliance of rules including):
Laws
principles of morality
policy of the company
2. The Contribution (Business can make to the society):
The core values
Quality of products/services
Employment
Usefulness of activities to surrounding activities
3. The Consequences of business activity:
Toward environment inside and outside the organization
Social responsibility toward shareholders, bankers,
customers and employeesof organization.
Good public image, sound activity- good image.

Assignment

Based on the talent of group members,

make a business philosophy.
The business philosophy contains:
a. Core values of company
b. Company policy
c. Mindset that creates certain behavior
of the workers in company
d. Basic spirit or company culture