Dr. John Olmstead
Companies and organizations have many plans and goals that are set and chased after year in and year out. The main objective in the end is profits and a company cannot stay afloat if it isn’t profitable. Every company has its ways of being profitable. Ethics plays a large role in a company’s success and could make or break a company in the long run if the company does not practice responsible ethics.
Having proper ethics is very important in our ever day life and now with consumers it is important that our companies and organizations are also acting with proper ethics. Some believe that ...view middle of the document...
These are the reasons it is important to includes all parties during a strategic plan.
There are four main responsibilities for managers stated by Archie Carroll and those are economic responsibilities, legal responsibilities, ethical responsibilities, and discretionary responsibilities (Wheelen & Hunger, p. 70, 2010). Each main responsibility can be very important in planning and should be in the companies thoughts during the thought of strategic planning. Economic responsibilities are to provide the consumers with a good and good value product so the company can pay back its debtors through profits. Legal Responsibilities are defined by governments and in laws that management is expected to obey (Wheelen & Hunger, p. 70, 2010). Ethical responsibilities are when the company reaches out to the community and helps the community during hard times. Discretionary responsibility is the responsibilities taken on when the company supports charities, etc.
Toyota Motor Company and its Ethical issues
Toyota Motor Company in 2010 had an ethical situation where the company seemed to have dodged all provided questions about the issue at hand. Toyota Motor Company during this time was going through some issues with faulty working parts and parts just not performing at all in some cases (Bohnwagner 2010). This caused the social media to get involved and during...