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Business Ethics Assignment (Solution)

   

Added on  2021-01-03

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BUSINESS ETHICS
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONBusiness Ethics refer to ethical principles, values and morals of individuals andorganisations that effectively set out an ethical framework for the company (Crane, A. andMatten, 2016). The ethical case regarding insurance policies under Tepid insurance Co. isanalysed with the support of different ethical aspects. The following assignment is based on the application of ethical theories in businessscenarios along with alternative courses of action and justification for the chosen action.MAIN BODYThe utilitarian is an ethical theory which was propounded by David Hume, John StuartMill and other in 18th and 19th century (Act and Rule Utilitarianism, 2018). This theory suggeststhat the basic criterion for the judgement of any act is the utility of that particular action. Asaccording to this theory, action which provide greater amount of benefit, utility or happiness tolarger number of person is the right action to be taken. That mean an act is right if it providehappiness to large number of people on the other hand action will be wrong if it affect the peoplewho are connected with it in a negative manner. Utilitarian theory suggests that a person mustevaluate the course of alternatives by comparing their intrinsic value. This support indetermining which action will be more beneficial and provide utility to large number of people. This theory was criticised that principle of utilitarian focus on the welfare of communityand doesn't address the happiness of individual. Another criticism was that there is not anymethod to measure about the pain or pleasure before performing that action. But this theoryworked toward providing benefit to larger number of people and also ensures that if loss happenthen must be as lower as possible. Hence, this theory contributes toward “collective benefit” ofpeople. Application of ethical theory:-Utilitarian theory is applied by several organisations in order to operate their business ineffective manner so that they will be able to survive in industry or marketplace. As the utilitariantheory focuses over providing the collective benefit to large number of people i.e. all thestakeholders must get benefited with the action as well as policies that are being performed bycompany. For instance, in case when company have higher work pressure then at that times it isrequired to involve its workforce for extra working hours. So, in order to deal with this situation1
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