Question

Why is ethical practice important? Discuss in 50–80 words.

Answer 1

Ethical practice is important :-

1.It creates a strong loyalty among the customer thereby increase the customer base results in increase of sales.

2. Ethical practice will make the company's reputation as it  make positive impact on the public by doing good deeds for the society.

3. Ethical practice helps to survive in the cut throat competition where only those survive who have strong business image among the customer.

4. Consequently it increase profit when loyal customer attracted by the reputation and competitor are wiped out and that's somehow creates monopoly in the market.

5. It retain the employees thereby Reducing the labor turnover and recruitment cost.

6. Ethical practice create market base that attract the investors.