2018_FlipBook_Kubasek_Dynamic Business Law_5e

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Theories of Business Ethics ETHICAL APPROACH DESCRIPTION Ethical relativism Asserts that morality is relative. Situational ethics Requires that when we evaluate whether an action is ethical, we imagine ourselves in the position of the person facing the ethical dilemma. Consequentialism Considers the consequences (i.e., harms and benefits) of making a particular decision. Deontology Recognizes certain actions as right or wrong regardless of the consequences. Virtue ethics Encourages individuals to develop virtues (e.g., courage and truth- fulness) that guide behavior. Ethics of care Holds that ethical behavior is determined by actions that care for and maintain human relationships. Exhibit 2A-2 At a Glance THE CREDO We believe our first responsibility is to the doctors, nurses and patients, to mothers and fathers and all others who use our products and services. In meeting their needs everything we do must be of high quality. Customers' orders must be serviced promptly and accurately. Our suppliers and distributors must have an opportunity to make a fair profit. We are responsible to our employees, the men and women who work with us throughout the world. Everyone must be considered as an individual. We must respect their dignity and recognize their merit. They must have a sense of security in their jobs. We are responsible to the communities in which we live and work and to the world community as well. We must be good citizens—support good works and charities and bear our fair share of taxes. Our final responsibility is to our stockholders. Business must make a sound profit. Source: Johnson & Johnson. Exhibit 2A-1 Johnson & Johnson's Credo cost-benefit analysis 36 deontology 36 ethical relativism 35 absolutism 35 act utilitarianism 36 categorical imperative 37 consequentialism 35 ethics of care 38 principle of rights 37 rule utilitarianism 36 situational ethics 35 utilitarianism 36 virtue ethics 37 K E Y T E R M S Chapter 2 Business Ethics 39

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