This website uses cookies to ensure you have the best experience. Learn more

Ethics And Social Responsibility In Business Strategic Planning

850 words - 4 pages

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, ...view middle of the document...

The needs and desires of stakeholders may not align with those of the consumers for which the company produces products. An example for this would be a company that produces high-optioned vehicles for low prices might be able to squeeze more profit out of customers by charging for the options, but it would alienate its customers. Stakeholders must consider the social impact of their segmentation, targeting and positioning (STP) in the marketplace. (Schiffman, Kanuk, Wisenblit 2010). The company's STP is the type of customer to which it sells products (segment), the advertising method it uses to reach that customer (targeting) and the current marketing advantage it has among competitors in the industry (positioning).
Monitoring and auditing is critical to ensure that a company is socially responsible. A company can significantly limit its tax burden by storing profits in off-shore bank accounts. However, this practice might put the company in a legal gray area that could make potential investors stay away. Stakeholders have to insist on company transparency and adherence to industry norms to avoid breaking their unwritten social contract to consumers. Employee pay, safety, health quality and job security might sometimes rest in the hands of stakeholders. It is the social responsibility of the stakeholder to ensure that the employees of the company work under the best conditions available. A company could potentially increase its profits by working employees harder for less pay, but the effects on the employees would be negative. Stakeholders must push for profits and employee satisfaction, simultaneously.
An example of an unethical behavior for a company or individual was when ImClone's stock price dropped...

Other assignments on Ethics And Social Responsibility In Business Strategic Planning

Personal And Social Ethics Essay

1244 words - 5 pages by saying “do what it takes” and dangling bonuses in their faces. 6. Were Lee Anne’s actions immoral? Unethical? Illegal? * Immoral- violating moral principles; not conforming to the patterns of conduct usually accepted or established as consistent with principles of personal and social ethics. Due to her reputation, I believe that Lee Anne’s actions were not immoral. Obviously Lee Anne wanted hard and fast results. She didn’t seem

Ethics In Business Essay

819 words - 4 pages been described as principles and standards of behavior that are expected of individuals in business. There are various philosophical approaches to decision making in business. One of the most popular philosophical approach to ethics in business is the consequentialist approach. According to this school of thought, a decision ought to be analyzed to ensure that the benefits of making that particular decision outweigh the possible harm that can be

Business Ethics In Workplace

489 words - 2 pages Business ethics in workplace Nowadays in many workplaces managers have to deal with several ethical and moral issues such as harassment, theft and equality. Along with the management role, managers have to make sure they maintain a good amount of moral and ethical values. Managers have to show fairness to all employees. Harassment is one of the biggest ethical and moral problems managers are faced with today. Also, it does not matter what

Ethics In Business Communication

459 words - 2 pages Ethics and Credibility in Business Communications In 2009, Toyota was accused of ignoring safety concerns in regards to faulty brakes and acceleration pedals which sent the car manufacturer into a public relations crisis. Toyota continued to blame the sticking pedals on faulty floor mats, not electrical error and was found to delay the recall process in order to save money. In order to avoid a massive recall, Toyota ignored Consumer complaints

Introduction To Ethics And Social Responsibility

851 words - 4 pages Review : Some Moral Minima Morality has been an issue that several societies around the world have tried to decipher and label, based on diverse sociology thesis. Morality is described as the acceptable code or behaviors and choices in the content presented or society. On the contrary, the term moral minima is considered to compliment or be as congruent with morality. " The advent of civilization has given room to various forms that moral

Business And Management Kantian Ethics

1704 words - 7 pages are not people, they are organizations created for the sole purpose of making a profit; meaning, their judgments and their sense of right and wrong is deeply embedded in their loyalty to the stock holder, which means, morality is clouded by profit. Social Responsibility In an age in which environmental and social issues are among the first for many consumers, corporations can no longer exist in a vacuum. In other words, even if the only

The Role Of Ethics In Business Evolution

1680 words - 7 pages The Role of Ethics in Business Evolution Reconciling works of Managerial Literature, Business Ethics Writer and Catholic Social Teaching, Domènec Melé argued that a firm should be considered as a wholesome person and suggested the ethical implications of his view (Melé, 2012). The concept that a firm should be regarded as a legal person, and not just a profit seeking entity, was brought forth by the House of Lords in the (Salomon v. A. Salomon

Business Ethics Study Poerty In America

1606 words - 7 pages Week 3 Case Study 3.3 Poverty in America Stacey Curry Business Ethics Upper Iowa University Professor Kalai McHan TRY TO TURN POVERTY TO POSITIVE In the time of the Great Depression back in 1930’s, where a time where four million Americans had fallen into poverty. Then in 2008 the economy experienced a serious economic meltdown crisis and recession, at this time 44 million adults now live below the poverty line officially defined as an

Computers And Ethics In The Workplace

311 words - 2 pages Computers and Ethics in the Workplace Executive Summary This paper discusses issues with ethics that have derived in the workplace as a result of the use of business computers. The definition of computer ethics is simple; they are a set of moral principles that intend to help with the regulation of the use of computers. Some common problems with computer ethics consist of privacy concerns, intellectual property rights, and the way computers

Business Model And Strategic Plan Part I: Conceptualizing A New Product Or Service Division Of An Existing Business

3061 words - 13 pages out and use professional selling. In business they usually say, “Nothing happens until someone sells something”, this could not be any truer ("Professional Selling", n.d.). The company cannot continue to pay their payroll and spend on research and development if the product is not selling. The company just needs to decide how they will sell their product. Different Promotional Strategies The Pet Buddy Company has decided to go

Why Was Central Planning Abandoned In Eastern Europe And The Ussr?

2788 words - 12 pages Why was central planning abandoned in Eastern Europe and the USSR? Abstract “If a universal mind existed, of the kind that projected itself into the scientific fancy of Laplace – a mind that could register simultaneously all the processes of nature and society, that could measure the dynamics of their motion, that could forecast the results of their inter-reactions – such a mind, of course, could a priori draw up a faultless and exhaustive

Similar Documents

Babbitt Ranches: Governance And Strategic Planning In Family Business

1210 words - 5 pages , ethical decisions generate and maintain trust, demonstrate respect, responsibility, fairness, and caring, and are consistent with good citizenship. Ethics is effective in guiding the organizations objectives as they relate to the corporate strategy. The case study; is about the mercantile and ranching industry leader Babbitt Ranches for analyzes of the ethics within the family business as it relates to their corporate strategy. It was the

Business And Corporate Social Responsibility Research Paper

1413 words - 6 pages Responsibility, how corporate social responsibility is capable of enhancing corporate reputation and some of the main strategic decisions which are faced by various business organizations in their strive to improve or enhance their performance of Corporate Social Responsibility. These research objectives are, therefore, clearly analyzed through addressing the following research questions. 1.2 Research Questions: 1. What are some of the roles

Management Planning And Ethics Essay

1240 words - 5 pages faithfulness to accounting standards failed when the firm gained more profit than it truly should have and senior executives shredded relevant documents related to its audit of Enron. The lawyer for Enron Corporation sued Arthur Andersen and the company lost its reputation and its business collapsed. Thus, the planning of Arthur Andersen failed. Legal Issues, Ethics, and Social Responsibility Legal issues, ethics, and social

Corporate Responsibility In Business Essay

4077 words - 17 pages stockholders’ interest, and the changing nature of the stockholders. In addition, we covered ethical dilemmas that investors, managers, analysts, brokers and employees confront in business. We went into depth analyzing case studies, researching and discussions on these current events that affected the core of business ethics at work, in society and on a global level. Our first week, we discussed Corporate Responsibility in society and business