One of the essential components of business ethics is the moral code. To specify, it is the notion of the prevailing moral code that exists in the society and the way in which it is applied to business ethics.
It is quite clear that all businesses are expected to stay away from any kind of fraud or inappropriate activity. What is more, nowadays businesses are also expected to be socially active meaning that they should care more about the environment as well as introduce various initiatives so that not to pollute the planet with their product and the way in which it is manufactured. In such a way, business owners should remember to act in a decent way towards their customers.
Another relevant issue regarding the subject under consideration is the social responsibility of a company. The key question regarding this aspect is whether a corporation is required to donate some of their profits to philanthropic, humanitarian or educational projects. Again, if a company promotes such activity, it means that business owners act like decent human beings who understand the significance of the projects they donate their money to as well as realize that the biggest issue is the lack of funding. Thus, corporations are able to help with the latter.
Taking everything into consideration, the most vital aspect in terms of business ethics is to be able to remain a decent human being and business owner no matter how tough the competition on the market is. In addition, the ability to realize that a company also has social responsibilities is a core element of business ethics nowadays which is the reason why such companies are hugely respected among consumers.