What is meant by "business ethics"?

"Business ethics" refers to the principles and standards that guide behavior in the world of business. This concept encompasses the moral values and norms that govern the actions of individuals and organizations in a business context. It is crucial for maintaining trust and integrity in business practices, influencing decisions related to fairness, accountability, and corporate social responsibility.

Understanding business ethics is essential because it helps businesses navigate complex moral dilemmas, fosters a positive work environment, and enhances reputation among consumers and stakeholders. By adhering to established ethical principles, businesses can avoid legal issues, enhance customer satisfaction, and contribute positively to society, all of which are vital for long-term success.

Other options, while relevant to the business environment, do not fully capture the breadth of the term "business ethics." Legal standards focus primarily on compliance with laws, codes of conduct relate to specific governance practices, and marketing strategies align with social values but do not encompass the foundational ethical principles that guide business behavior broadly.