...Ethics and Social Responsibility in Business Strategic Planning MGT/498 June 20, 2014 Company stakeholders may not only be investors in a company they may also have voting power that can influence the social and financial impact of a company. With this voting power comes a social responsibility to the employees, customers and anyone associated with the company. The company's bottom line is not the only thing that must be considered when using their influence to shape company goals. Ethics, social responsibility and planning Strategic planning is the process of creating a mission statement, vision statement, policies, and functional decisions to ensure a company’s success. Since, the company’s success is the vital interest of the stakeholder, certain considerations must be taken into account in the planning process. Ethics are usually seen as “doing the right thing”. In business it can be much more than that. Companies could do all the write things but the outcome could be on that does not benefit everyone; it only benefits a certain group within the organization. For example, stakeholders may have the opportunity to increase their own wealth if they push to merge the company's subsidiaries into the parent company. This merger, however, could limit the company's ability to serve multiple markets, hinder its product diversification or create other problems. This clearly shows that the interest was not in...
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...Ethics Reflection Name of Student Institution Affiliation Ethics Reflection Ethics refer to the moral principles governing a person’s behavior or a group’s behavior, especially at the workplace (Johnson, 2007). In an organization, the workers should relate to each other in a moral manner with aim of working in harmony to accomplish organizational goals. Employees should also relate morally with the customers and other stakeholders. Therefore, an organization finds ethics and social responsibility extremely necessary for organizational growth. Ethics and social responsibility are applicable in the development of an organizational strategic plan considering the requirement of stakeholders (Pearce & Robinson, 2013). This discussion will consider the role of ethics and social responsibility in strategic planning, overall impact of ethics and responsibility on stakeholders, as well as evolution of ethical perspective. Role of Ethics in Strategic Planning Professionals have the responsibility to reflect actively and critically on ethical issues that they experience during their practice (Pearce & Robinson, 2013). A thorough observation of ethics will ensure that an organization attains its objectives, mission, goals, and visions in a way that will give the business a framework and direction. Organizations depend upon ethics when creating guidelines that ensure that the organizational employees work in harmony to accomplish organizational goals. In the...
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...Ethics Reflection Paper Crystal Davis STR/581 September 9, 2014 Pamela Scale Ethics Reflection Ethics and social responsibility occupy an important place in our personal value system. Customer confidence in how business operates has been severely shaken by recent corporate scandals and collapses, such as Enron and bank failures. To be their most successful, companies must consider ethics and social responsibility as critical parts, inherent components of strategic plan. Ethical and social responsibility should be considered as part of the strategic process in profit decisions in order to receive the maximum benefit, of corporate profits. This paper analyzes what ethics and social responsibility are, how each applies to a company’s strategic planning, and the overall impact on stakeholders when ethics and social responsibility is considered in strategic planning. The Role of Ethics in Strategic Planning Reflecting critically and actively on ethical issues is an obligation of every professional. Ethics guarantee that an organization accomplishes its mission, vision, goals, and objectives in a manner that will give a business a sense of direction and framework. Ethics ensure guidelines are created that bind the entire organization into one common thread, govern the action of the organizational employees, and avoid deviation from the desired strategic path. Ethics ensure that strategic plan is prepared as per the best interest of all a company’s stakeholders...
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...Abstract Ethics and social responsibility occupy an important place in our personal value system. Customer confidence in how business operates has been severely shaken by recent corporate scandals and collapses, such as Enron and bank failures. Hence it is important for companies to consider incorporating ethics and social responsibility into their strategic planning. This applies whether a company is involved with customers one-on-one, such as a Taco Bell or Dell, Inc., or their involvement is indirect, through their relationship with their clients, such as newspaper distributor Pogo Distribution Company, or wholesale food seller, Del Monte. This paper analyzes what are ethics and social responsibility, how each applies to a company’s strategic planning, and the overall impact on stakeholders when ethics and social responsibility is considered in strategic planning. The paper will conclude with how my ethical perspective has evolved throughout the program. The Role of Ethics and Social Responsibility in Strategic Planning To be their most successful, companies must consider ethics and social responsibility as critical parts, inherent components of strategic plan. Ethical and social responsibility criteria must be included as part of the strategic process in before-profit decisions rather than after-profit decisions in order to receive the maximum benefit, i.e. corporate profits. The Role of Ethics in Strategic Planning Reflecting critically and actively on ethical...
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...Ethics Ethics in a corporation is a matter of following the rules and conditions of the company sponsoring one for employment or doing business with different corporations. The corporations have to keep in mind that any actions or decisions they may take if for the worst to the better it will affect the company as a whole, the stakeholders, and the employees whom it involves along with other businesses that are associated with the corporation. It is mainly the social responsibility of the corporations to make such decisive actions toward the company. Ethics and Social Responsibility in Strategic Planning Ethics and social responsibility are similarities to one another in different scenarios when having or developing a strategic plan. When a corporation goes through various decisions that have to make an action toward a situation, it needs a strategic plan because it does affect the employees, the corporations as a whole and the corporation’s stakeholders. When deciding about strategic social responsibilities it “means going beyond the letter of the law to truly accomplish good in the world and reduce the negative impacts of doing business”(Ingram 2012). Ethics of course takes the big understood as the rights of doing something accordingly that will be beneficial for the whole. According to Aminah Abdullah: “Ethics refer to the fundamental principles of an individual or a group. Social responsibility is how a business...
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...Ethics MGT/498 November 19th, 2012 Dr. Tug Gokaydin, Ph.D., MBA, PMP, CISA, CISM Introduction to Ethics Ethics is known to be a moral philosophy; it involves systematizing, defending, and recommending concepts of right and wrong conduct. Business ethics reflects the philosophy of business, one of whose aims is to determine the fundamental purposes of a company. Company's that’s purpose is to maximize shareholder returns, then sacrificing profits to other concerns could be a violation of its fiduciary responsibility. The role of ethics in business and the social responsibility as it relates to the strategic plan should satisfy the needs of the stakeholders ("Ethics", 2012). The Role of Ethics in Business Making decisions in business is critical and being ethical when making those decisions is vital to the integrity of the company and the individuals making the decisions. There are many ethical theories to choose when making decisions. Moral systems give a unique perspective on situations and can help to predict the outcome of a decision. Managers and business owners should consider various schools of thought when ethically making decisions. The function by identifying the consequences of each action, not only for the person taking the action, but for everyone else involved. The effects of the decision by mentally calculating and weighing the costs and benefits to the company or department affected. Look at the benefit to establish solutions that...
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...Social Responsibility in Ethics and Developing a Strategic Plan Sean K. Kerr University of Phoenix STR/581 March 3, 2014 Stephen Mersereau Social Responsibility in Ethics and Developing a Strategic Plan Ethics signify to the essential principles of an individual or a certain group. Social responsibility by definition is how a business accomplishes its activities to meet its obligations towards the local environment and society. This can be accomplished by the business avoiding activities that will be harmful because of the footprint the business is currently using or leaves behind. Strategic planning is a crucial first step in the business world in which senior leadership defines the corporation’s direction, strategy, and overall policymaking. Social responsibility and ethical values serve as an imperative part in the strategic planning development. Aside from ethics and social responsibility, stakeholders need to be taken into consideration as well. Stakeholders in Addition to Social Responsibility All leadership should guarantee and ensure that strategic assessments are reached after taking into the overall impact to the stakeholders. Stakeholders generally are usually one of the following: patrons, suppliers, societies and everyone who is possibly disturbed by the activities of the corporation. Generally a socially conscientious corporation treats stakeholders proportionately. Broader viewpoints should also be considered in terms of environmental and social impact...
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...Ethics R Rangel Mgt 498 / Strategic Management January 26, 2012 Jay Sizemore The Role of Ethics and Social Responsibility in Strategic Planning For most companies to be successful, companies must consider many ethical situations and many social responsibilities as critical parts, essential components of strategic plan. Ethical and social responsibility foundation must accommodate parts of the strategic process prior to decisions rather than following-profit decisions to receive the maximum benefit, e.g., corporate profits. The Role of Ethics in Strategic Planning Reflecting critically and actively on ethical issues is an obligation of every professional. To reflect on ethical content or implications in someone’s decisions and actions one must be notable in every appearance of how companies operate. Ethics ensure company’s achieves its mission statement, the vision, present and future goals, and objectives in a manner that he or she gives a company a touch of direction and groundwork. Ethics ensure instructions or protocols are built which binds the entire organization into one common strand, govern the daily activities of the organizational employees, and stay away from deviations from the attraction of the strategic path. Many companies hope ethics are included with the many strategic plans to be formulated as the interest of all the company’s shareholders. This includes employees, vendors, customers or even the society in which the organization or the company...
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...Ethics Reflection Chris Rodgers University of Phoenix Strategic Planning and Implementation STR/581 Terry Pancake November 11, 2013 Ethics Reflection Current course readings emphasized the importance of ethical behavior by companies. The word “ethical” has gained more power in the last decade because of foul practices from companies such as Enron, Arthur Anderson, and WorldCom. The unethical behavior of company executives has caused in-depth company reviews by stakeholders no matter the size or reputation of the company. This paper concisely analyzes the important role of ethics and social responsibility as it pertains to the development of a strategic plan. Stakeholders’ concerns also receive applicable consideration, including the brief consideration of the evolved viewpoints of the student during the completion of his or her MBA studies at University of Phoenix. The Role of Ethics and Social Responsibility “Ethics refers to the specific values, standards, rules, and agreements people adopt for conducting their lives” ("What Does "ethics" Mean?", para. 1, 2013). As strategic managers incorporate ethics into the development of a strategic plan, the company can expect notable results and achievements. Social responsibility along with ethics forms the foundation of a well-devised strategic plan that takes into consideration the diverse requirements of internal and external stakeholders. Ethics and social responsibility support the needs of stakeholders through a company’s...
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...Ethics reflection paper Introduction Ethics is the fundamental principles of an individual or a group. Business ethics refers to the study of business policies and practices. Social responsibility refers to how a business performs its activities to meet its wider obligations toward the society and environment. Strategic planning in the corporate world is considered to be a very important step. Social responsibility as well as ethical values in the strategic plan process are deemed to serve as an important role. The paper will explore the role of social responsibility and ethics in the business world. The role of ethics According to www.investopedia business ethics refers to the study of proper business policies and practices. There are several important issues to be aware of, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities. (4) Business ethical principles are no difference than general ethical principles that is judged with the same right and wrong standards that are judged in society. Ethical factors have a great impact in the way businesses are ran today. The role of ethics may differ depending on which point of view is used. Ehow.com states that the ethics role and purpose is to control the human ego. Simply put, ethics is a system of thought that has as its end the process of organizing the aspects of personality such as drives, attitudes and aims into a balanced whole within the...
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...Ethics Reflection Paper Student Name STR 581 Date Instructor Name Ethics Reflection Paper Ethics is vital code of conduct in a person’s daily life as it has an important role in the organization. While a business start the procedure of strategic planning considering the code of ethics has got utmost importance. Communal responsibility is influenced during the planning strategies as it focuses on stakeholders needs of a business is satisfied. An organization is recognized by their mission; but the company’s mission approaches towards communal responsibility. Every group in a company presents their variable interests and outlook. Through various stages an organization is able to recognize, understand, settle and synchronize the demands for defining their communal responsibility. This particular paper is subjected towards analyzing the operations of ethics and communal responsibility, and their application in developing planning strategies, considering requirements of the stakeholders. Ethics and Social Responsibility In a company ethics can be said as an essential tool used for helping the workers in the company for understanding them the way of conduct in a company environment. This must combine both the standards and the values employed by the organization. When planning strategies are formed in a company, it must specifically focus on the expectations of the company which has been set for the employees focus making them know their way of conduct. By setting up of...
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...Ethics Reflection Paper Ethics and social responsibility are fundamental constituents in the creation of a strategic plan while bearing in mind stakeholder essentials. As such, ethics and social responsibility should be considered as an indispensable strategic priority within business organizations. Performances, actions, and ethical intentions of others are likely influential factors at any given time when decisions are made and also guided by principles of the business. Fair-minded organizations are the end result of individual personal commitment of the duty accomplished in the business. An ethical and respectable judging business experience in the work environment is linked to high performing cultures (Williams Institute). The decisions leaders make determine the work environment in which they operate. This paper will explain the role of ethics and social responsibility in developing a strategic plan, considering stakeholder needs, and explain how ethical perspective has evolved throughout the program. Ethics in Organizations An organization needs to adhere to ethics in order to effectively implement its mission, vision, and objectives in a way in which offers a solid foundation to management and their subordinates to properly develop and implement its strategies. By doing so, the organization as a whole is essentially subscribing to one commonality that directs all of the actions of the employees of the organization. Additionally, it assists in preventing such employees...
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...Ethical Reflection Ethics and social responsibility are key factors when planning one’s personal life or planning for the success of a business. When companies develop strategic plans, they must consider what role ethics will play and how social responsibility will affect the plan keeping stakeholders need at the forefront. If businesses and individuals are making a conscious effort to display ethical behavior, ethical perspectives and beliefs should evolve over time. Ethics and Social Responsibility According to Pearce and Robinson (2011) “ethics refers to the moral principles that reflect society’s beliefs about the actions of an individual or a group that are right and wrong” (p. 74). To ensure employees understand the rules and make good ethical decisions, a company’s plan should encompass the beliefs and values that the business and their employees view most important. Before developing a strategic plan for a company, managers must take into consideration the company’s mission. This mission statement can be used by the company as a way to show employees and customer what the company hopes to accomplish. According to Pearce and Robinson (2011) “The mission statement is a message designed to be inclusive of the expectations of all stakeholders for the company’s performance over the long run” (p. 21). The mission and vision statements can be the baseline for goal-setting and strategic planning while keeping ethics at the core of all decisions. Pearce and Robinson...
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...Problem The Role of Ethics and Social Responsibility when developing a strategic plan - consider stakeholder needs Ethics paper: write 700 - 900 word paper in which you do the following: explain the role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas. *include at least one example of a company overstepping ethical boundaries for stakeholder agendas, and what types of preventative measures could be taken to avoid this type of situation. Solution Loss of employment and retirement funds, double bonuses, tax evasion, and the dark side of office politics are some of the challenges affecting organizations like a virus causing professionalism and efficiency to be questioned. Walker and Lanis (2009) found that an organization influences and is influenced by the society within which it operates (Cengage, 2009); therefore, an organization needs to take into consideration issues such as product safety, regulations, legal, ethical and economic responsibilities to the society within which it functions. One of the methods which could be used to do so is to integrate ethical and socially responsible techniques in an organization’s strategic plan whilst taking into consideration the needs and agendas of stakeholders. This concept is supported by Drozdenko, and Jin (2010) who suggested core values and beliefs exhibited at the strategic level influences decision making and outcomes throughout an organization. The...
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...Ethics MGT 498 November, 2012 Ethics Edward O Wilson, an American biologist and theorist proposed that in the end, success or failure will come down to an ethical decision; one on which those now will be judged for generations to come (ThinkExist, 2012). Organizations require members to adhere to the established guidelines and ethics to maintain compliance with internal and external directives. The ability of the company to remain profitable without sacrificing ethics is a competitive advantage that will ensure consumer loyalty and enhance its reputation. Additionally, ethical decision-making contributes to a company’s fulfillment of corporate social responsibility. This analysis will describe how ethics and social responsibility influence the development of a strategic plan. Furthermore, it will provide an example of an unethical action and present an alternative method for handling the situation. Influence of Ethics The Free Dictionary.com (2012), defines ethics as a set of principles of right conduct or standards governing the conduct of a person or the members of a profession (Ethics). Although many believe that ethics and business cannot exist simultaneously, the cost of unethical behavior in organizations is unacceptable. According to Wheelen and Hunger (2010), a survey by the Ethics Resource Center of 1,324 employees of 747 U.S. companies found that 48% of employees surveyed said that they had engaged in one or more unethical and/or illegal actions during the...
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