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In order for a "best practice" to be valid, it must take into account all relevant approaches, since neglecting to do so would lead to inappropriate usage of the term "best." Comparing sample practices may yield a good practice, but may also be altogether unreliable, depending on how the sample was selected. [4]
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper. [citation needed]
"The basic message of Built to Last and other similar books is that good managerial practices can be identified and that good practices will be rewarded by good results. Both messages are overstated. The comparison of firms that have been more or less successful is to a significant extent a comparison between firms that have been more or less ...
The good practices may include the following: maintaining a good working condition, creating a healthy relationship with the stakeholders and providing accurate and honest information about the products or services. Through these SMEs practices, there are potential business benefits on employees, customers, society, and business performances. [11]
Unfair business practices (also Unfair Commercial Practices) describes a set of practices by businesses which are considered unfair, and which may be unlawful. It includes practices which are covered by other areas of law, such as fraud , misrepresentation , and oppressive or unconscionable contract terms.
Good pharmacovigilance practice (GVP), for the safety of produced drugs; Good regulatory practice (GRP), for the management of regulatory commitments, procedures and documentation; Collectively, these and other good-practice requirements are referred to as "GxP" requirements, all of which follow similar philosophies. Other examples include good ...
These practices are often considered illegal or unethical and can harm consumers, other businesses and the broader economy. Anti-competitive behavior is used by business and governments to lessen competition within the markets so that monopolies and dominant firms can generate supernormal profits and deter competitors from the market.
Noteworthy examples of sustainable business practices that are often part of corporate sustainability strategies can include: transitioning to renewable energy sources, implementing effective recycling programs, minimizing waste generation in industrial processes, developing eco-friendly product designs, prioritizing the adoption of sustainable ...