Values determine what people consider to be good or bad for a civilized society. In relation to business, social values define the objectives of business as well as the manner in such business affairs should be conducted. In the light of the social values, we can evaluate policies and practices of a business. For example, an important value of our society is honest dealings. That means the society does not approve of the sale of adulterated goods, use of false weights, hoarding of goods or black marketing in goods.

Some examples of values followed by top management of companies include the following:

•    Service to customers
•    Innovation and creativity
•    Safety of product and processes
•    Honesty
•    Loyalty to company
•    Achievement
•    Gender equality.

In business organizations, values are held at various levels and they all interact constantly to give shape to the business value system. These levels are:

1.    Individual Values. The members of business firm hold their own values regarding their personal conduct in business. These values constituted the base of business values.

2.    Group Values. he values held by formal as well as informal groups in the organization are of great importance in determining overall organizational values. It is important to note that the group business values may or may not be in agreement with individual. For example, the value system of an individual employee may not approve of ‘wages without work’ or ‘even, go sloe’, but the may be an active member of an informal or even a formal group lending support to such a conduct by the employees of the firm.

3.    Top Management Values. The business values at the organization level emerge form objectives, policies, philosophy of the top management and the culture of the organization.

4.    Environmental Values. The various environment constituents of business also hold norms and values of good business. These constituents are inventors, lenders, customers, employees, suppliers, government, and the society as a whole.

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