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Ethics Reflection

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Ethics Reflection Unethical business practices around the world has caused many people to lose faith in how businesses run. This paper will discuss how ethics and social responsibility is important in strategic planning and how it affects stakeholders.
Ethics and Social Responsibility Ethics is knowing the difference between right and wrong, making the right choices and practicing good moral behavior (Ethics, 2014). People deal with ethics on a personal and professional level every day. Ethical decisions affect people’s lives and future, and in the business world can mean the difference between a successful business and a failed businesses. Social responsibility determines how an organization plans to contribute to society around it (Pearce & Robinson, 2013). Social responsibility is as important to an organization as its mission statement. A company must be accepted by the society around them in order to thrive. Many scandals have emerged over the years, none as famous as Enron. Enron opened the eyes to people around the world that unethical decisions can cause a financial crisis with lasting effects. Today investors want to ensure the businesses they invest in are making the right choices, and not practicing unethical business. No one wants to be caught with the business that is cheating its way to the bank with innocent people’s money. When creating a strategic plan, the business needs to consider how it will affect and reflect on all the people involved. Employees, stockholders, consumers, vendors, and the surrounding community are affected by any ethical and unethical choices or decisions made by the business. Businesses need to make a clear statement and understanding that they will not practice any unethical behavior and will not cause any shame to the business or surrounding community. Ethical and social responsibility is important for an...

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