There are eight major features of business ethics –
● Code of Conduct − Business ethics is actually a form of codes of conduct. It lets us know what to do and what not to do. Businesses must follow this code of conduct.
● Based on Moral and Social Values − Business ethics is a subject that is based on moral and social values. It offers some moral and social principles (rules) for conducting a business.
● Protection to Social Groups − Business ethics protect various social groups including consumers, employees, small businesspersons, government, shareholders, creditors, etc.
● Offers a Basic Framework − Business ethics is the basic framework for doing business properly. It constructs the social, cultural, legal, economic, and other limits in which a business must operate.
● Voluntary − Business ethics is meant to be voluntary. It should be self-practiced and must not be enforced by law.
● Requires Education & Guidance − Businessmen should get proper education and guidance about business ethics. Trade Associations and Chambers of Commerce should be active enough in this matter.
● Relative Term − Business ethics is a relative term. It changes from one business to another and from one country to another.
● New Concept − Business ethics is a relatively newer concept. Developed countries have more exposure to business ethics, while poor and developing countries are relatively backward in applying the principles of business ethics.