1.
Law is the minimum set of guidelines that is to be followed by the business person or firm. But, a society needs more and it is very important for business to create value for the target audience or society that benefits the majority of the people. It is an ethical consideration that is morally right in the society. So, the business person or firms should think beyond the laws regarding what best can be done for the people while conducting a business. For example, the laws prescribe an insurance agent to let the customer read and understand the insurance policy before issuing it. But, it is the moral responsibility of the agent to explain the policy and give those policies that can cater the insurance needs of the customer, rather issuing the policy that can bring more incentive to the agent. Hence, the insurance agent has to think beyond the scope of laws and help the person and it creates value. So, thinking only about the laws, is a wrongful thought.
2.
Specialized knowledge helps the person to identify the impact of the product or action upon the consumers. Experts can read the ethical implications well in advance. It will help to bring the necessary changes in the product that is not only lawful, but also going to benefit the consumers. So, ethical considerations are managed using the specialized knowledge.
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