...Ethics and Social Responsibility in Strategic Planning MGT498 Dr. Matt Keogh Ethics and Social Responsibility in Strategic Planning Ethics and social responsibility are concepts used in business all the time when someone is trying to explain that business is not all the time about making a profit. Shareholders in business are a group of people that are directly affected by decisions that organizations make Wheelen and Hunger ask the question, should strategic decision makers be responsible only to shareholder, or do they have broader responsibilities? Sometimes as an organization they must decide if the decisions they make will impact the environment or society at large. Some organizations have rules and policies set up so that they are not violating these ethical and social responsibilities they have over society, such as how to properly waste toxic waste. Strategic planning are steps taken by an organization to come up with a strategy or come up with a direction of where the company wants to go in the future. “The concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit.” (Wheelen T.L. & Hunger J. D., 2010) When corporation come up with a strategic plan they have to think of aspects that are outside of their organization. They have to think of society and the environment as to try and not harm it but make them better. These strategic plans need to make sure that they are not endangering...
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...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, and functional decisions to ensure a company’s success. Since, the company’s success is the vital interest of the stakeholder, certain considerations must be taken into account in the planning process. Ethics are usually seen as “doing the right thing”. In business it can be much more than that. Companies could do all the write things but the outcome could be on that does not benefit everyone; it only benefits a certain group within the organization. For example, stakeholders may have the opportunity to increase their own wealth if they push to merge the company's subsidiaries into the parent company. This merger, however, could limit the company's ability to serve multiple markets, hinder its product diversification or create other problems. This clearly shows that the interest was not in...
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...Ethics Reflection Name of Student Institution Affiliation Ethics Reflection Ethics refer to the moral principles governing a person’s behavior or a group’s behavior, especially at the workplace (Johnson, 2007). In an organization, the workers should relate to each other in a moral manner with aim of working in harmony to accomplish organizational goals. Employees should also relate morally with the customers and other stakeholders. Therefore, an organization finds ethics and social responsibility extremely necessary for organizational growth. Ethics and social responsibility are applicable in the development of an organizational strategic plan considering the requirement of stakeholders (Pearce & Robinson, 2013). This discussion will consider the role of ethics and social responsibility in strategic planning, overall impact of ethics and responsibility on stakeholders, as well as evolution of ethical perspective. Role of Ethics in Strategic Planning Professionals have the responsibility to reflect actively and critically on ethical issues that they experience during their practice (Pearce & Robinson, 2013). A thorough observation of ethics will ensure that an organization attains its objectives, mission, goals, and visions in a way that will give the business a framework and direction. Organizations depend upon ethics when creating guidelines that ensure that the organizational employees work in harmony to accomplish organizational goals. In the...
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...Ethics Reflection Paper Crystal Davis STR/581 September 9, 2014 Pamela Scale Ethics Reflection Ethics and social responsibility occupy an important place in our personal value system. Customer confidence in how business operates has been severely shaken by recent corporate scandals and collapses, such as Enron and bank failures. To be their most successful, companies must consider ethics and social responsibility as critical parts, inherent components of strategic plan. Ethical and social responsibility should be considered as part of the strategic process in profit decisions in order to receive the maximum benefit, of corporate profits. This paper analyzes what ethics and social responsibility are, how each applies to a company’s strategic planning, and the overall impact on stakeholders when ethics and social responsibility is considered in strategic planning. The Role of Ethics in Strategic Planning Reflecting critically and actively on ethical issues is an obligation of every professional. Ethics guarantee that an organization accomplishes its mission, vision, goals, and objectives in a manner that will give a business a sense of direction and framework. Ethics ensure guidelines are created that bind the entire organization into one common thread, govern the action of the organizational employees, and avoid deviation from the desired strategic path. Ethics ensure that strategic plan is prepared as per the best interest of all a company’s stakeholders...
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...Abstract Ethics and social responsibility occupy an important place in our personal value system. Customer confidence in how business operates has been severely shaken by recent corporate scandals and collapses, such as Enron and bank failures. Hence it is important for companies to consider incorporating ethics and social responsibility into their strategic planning. This applies whether a company is involved with customers one-on-one, such as a Taco Bell or Dell, Inc., or their involvement is indirect, through their relationship with their clients, such as newspaper distributor Pogo Distribution Company, or wholesale food seller, Del Monte. This paper analyzes what are ethics and social responsibility, how each applies to a company’s strategic planning, and the overall impact on stakeholders when ethics and social responsibility is considered in strategic planning. The paper will conclude with how my ethical perspective has evolved throughout the program. The Role of Ethics and Social Responsibility in Strategic Planning To be their most successful, companies must consider ethics and social responsibility as critical parts, inherent components of strategic plan. Ethical and social responsibility criteria must be included as part of the strategic process in before-profit decisions rather than after-profit decisions in order to receive the maximum benefit, i.e. corporate profits. The Role of Ethics in Strategic Planning Reflecting critically and actively on ethical...
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...Ethics R Rangel Mgt 498 / Strategic Management January 26, 2012 Jay Sizemore The Role of Ethics and Social Responsibility in Strategic Planning For most companies to be successful, companies must consider many ethical situations and many social responsibilities as critical parts, essential components of strategic plan. Ethical and social responsibility foundation must accommodate parts of the strategic process prior to decisions rather than following-profit decisions to receive the maximum benefit, e.g., corporate profits. The Role of Ethics in Strategic Planning Reflecting critically and actively on ethical issues is an obligation of every professional. To reflect on ethical content or implications in someone’s decisions and actions one must be notable in every appearance of how companies operate. Ethics ensure company’s achieves its mission statement, the vision, present and future goals, and objectives in a manner that he or she gives a company a touch of direction and groundwork. Ethics ensure instructions or protocols are built which binds the entire organization into one common strand, govern the daily activities of the organizational employees, and stay away from deviations from the attraction of the strategic path. Many companies hope ethics are included with the many strategic plans to be formulated as the interest of all the company’s shareholders. This includes employees, vendors, customers or even the society in which the organization or the company...
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...Ethics MGT/498 November 19th, 2012 Dr. Tug Gokaydin, Ph.D., MBA, PMP, CISA, CISM Introduction to Ethics Ethics is known to be a moral philosophy; it involves systematizing, defending, and recommending concepts of right and wrong conduct. Business ethics reflects the philosophy of business, one of whose aims is to determine the fundamental purposes of a company. Company's that’s purpose is to maximize shareholder returns, then sacrificing profits to other concerns could be a violation of its fiduciary responsibility. The role of ethics in business and the social responsibility as it relates to the strategic plan should satisfy the needs of the stakeholders ("Ethics", 2012). The Role of Ethics in Business Making decisions in business is critical and being ethical when making those decisions is vital to the integrity of the company and the individuals making the decisions. There are many ethical theories to choose when making decisions. Moral systems give a unique perspective on situations and can help to predict the outcome of a decision. Managers and business owners should consider various schools of thought when ethically making decisions. The function by identifying the consequences of each action, not only for the person taking the action, but for everyone else involved. The effects of the decision by mentally calculating and weighing the costs and benefits to the company or department affected. Look at the benefit to establish solutions that...
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...Chapter One Scope of Strategic Management 1 Major Issues to Consider Global considerations impact virtually all strategic decisions. E-commerce has become a vital strategic management tool. The natural environment has become an important strategic issue. 2 Strategic Management Defined Art and science of formulating, implementing, and evaluating crossfunctional decisions that enable an organization to achieve its objectives. 3 Terminology “Strategic Management” Synonymous with “Strategic Planning” • Strategic management Used more often in academia • Strategic planning Used more often in the business world 4 Terminology Strategic management Refers to: Strategy formulation Strategy implementation Strategy evaluation Strategic planning Refers to: Strategy formulation 5 Brief History 1950s Term strategic planning originates 1960s – 1970s Strategic planning very popular Widely viewed as panacea for problems 6 Brief History 1980s Strategic planning cast aside Planning models did not yield higher returns 1990s–2000 Revival of strategic planning Widely practiced in business world 7 Strategic-Management Process Three Stages Strategy Formulation Strategy Implementation Strategy Evaluation 8 Strategy Formulation Vision & Mission Opportunities & Threats Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection 9 Strategy Implementation Annual Objectives Policies ...
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...Boeing Management Planning Heather Oetzel MGT 330 October 22, 2012 Joe Cheng Abstract Boeing is known as “the world’s leading aerospace company and the largest manufacturer of commercial jetliner and military aircraft combined ("The Boeing Company: About Us", 2012). Every company uses different types of management techniques including how the planning function of management is used. Planning allows organizations to develop how the customers’ needs can be met, what is expected out of the company, and the environment. The structure of management helps accommodate the need for experience and expertise on important factors. Some of these factors are legal issues, ethics, and corporate social responsibility instead of just focusing on the profits. This paper covers the planning function of management, the influences of legal issues, ethics, and corporate social responsibility on management planning, and factors that influence the company’s strategic, tactical, operational, and contingency planning. Boeing Management Planning Boeing is known as “the world’s leading aerospace company and the largest manufacturer of commercial jetliner and military aircraft combined ("The Boeing Company: About Us," 2012). Every company uses different types of management techniques including how the planning function of management is used. Planning allows organizations to develop how the customers’ needs can be met, what is expected out of the company, and the environment. The structure of...
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...Ethics Ethics in a corporation is a matter of following the rules and conditions of the company sponsoring one for employment or doing business with different corporations. The corporations have to keep in mind that any actions or decisions they may take if for the worst to the better it will affect the company as a whole, the stakeholders, and the employees whom it involves along with other businesses that are associated with the corporation. It is mainly the social responsibility of the corporations to make such decisive actions toward the company. Ethics and Social Responsibility in Strategic Planning Ethics and social responsibility are similarities to one another in different scenarios when having or developing a strategic plan. When a corporation goes through various decisions that have to make an action toward a situation, it needs a strategic plan because it does affect the employees, the corporations as a whole and the corporation’s stakeholders. When deciding about strategic social responsibilities it “means going beyond the letter of the law to truly accomplish good in the world and reduce the negative impacts of doing business”(Ingram 2012). Ethics of course takes the big understood as the rights of doing something accordingly that will be beneficial for the whole. According to Aminah Abdullah: “Ethics refer to the fundamental principles of an individual or a group. Social responsibility is how a business...
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...Strategic Initiative FIN/370 Finance for Business Strategic Initiative Microsoft like many other organization have developed a very strong systemic approach in order to achieve success. This systemic approach incorporates strategic planning with financial planning so that goals associated with these types of planning can help to strengthen operations, control the net value of the organization to stay in line with meeting profit goals, setting priorities to meet expectations, and ensuring that employees from the CEO downwards including the stakeholders are all working towards to help the company meet both their long-term financial obligations as well as short-term financial obligations. In this paper we will be describe how the relationship between strategic and financial planning can help Microsoft meet business needs while focusing on the needs of their customer wants. STRATEGIC PLANNING INITIATIVES AFFECTING FINANCIAL PLANNING There are several things that Microsoft must do in order to stay afloat and grow within itself. When it comes to the market price Microsoft does have to lower their prices this is mainly because their our other competitors that have come out with similar product and order to beat them and draw more business they need to lower the process. Besides the market price there are other things that can cause a decrease such as sales, volunteer’s price reduction, operating cost, advertisement, sales incentives. Also with the decrease it can cause lower...
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...Ethics Reflection Chris Rodgers University of Phoenix Strategic Planning and Implementation STR/581 Terry Pancake November 11, 2013 Ethics Reflection 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 also receive applicable consideration, including the brief consideration of the evolved viewpoints of the student during the completion of his or her MBA studies at University of Phoenix. The Role of Ethics and Social Responsibility “Ethics refers to the specific values, standards, rules, and agreements people adopt for conducting their lives” ("What Does "ethics" Mean?", para. 1, 2013). As strategic managers incorporate ethics into the development of a strategic plan, the company can expect notable results and achievements. Social responsibility along with ethics forms the foundation of a well-devised strategic plan that takes into consideration the diverse requirements of internal and external stakeholders. Ethics and social responsibility support the needs of stakeholders through a company’s...
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...Social Responsibility in Ethics and Developing a Strategic Plan Sean K. Kerr University of Phoenix STR/581 March 3, 2014 Stephen Mersereau Social Responsibility in Ethics and Developing a Strategic Plan Ethics signify to the essential principles of an individual or a certain group. Social responsibility by definition is how a business accomplishes its activities to meet its obligations towards the local environment and society. This can be accomplished by the business avoiding activities that will be harmful because of the footprint the business is currently using or leaves behind. Strategic planning is a crucial first step in the business world in which senior leadership defines the corporation’s direction, strategy, and overall policymaking. Social responsibility and ethical values serve as an imperative part in the strategic planning development. Aside from ethics and social responsibility, stakeholders need to be taken into consideration as well. Stakeholders in Addition to Social Responsibility All leadership should guarantee and ensure that strategic assessments are reached after taking into the overall impact to the stakeholders. Stakeholders generally are usually one of the following: patrons, suppliers, societies and everyone who is possibly disturbed by the activities of the corporation. Generally a socially conscientious corporation treats stakeholders proportionately. Broader viewpoints should also be considered in terms of environmental and social impact...
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...Management Planning MGT/330 Management Planning Proper planning permits organizations to develop into the type of business that will meet the needs of the customer, the company, and the environment. As opposed to just focusing on profits, companies need to focus on the need for expertise and experience needed to take on important issues such as legal issues, business ethics, and corporate social responsibility. Management structure helps them accomplish this goal. It is wise to consult professionals experienced in these fields to counsel upper management on these issues. A proper business plan is needed in order for a company or organization to evolve. In this paper I will cover corporate social responsibility on planning, the influences of legal issues, business ethics, the influences of legal issues, the planning function of management, and analyzes at least three factors that influence the company's operational, strategic, tactical, and contingency planning. The Planning Function of Management Boeing is a multinational company that started in 1916 as the Pacific Aero Products Company. The management plan that William Boeing started has continuously evolved with the times as the function of Boeing Company has changed. In the beginning William Boeing had to secure a loan using his personal finances in order to pays his employee’s wages. In their early days the Boeing Company produced furniture, dressers, and counters for other businesses. By flying mail...
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...Management Planning Paper MGT/330 November 15, 2010 Management Planning Paper The planning functions of management are very important in the business word and there are certain factors that can affect these functions. Factors that can affect the planning functions are Economic, Political, Social, Cultural, Competition, Legal Issues, Ethics, and technology. Strategic, Tactical, Operational and contingency planning are the planning functions of management. This paper will focus on the planning functions of management and how certain factors affect Boeing’s management planning. The first function of planning is strategic. According to Bateman and Snell (2009) “Strategic planning involves making decisions about the organization’s long-term goals and strategies” (Bateman & Snell, p 137). Tactical planning breaks down broad, long-term goals into specific goals and plans to a specific division of the company. Tactical planning concentrates on major actions that a unity in a company must take to accomplish part of the strategic plan. The time frame for tactical goals is usually up to three years. Operational planning takes place at a lower level part of the company and it occurs when specific procedures and processes are acknowledged. Last the contingency planning is an alternative plan that will be used when the original plan fails because of external environment obstacles (Bateman & Snell, 2009). Boeing is a company that manufactures commercial...
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