We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Role of ethics responsibility in developing strategic plan while considering stakeholder needs and agendas - Essay Example

Comments (0) Cite this document
Summary
Role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas Ethics in business is an important consideration and aim for the interest of stakeholders, creditors and investors. Besides, social responsibility is another goal that the corporate strategy must include while establishing business unit(s)…
Download full paperFile format: .doc, available for editing
Polish This Essay91.7% of users find it useful
Role of ethics responsibility in developing strategic plan while considering stakeholder needs and agendas
Read TextPreview

Extract of sample
"Role of ethics responsibility in developing strategic plan while considering stakeholder needs and agendas"

Download file to see previous pages The need to make strategies in accordance with business ethics and taking care of stakeholders’ financial investment in a responsible manner is a must for any corporation (Kotler and Lee, 2004). The company’s top management ensures social responsibility by contributing toward social causes and charity and spends a portion of revenues on helping the society work effectively. Also the management takes charge of those who could not find work or are permanently unemployed by offering job opportunities and providing a secure work package in their firm (Werther and Chandler, 2010). Therefore, a corporation goes a long way in acting in a responsible manner for the betterment of a society by ending unemployment and general poverty level. It is also the duty of the company’s top management to allocate the funds appropriately to be used for the social betterment. Furthermore, the ethical issues also include taking care of environment by refraining from spreading pollution through industrial waste. The ethics also lies in providing such goods and services to stakeholders that is beneficial for them and not harmful in any way (Werther and Chandler, 2010). One of the most important agenda to be taken care of for the social responsibility ensuring is the accuracy of financial statements of the firm. The case of Enron represents a worst example of crossing of ethical boundaries by its ever-famous accounting scandal. Enron was found guilty of fraud by producing fake financial reports for external users. It resulted in a big loss on the part of owners, stakeholders and employees of the firm when it got bankrupt. It happened because of the top management of the firm who was responsible for creating falsified accounting records of the company’ business transactions. They presented a bright picture of the firm through creating reports in which they showed the firm in profits when actually it was in big losses. It lost trust of stakeholders badly and made a history where unethical business activities are associated with Enron (Baron, 2009). In order to prevent such unethical happenings in the world of business again, it is important to first take care of the financial reports that reaches potential customers or stakeholders. It is because these reports are a way to demonstrate the company’s financial position and investors use these reports as a guide to make decision about their preferences of companies in the market. It can be made possible by communicating the financial condition of a company is an accurate manner without leaving room for errors. Not only in preparing accounting records the management also needs to take care of other matters that make a company sensitive to ethical issues. The main thing is the way to communicate the social effectiveness of the firm to stakeholders as different people have different opinions about various products and services a company offers (Baron, 2009). In case of British American Tobacco, some people would not consider the goal of firm as of being socially responsible because of the product it is offering, that is, cigarette, however, the company has other policies such as protecting environment to show that it is ethical and socially responsible firm (Hollender, et. al., 2010). Therefore, taking care of the needs and preference o stakeholders is very important and other thing is to communicate the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Role of ethics responsibility in developing strategic plan while Essay”, n.d.)
Role of ethics responsibility in developing strategic plan while Essay. Retrieved from https://studentshare.org/management/1433146-ethics-paper
(Role of Ethics Responsibility in Developing Strategic Plan While Essay)
Role of Ethics Responsibility in Developing Strategic Plan While Essay. https://studentshare.org/management/1433146-ethics-paper.
“Role of Ethics Responsibility in Developing Strategic Plan While Essay”, n.d. https://studentshare.org/management/1433146-ethics-paper.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Stratigiec planning in Tourism and leisure(To critically assess the theory and practice of strategic planning for Tourism)
Based on statistics circulated by the United Nations World Tourism Organization (UNWTO), international tourist arrivals climbed up to 924 million in 2008. However, this declined by almost four percent or 880 million in 2009 and a six percent decrease in tourism receipts mainly because of the global recession and the H1N1 epidemic.
17 Pages(4250 words)Essay
Multi-Stakeholders Issues Assessment for Global Organizations
Between a selfish free for-all in which we ignore the fate of the losers, and a future in which the strong and successful accept their responsibilities, showing global vision and leadership.” ~ Kofi Annan, UN Secretary-General, January 1999 (World Economic Forum, 1999) Introduction 21st century has observed a paradigm change in the public perception of multi-national corporations a shift away from idolizing capitalism and maximizing shareholder value.
16 Pages(4000 words)Essay
Business Questions on Ethics, Strategic Plan etc
The rules of ethics are formulated keeping in view the welfare and well-being of the society. There are numerous sources of the rules of ethics, the prime among which include but are not limited to religion, customs, and traditions. Religion is the most important source of ethics.
4 Pages(1000 words)Essay
Ethics Paper
Unless the company operates in an ethically responsible manner to its employees, customers and other stakeholders, it will not be able to maintain stakeholder relations effectively. Therefore the company needs to make ethics a component of its organizational culture and this is achieved by making ethics an important part of the strategic plan.
3 Pages(750 words)Research Paper
The Role of Corporate Responsibility and Ethics in the Workplace
According to the report it is wise to consider both real-life and hypothetical examples of companies in an effort to determine whether certain behaviors are ethical, and to make decisions about future courses of actions. This particular case study looks at a company named PharmaCare, which is a hypothetical pharmaceutics company.
7 Pages(1750 words)Essay
Strategic Management - Stakeholder analysis
Sony had originally defined its business as, “electronic information” and refused to go beyond this specific niche and engage in other ventures. This policy of non
4 Pages(1000 words)Essay
Meeting Stakeholder and Quality needs
For an social work manager, internal stakeholders will usually be social workers, managers, councilors and finance staff members. External stakeholders will usually be service users, provider agencies, government agencies and CQC
6 Pages(1500 words)Essay
Role of Stakeholder Paper
These four stakeholders include the manufacturers, the wholesalers, logistic partners and the retailers. A supply chain would not be able to provide quality and hence manage it if its stakeholders do not understand the philosophy behind ensuring
2 Pages(500 words)Essay
Developing a strategic plan
The outcomes I was seeking with this idea was to provide a better selection of healthy meals. This included adding food to the menu. By offering a variety of food to the students, the Institute will have more attraction for the pupils. Taking care of pupils that
2 Pages(500 words)Essay
Ethics Paper
uggest that the modern businesses are quite different from their counterparts from the past since the former often rely on Ethics not only while carrying out their daily operations, but also while developing strategic plans. This allows economy be guided by conventional values
3 Pages(750 words)Essay
Let us find you another Essay on topic Role of ethics responsibility in developing strategic plan while considering stakeholder needs and agendas for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us