Different approach to Business Ethics

The different approach to business ethics are as follows:

Utilitarian approach: 

Some ethicists emphasize that the ethical action is the one that provides the most good or does the least harm, or, to put it another way, produces the greatest balance of good over harm. The ethical corporate action, then, is the one that produces the greatest good and does the least harm for all who are affected -- customers, employees, shareholders, the community, and the environment. Ethical warfare balances the good achieved in ending terrorism with the harm done to all parties through death, injuries, and destruction. The utilitarian approach deals with consequences; it tries both to increase the good done and to reduce the harm done.

Moral Rights Approach:

choose whether or not selections and actions area unit to keep with the upkeep of elementary individual and cluster rights and privileges. And conjointly includes the rights of men to life and safety, a customary of honestness, privacy, freedom to specific one conscience, freedom of speech, and personal property.

Social Justice Approach 

Justice as an ethical approach is where all humans are treated equally through society, regardless of rank, position, class, creed, or race. This is also known as the fairness approach in business ethics theories. If people are not treated fairly -- such as one employee receiving higher compensation than another -- a justifiable reason must exist, such as higher technical skills or the exclusiveness of a job position.

Reference

Pearce II, J. A., & Robinson Jr., R. B. (2011). Strategic Management. Formulation, Implementation and Control (Twelfth Edition). New York, USA: McGraw-Hill Companies.