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View all our courses and get certified on https://academy.marketing91.com Ethics is used in the context of moral principles. It refers to what is right and what is wrong and explains what actual human behaviour, duties and obligations should be. Ethics is a branch of philosophy that helps people to make moral decisions. Importance of Ethics 1. Considered a basic need in human life 2. Helps to make morally sound decisions 3. Promote harmony in the workplace 4. Boosts credibility 5. Helps to comply with laws, rules and regulations 6. Identify goals and take suitable action 7. Helps to achieve long-term success Nature of Ethics 1. Normative science 2. Self-imposed principles 3. Reflects morality 4. Follows discipline 5. Not considered a religion 6. Does not include culturally accepted norms 7. Not considered a science Personal Ethics Personal Ethics has a direct impact on family, relationships and finances. It reflects what an individual considers right and wrong and what his take on morality is Professional Ethics Professional Ethics deals with confidence, competence and commitment. It explains the expected behaviour model of a professional. Managerial Ethics Managerial Ethics refers to the set of principles that explains what is considered right and wrong in an organization. It includes integrity, honesty, compliance with set rules and a willingness to accept mistakes Types of Ethics 1. Participatory Ethics Guides behaviour to find a balance between moral demands and business goals. 2. Transactional Ethics Includes individual value system and encourages involved parties to reciprocate ethically 3. Recognition Ethics Acknowledges human rights and basic human needs This video is on Ethics Explained and it has the following sub-topics. Time Stamps 0:00 Introduction to Ethics Explained 00:45 Importance of Ethics 01:10 Nature of Ethics 01:36 Personal of Ethics 02:00 Professional Ethics 02:32 Managerial Ethics 03:04 Types of Ethics