University of Phoenix
Strategic Planning and Implementation
November 11, 2013
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 ...view middle of the document...
This helps address the needs of company stakeholders: stockholders, executives, employees, customers, vendors, communities, and government. Ethical guidelines associated with laws and regulations help legitimize a strategic plan because both internal and external stakeholders can trust that the company is performing up to government standards. Utilizing research such as a SWOT analysis, demographic study, market selection, and environmental study to devise a strategic plan also ensures the company’s ethical efforts in looking after each of its stakeholders. Socially responsible companies use their codes of conduct and ethical guidelines to meet all stakeholders’ needs equally.
Evolvement of Ethical Perspective
According to the Williams Institute Ethics Awareness Inventory, the student’s ethical perspective aligns with “character.” This means that the student wants to take pride in company decisions. To do this, the student must think of others. During the MBA journey, the student has realized a change in his ethical values and beliefs. Originally, the idea of “self” and “self-preservation” ruled in decision-making. However, the curriculum has provided insight into the reasoning behind working with others or putting others first to achieve a common goal. Managers constantly must deal with moving parts, changing laws, and different individual interests. Conducting business in an ethical, selfless manner puts things in perspective as well as gives the company a goal and meaning. By following codes of conduct, a company can easily achieve promising success for all stakeholders involved with the company. Unethical practices have shown to harm each stakeholder involved as well as cause detrimental damage to the company. In cases like Enron, the damage cannot be recovered from. The student realizes that doing what is right may not...