Definition of Business terms

1. Lockheed Martin is a defense contractor who provides the government with many defense related product. They specialize in aeronautics, information systems, missiles control systems and other defense related products and fields. I am not surprised if Lockheed Martin has low ethics because the whole industry they are involved in has serious ethical and moral issues.
2. Ethics: These are the set of morals followed by people and organizations that are not enforced by the legal system. The nature of ethics is voluntary.
3. Business Ethics: These types of ethics are related to the moral standards that are followed by business organizations. These business organizations are not legally answerable for the code of ethics but setting and following ethical codes reflects the seriousness of the business towards humanistic causes.
4. In addition to legal issues, ethical business decisions foster trust in business relationships.
5. The problem with polls and surveys is that they might not focus on what companies do in the long run. They only focus on the activities of companies for a specific time frame. What companies have one is got themselves represented by outspoken PR managers who have the capability to present something unethical in such a manner that I becomes difficult to call it unethical. I would personally not be certain about what company to call ethical and what not to call ethical.
6. Yes it is true that the legal system has provided a formal venue for business to settle their disputes.
7. Ethical Issue: When a person or an organization has come to a point or situation where it has to make a moral decision of being right or wrong rather than a legal decision, we say they are facing ethical issue.
8. A Ponzi Scheme: The investment operations that are based on fraudulent practices are called Ponzi Schemes. In these schemes the fraudulent organization collects money from one investor and pays part of it labeled as profit to the previous investors while in fact there has been no profit generating activity.
9. Bullying in workplace: Just like schools, in workplaces there are people who are targeted by other staff members and bullied physically, financially or psychologically. This bullying can be in the form of verbal harassment or undue criticism of the bullied person to keep them under pressure and stress.
10. Conflict of Interest: It is a situation that can compromise the impartiality of a person or an organization because of the clash of its interests with the interests of another person or organization. For example a person is offered bribe to disclose the details of the bid his/her organization I going to offer for a government contract. The person has two conflicting interests, first his personal financial advantage and second the business interests of his/her organization.
11. Accounting Fraud: When accounting principles are violated for personal interests by individuals or organizations.

Marketing Fraud: When, in order to get the attention of maximum customers, wrong information is presented about a product during its advertisement promotion or production.

12. Affirmative Action Program: This is an example of high moral standard when an employer promotes practices in its policies and procedures that corresponds to equal treatment of its present or potential employees in respect to recruitment opportunity, selection process and other benefits. These type of employers do not believe in gender, racial, religious or ethnical discrimination.
13. Sexual Harassment: An unwanted advance of sexual nature from one person to another is called sexual harassment. This could be directed by a male staff member on a female staff member or vice versa.
14. Organizational Culture: It is a system that signifies the shared expectations, ethics and principles that are at the forefront of an organization and which define the behavior of the people working in that organization. The organization culture influences the employees in the way they communicate, interact, solve problems and many other ways.
15. Ethical Climate: This corresponds to atmosphere of an organization that is related to moral and ethical standards and the level to which these moral and ethical standards are followed within that organization.
16. Significant Others: Those who directly or indirectly influence the ethical decision making of an organization. It could include managers, colleagues, peers, subordinates etc.
17. Opportunity: It is the time at which some circumstances are reached that offers a chance to improve from the current position towards a better one.
18. Example: During my internship, I was made in charge of signing in and out the employees. Thought I had friendship with some of the staff members, I followed my ethics and never gave undue favor to anyone.
19. I believe that Zicam has had a conflict of interest between telling the truth in the best interest of its customers or conceal some information from its customers for the company’s interests. Their approach was biased as they did not think of the best interests of its customers and took care of their company’s interest only.