ethical-business-practices

Vocabulary Word

Definition

Ethical business practices refer to the way a company operates in order to be morally correct and socially responsible. It embodies fairness, respect, integrity and responsibility in businesses.

Examples in Different Contexts

In building consumer trust, 'ethical business practices' involve honesty, integrity, and fairness in dealings with customers. A business ethics professor might say, 'Adopting ethical business practices is key to building long-lasting relationships with consumers and differentiating your brand in the marketplace.'

Practice Scenarios

Customer-Service

Scenario:

We've heard from several customers who are unhappy with our refund policy. How can we address this in a fair and respectful way?

Response:

Perhaps we should revise our refund policy as part of our dedication to ethical business practices.

Business

Scenario:

We have received several complaints regarding our product's performance. We need to address this issue promptly and openly.

Response:

We should confront this issue openly to maintain our reputation for ethical business practices.