Chapter 2

Question 1

What are the sources of Business Ethics?

Answer 1

1. Religion: There are numerous religions followed by people and each religion talk
   about the nature of right and wrong in business as well as in each walk of life.
   Religion is the basis of an individual that he follows from his childhood and is
   deeply rooted in his behaviors. He understands about the fair and unfair,
   badness and goodness of actions and the consequences of these actions.
   The Principle of Reciprocity, i.e., exchanging things with others for mutual
   benefits, is seen in all the religions such as Hinduism, Buddhism, Christianity,
   Islam, etc.
2. Culture: The other source of business ethics is the culture that an individual
   has to follow pertaining to certain guidelines prevalent in the society to which he
   belongs to. The culture implies the rules, standard, values that are transmitted
   from generations to generations.
   These are the standard code of conduct to be followed by an individual that is
   permissible and acceptable to the community to which he belongs to from his
   childhood. The human civilization is cumulative of cultural experience that an
   individual passes through during his lifetime.
3. Law or The Legal System: Law is the code of conduct formulated by the legal
   system of the state and is to be followed by an individual to respect the societal
   interest. These are the strict rules and procedures that every business should
   abide by to conform to the ethical behavior of each. Although, the Law is reactive
   in nature and cannot cover all the cultural ethics as the law is created when the
   new evil emerges.
   Thus, the Business Ethics are greatly influenced by these sources which vary
   from company to company and country to country, and this is the reason why
   these differ across the globe.

Question 2

What is the concept of Business Ethics?

Answer 2

Business ethics or Corporate ethics refers to contemporary standards or sets of values that govern the actions and behavior of individuals in the business organization and the actions of the business itself. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.

Question 3

What is the Code of Ethic? Mention the Code of Ethics.

Answer 3

A code of ethics is a guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics also referred to as an “ethical code,” may encompass areas such as business ethics, a code of professional practice and an employee code of conduct.

1. Integrity.
2. Objectivity.
3. Professional competence.
4. Confidentiality.
5. Professional behavior.

Question 4

What is Ethics Management Process?

Answer 4

Organizations can manage ethics in their workplaces by establishing an ethics management program. Ethics programs convey corporate values, often using codes and policies to guide decisions and behavior, and can include extensive training and evaluating, depending on the organization. They provide guidance in ethical dilemmas.

Question 5

What are the benefits of managing ethics as a program?

Answer 5

1. Establish organizational roles to manage ethics
2. Schedule ongoing assessment of ethics requirements
3. Establish required operating values and behaviors
4. Align organizational behaviors with operating values
5. Develop awareness and sensitivity to ethical issues
6. Integrate ethical guidelines to decision making.

Question 6

Explain the emergence of new values in India in the fashion industry.

Answer 6

1. Cultural Fusion: The Indian fashion industry is witnessing a blend of traditional Indian elements with global styles, creating a unique fusion. Example: Designers incorporating traditional Indian textiles in modern silhouettes, like pairing a Banarasi fabric with a contemporary dress.
2. Sustainable Fashion: There’s a growing emphasis on eco-friendly and sustainable practices in response to environmental concerns. Example: Fashion brands using organic fabrics, promoting ethical production methods, and encouraging recycling/upcycling of clothing.
3. Inclusive Fashion: The industry is becoming more diverse and inclusive, celebrating various body types, genders, and ethnicities. Example: Runway shows featuring models from diverse backgrounds and sizes, challenging conventional beauty standards.
4. Tech-Infused Designs: Integration of technology into fashion, such as smart fabrics and digital experiences. Example: Clothing with embedded sensors that change color based on body temperature or interactive fashion shows using virtual reality.
5. Revival of Handcrafted Techniques: Rediscovery and promotion of traditional artisanal craftsmanship. Example: Designers incorporating hand-embroidery, handloom weaves, and traditional printing techniques in their collections.
6. Gender-Neutral Fashion: A move towards breaking gender stereotypes in fashion, providing more options for non-binary and gender-fluid individuals. Brands launching clothing lines with unisex designs, challenging the conventional categorization of men’s and women’s fashion.
7. Regional Aesthetics on Global Platforms: Showcasing regional and diverse Indian aesthetics on international fashion platforms. Indian-inspired prints, colors, and motifs featured in global fashion weeks, gaining appreciation for their uniqueness.
8. Digital Fashion Shows: Shift towards virtual fashion shows and online presentations. Fashion weeks conducted entirely online, where designers showcase their collections through digital platforms, reaching a global audience.
9. Fashion with a Purpose: Brands incorporating social or environmental causes into their business models. Example: Fashion labels supporting charitable initiatives, promoting fair trade practices, or contributing to social causes through a percentage of sales.
   These emerging values reflect a dynamic and evolving landscape within the Indian fashion industry, mirroring global trends while maintaining a distinct cultural identity.