What is the essence of 'business ethics'?

The essence of 'business ethics' lies in being a set of principles that guide the conduct of individuals and organizations in the business environment. These principles encompass the values, standards, and norms that govern how businesses should operate ethically and responsibly.

Business ethics is critical because it establishes the groundwork for appropriate behavior in various situations that arise in the business context. This framework helps in decision-making processes and in fostering a culture of integrity, accountability, and transparency within the organization. By adhering to business ethics, companies can build trust with stakeholders, including employees, customers, suppliers, and the broader community, leading to sustainable success.

In contrast, the other options focus on profitability, compliance, or performance strategies but do not encapsulate the core concept of ethics in business, which emphasizes moral principles rather than solely external rules or profit motives.