what's right and wrong in Business?

                       what is business ethics?

Before understanding business ethics, we should familiarize ourselves with the word "Ethics". Ethics is the study of morality. Morality in return is the set of standards through which we decide what is right or wrong. Morality could be considered objective/absolute like all societies do agree that murder is wrong, or it could be subjective/relative like in the case of taboos that vary among the societies. Business ethics hence is the study that relates ethical manners to business so that a firm/company can achieve its objective. Business ethics has become more crucial for multinational firms as they must identify and respond to different moral standards observed in their countries. Many moral philosophies have been presented by philosophers to determine the standards through which we decide wrong and right, the most famous arguably is utilitarianism.it is worth mentioning that all moral philosophies are subject to opinion and none could be taken as objectively right.

what is utilitarianism? 

It is an ethical theory that states that any action is morally right if the net utility for the society is greatest for society out of all the possible actions that could be taken. Net utility means that utility has been subtracted by the harm that the action could cause to society. the application of utilitarianism has been used in the classical trolley problem where you have to decide whether to pull the train lever in order to save 5 people instead of one. From a utilitarian perspective. of course, you would pull the lever to save 5 people instead of 1 as this action would carry the greatest net utility for society.

What is the application of Business ethics?

The application of business ethics has been used by many firms to achieve their goals and maintain a good reputation in the society they serve. Here are some of the applications of business ethics that many companies use:

• Introducing a product/service to a new market 

marketers use the application of business ethics to determine how their product could be introduced in new markets. They determine this by examining the norms of the society in which they wish to serve. This is the reason why McDonald's has a different menu in different countries. for example, there are no hamburgers in the McDonald's of Pakistan as this goes against the norms/belief of the society, and in India, there are no beef burgers on the menu as this goes against the norms/value of their society.

• Marketing 

Promoting honesty and transparency while avoiding dishonest or misleading tactics are all ethical considerations in marketing and advertising. Businesses should make sure their marketing messages are truthful, don't take advantage of weaker groups, and don't engage in unfair competition.

• Environmental responsibility

The application of Business ethics has been used by many regulatory authorities of countries to determine what are the environmental responsibility that businesses and people owe to society. In the European Union, the manufacturers of automobiles are bound to make vehicles that have carbon emission rates that are up to the minimum acceptable standard. Failure to do so would result in a fine that could be hefty. This regulation is adapted in order to combat global warming as carbon gas is a greenhouse gas that traps heat