Following ethics in business is necessary for what?
Answer and explanation
Correct answer: To maintain the trust of customers and other stakeholders
Business ethics includes honesty, fairness, transparency, and responsibility towards customers. Following these principles maintains the trust of customers, employees, investors, and society, thereby strengthening a business's reputation. Hiding product quality may bring short-term gain, but it is unethical. Exam tip: associate ethics with trust, honesty, and long-term goodwill.
Frequently asked questions
What is the correct answer to this question?
To maintain the trust of customers and other stakeholders
Why is this the correct answer?
Business ethics includes honesty, fairness, transparency, and responsibility towards customers. Following these principles maintains the trust of customers, employees, investors, and society, thereby strengthening a business's reputation. Hiding product quality may bring short-term gain, but it is unethical. Exam tip: associate ethics with trust, honesty, and long-term goodwill.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Entrepreneurship: definition and characteristics.
