Critical ingredient in the management is important because of the following reasons: ➤  Efficiency and effectiveness of human efforts : Management tries to combine the resources of an organisation in the most productive so as to maximise the benefits and minimise the wastage. This leads to efficiency. Management insists on using innovative ideas to bring out quality and effective products. It creates balance between effectiveness and efficiency of human efforts.   ➤ Harmony in work: Employees who come from different backgrounds have different qualifications and different  styles of working. If everyone is allowed to follow their own style of working, it can lead to chaos and confusion in the organisation. Management brings uniformity in their efforts leading to systematic working with good results. ➤ Nation’s growth: Economic growth of a country depends on how efficiently resources are being utilised. Efficient management makes optimum utilisation of resour...

1. DEFINITION OF SOCIAL RESPONSIBILITY Social  responsibility of business means duties and obligations of business towards different social groups I.g., shareholder, consumers, employees legal. 2. NEED FOR SOCIAL RESPONSIBILITIES OF BUSINESS The social responsibilities concept implies that business must behave like an ordinary citizen. It must discharge its legal, moral and social functions sincerely. The following factors explain in need for social responsibilities of business.    ➤  1. To protect Environment The  purpose of business is to create wealth and satisfy human wants. It usees the natural and human resources to produce goods and service. There is every possibility of the business misusing the resources for personal gains. Therefore the business must be made accountable and punished for its wrong deeds. This is possible by fixing social responsibilities on business.     ➤ 2. Good public image  A business which responds favorably to so...

   1.  MEANING Code of conduct is set of conventional principles and expectations that are considered binding on any person who is y member of a particular group.  Code of conduct States what should not be done by businessmen. The alternative term are code of ethics  or code of practice. 2. REASONS TO HAVE CODE OF CONDUCT As demand for ethical business is increasing most of the business organizations have opted to implement the code of ethics: 1. To define the framework of the acceptable behaviour. 2. The follow high standards of practice. 3. To enhance sense of communication.  4. To create transparency in business activities.     5. To foster higher standards of business ethics. 6. To comply with government laws and norms. 3. FACTORS THAT SHOULD BE ALWAYS KEPT IN  MIND Following factors should always be kept in mind while framing code of conduct: ➤  1. Involvement of the senior management: Every company needs a ch...

1. DEFINITION OF BUSINESS ETHICS   1. Business ethics are those principles, policies or philosophies that are concerned with moral judgment and good conduct as they are applicable to a business situation. 2. Business ethics refers to right or wrong behaviour in business decisions. 3. Business ethics involves morally accepted behaviour in business practices. 2. MEANING OF BUSINESS ETHICS Business ethics refer to a code which businessman are expected to follow while dealing with others. The coverage of business ethics is very wide as it deals with norms relating to customers, shareholder, employees, dealers, government and competitors. These are, in fact, the different areas of business ethics. 3. FEATURES Of BUSINESS ETHICS • Business ethics is the code of conduct which businessmen should follow while conducting their normal business activities. • Business ethics has universal application. • It is a relative term. It changes from one business to another. It differs from c...