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What is Ethical and legal aspects of management?
Ethical refers to a set of values and principles that make up a person’s moral code. One’s personal morals form a code of conduct for an individual. In the world of business, it means a set of principles or values that guide a company to achieve its goals and satisfy its customers. Business ethics should be practiced in all the departments, like marketing, product development, production, quality control, customer services, pricing, and many other areas. Legal refers to a system of rules and principles that make up a company’s policy and guidelines. Its purpose is to protect the company from legal liability. When in the operation of a business, we need to understand the relationship of the business to law.
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