What does "business ethics" encompass?

"Business ethics" encompasses the standards and principles that guide behavior within the business context. This involves understanding what is considered right and wrong, and it influences decision-making processes that affect not only the organization but also its stakeholders, including employees, customers, suppliers, and the community at large. Business ethics play a critical role in ensuring that companies operate in a fair, transparent, and responsible manner.

The legal aspects of business focus primarily on compliance with laws and regulations, which is just one component of broader ethical considerations. Financial implications of business decisions, while important, revolve around economic outcomes rather than the moral principles that inform those decisions. Similarly, marketing strategies are tactical approaches to connecting with customers and do not inherently address the ethical implications of those strategies or their consequences on broader society. Therefore, the guiding standards and principles of business behavior truly capture the essence of what business ethics is all about.