Ethics is an ancient subject originated out of the desire to moralise mankind and make them aware of the consequences of their actions at the same time making them responsible for the actions they take. Business operates in an extremely competitive environment and they needs to consistently differentiate their product from competitors to be able to hold the consumer and not let then sale slip out. This is the prime event where ethics come into picture and the business is required to make ethical decisions to be able to deliver justice to everyone and also be termed as ethically sound.
Ethics was a philosophically discoursed topic in the medieval times. Business which is involved in the give and take relationship with the customer came to be seen through the lens of ethics. The faulty actions and selfish motives of some businesses who took wrong decisions hurting the customer the most was one of the contributors to the relevance of ethical conduct of business and it soon became a part of the business. As all businesses have direct and indirect impact on the society, environment, and overall environment, the recognition of those impacted such as influence on society and deterioration of environment became stronger and aligned with ethical judgement. Thus ethics is a very transparent lens through which the business operations are seen and observed. The advent of Corporate Social Responsibility (CSR) also helped a clearer assessment of the businesses’ ethical decisions and actions. Thus, ethical decisions are important as all actions of business has some kind of impact on those who have nothing to do with that business, enforcing a massive responsibility of ethical conduct on the part of businesses. This report will identity the importance of ethics in business and the prime benefits of an ethical business.