Introduction to Values and Ethics 

Class Discussion: Begin with questions like, “What are values?” and “Why do you think ethics are important?”

• Define Values: Explain that values are the principles or beliefs that guide how we act. They are fundamental principles or beliefs that direct people’s actions and choices. Values stand for what an individual, organization, or business views as significant, appealing, or deserving of pursuit. Our priorities, attitudes, and behaviors are shaped by our values.

• Define Ethics: Ethics are the rules that help people decide what is right and wrong. Ethics contributes to the determination of what is right or wrong, fair or unfair, acceptable or unacceptable. It gives a framework for making decisions in situations where values may be in conflict or where there is uncertainty.

• Example: Share simple, real-life examples of values, like honesty, kindness, and responsibility.

Dangers of Wrong Values and Ethics 

Class Discussion: Explain the dangers of having the wrong values or ignoring ethics, including:

• Loss of Trust: Customers stop buying from businesses that lie or cheat.
• Legal Problems: Unethical actions can get a business into trouble with the law.
• Poor Reputation: People will remember a business for its bad actions.
• Ignoring ethics can lead to dishonest behavior, eroding personal integrity.
• Disregarding ethics in the workplace can damage personal or organizational reputations.
• Wrong values, like favoritism or exploitation, foster resentment and reduce team morale.
• Wrong values, such as exploitation or dishonesty, drive employees to leave, increasing recruitment costs.

Examples: Describe a scenario of a business overcharging or lying about its product quality. HealthyGlow Skincare has launched a new anti-aging product named YouthRenew.” The product is marketed as a new formula with “clinically proven” benefits that decrease wrinkles by 90% in just 30 days. According to the firm, the cream comprises rare, expensive ingredients collected from foreign regions, which justifies its exorbitant price of $200 per jar.

In reality, the cream’s production cost is $10 per jar. The corporation drastically raises the price by inflating the substances’ rarity and effectiveness. The “clinically proven” assertion is unsubstantiated. The company never conducted valid scientific trials and made up testimonies from “dermatologists.”

Ask the class how this might affect the business in the future.