...function of ethics and social responsibility is the creating of a strategic plan while reflecting on the stakeholder’s desires and plans. Ethics is the study and values of human behavior with an importance of knowing right from wrong. Business ethics is the principles, values, and standards that primarily direct the actions of a company. Principle values are distinct boundaries of behavior, those of which are both universal and absolute. Values help in developing shared socially enforced things such as integrity, trust, and credibility. Social Responsibility Social responsibility comprises the acting with concern and sensitivity, aware of the impact of a person’s actions on others, particularly the disadvantaged. Social responsibility is the social contract between the business and society. Role of Ethics in Strategic Planning Strategic planning is important in an environment that has become so unstable. (Wheelen, Hunger, & Bamford, 2015) No business can function properly unless it has a well-defined structure in which divided tasks are among groups, each group headed by a person in authority. Whereas it is impossible to lay down a structure universally applicable, it is reasonable to summarize some of the qualities that a real working business structure will have. The organization and the groups into which the structure is broken down must clearly have stated achievable objectives. The parties involved must be kept fully informed of these goals. The person(s) at the summit...
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...strategies for your business, Monsanto, through identifying the key problems and issues and provide you with a stakeholder management strategy that I find would be most effective for you and your organization. I will mainly be discussing the ethical dilemmas of sustainability faced by your company and the potential impacts its can have on you stakeholders. Stakeholders are any group or individual who can affect or is affected by a firms objectives. Firms and organisations are better able to achieve their strategic objectives if they engage with their stakeholders. With engaging with stakeholders it is also a building block for better decision-making and minimizing negative impacts on third parties and doing the right thing. Stakeholders don’t have to be equity shareholders. They can also be your employees, communities, pretty much anyone who has a stake in your company’s success and incentive for your products to succeed. They can be business partners, who rely on your success to keep the supply chain going. Therefore it is important to engage stakeholders in business activity as they have the power to hold a viable “stake” in your company. It is important to engage with stakeholders to keep a good relationship with them. Stakeholders can have a negative and or a positive effect on the organization. A positive attitude makes it easier for the organization such as Monsanto to create potential sponsors, where as a negative attitude can create potential blockers. Monsanto is one of the...
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...1. Does Monsanto maintain an ethical culture that can effectively respond to various stakeholders? No, it does not. Monsanto have tried, but still fails to even create an ethical culture that can effectively respond to various stakeholders. Considering how many problems over how long of a time Monsanto has made them, they constantly get legislation regarding their product passed in countries, including America, through unethical means. However, the company used the concept of Social Responsibility and Business Ethics to create a reputation value to various stakeholders. For instance, Monsanto gave fifteen million dollars to Donald Danforth Plant Science Center to do crop research in Africa. Also, the fund helped Brazilian children to maintain good health and basic hygiene. In addition, Monsanto supported students who want to study agriculture. But, Monsanto Company’s regulation had become financial burden to many farmers. Farmers who buy seeds from Monsanto could not save for future plant. Else, Farmers will have to pay for Monsanto when they find out. Furthermore, Monsanto produced products that involved in the risk of animals and human health. Some of Monsanto’s actions should considered moral temptation. 2. Compare the benefits of growing GM seeds for crops with the potential negative consequences of using them. Benefits: - Farmers could expect better yields if they used GM seeds. - Farmers can now grow more crops in smaller amount of land which in effect would increase...
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...Monsanto Attempts to Balance Stakeholder Interests 1. Does Monsanto maintain an ethical culture that can effectively respond to various stakeholders? In my opinion, no. Monsanto has tried, but fails to even create an ethical culture that can effectively respond to stakeholders. Considering how many problems over how long of a time Monsanto has created them, they continually get legislation regarding their product passed in countries, including The United States of America, through unethical means. Their product in itself harms the stakeholders they have identified in both direct and indirect ways, from endocrine disrupting, teratogenic, and carcinogenic effects, as well as the weakening of the life support systems of our planet. Before an ethical culture can be achieved, an ethical product must be considered and implemented within the organization (Ferrell, 2015, page. 384). 2. Compare the benefits of growing GM seeds for crops with the potential negative consequences of using them? The benefits of growing genetically modified seeds could be an amazing opportunity for humanity to create unparalleled abundance. They represent a product of hundreds of years observing life and studying it, reducing it down to its parts to understand it. Given time, nearly any gene could be expressed in any organism to help facilitate adaptation to new, emerging conditions. However there are some major problems. The first is the amount of study of the effects of these technologies is in...
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...Monsanto and the Moral Challenge Surrounding Genetically Modified Products Ethics and Humanity: Company Case Briefing Monsanto and the Moral Challenge Surrounding Genetically Modified Products The “good company” operates with four pillars in mind, each a different level for the firm to exhibit its corporate social responsibility. First, the company must ensure its commitment to the health, safety, productivity and profitability of its own employees. Second, the company must be actively customer-focused, establishing clear and open lines of communications and trust, while also demonstrating a duty of care in their operations. Third, the company must be globally-oriented towards the industry as a whole. And fourth, the company must display an investment in their own community. At each of those levels—the individual employee, the customer, the industry and the community, the “good company” should endeavor to uphold its own corporate pledge to deliver results while also taking responsibility for its activities. Applying this framework to Monsanto is a precarious task, but below we will examine the moral challenge that the company faces currently, identifying key stakeholders, and discerning the possible moral outcomes to its many challenges. Monsanto Company provides agricultural products for farmers in the US and abroad. With nearly 23,000 employees, the company has a history of producing and marketing...
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...Evaluation of a Business Code of Ethics Carla Ugarte PHL/323 10/11/12 G. Edward McCullough Business Code of Ethics In every industry, business and organization the importance are made from the quality of work that holds value. Mistakes can be formed from detrimental errors created. Solutions that are performed and behaviors that are presented hold the same value. Monsanto concurs the surroundings of importance with contributing attributes and to be proactive with the initiative of each area involved in company policy. Code of conduct With a commitment to involve ethically and mature standards to employees, community members, our customers, other key stakeholders, and the Public environment states the Monsanto Pledge. Give the definition on decision-making and what we believe in. To perform with foundation of integrity we stand by. Integrity includes transparency, decency, and courage. With commitment to building on those values, we encourage: • Dialogue: Transpire your direction for future readiness. • Respect: Express knowledge for cultural of event and individuals • Clear Transparency: Information will remain relevant for acknowledgement • Sharing: Share knowledge for instructions and direction. • Own your stake: Own up to your role and set points among your instruction • Workplace: Diverse your portfolio for sharing in the environment of earning. (Monsanto 2010) Issues of problem solving The code of conduct Monsanto defines is one of commitment...
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...2014 Ethics Having strong ethics in business, which comprise integrity honesty, and equality, play a significant role in the administration of a flourishing business as this role of a business process allows for a characterization in the differences between incorrect and correct principled conduct. Furthermore, having strong ethical standards help an organization in gaining a competitive advantage (Johnson, 2008), and it ensures that the workforce is following the established rules and code of conduct by the leaders of her or his organization. To increase the importance of strong ethical significance, this paper will clarify the role of ethics, sustainability, and social responsibility in relative to an organizations strategy. Furthermore, consideration will be given to the assortment of shareholders that control a business stratagem. Lastly, classification will be given to at least one (or more) examples of a company that exemplifies social responsibility and sustainability in their daily functions. Ethics, Social Responsibility, and Sustainability Ethics, social responsibility, and sustainability are several factors that traditionally have an effect (either negative or positive) on the strategy of an organization’s. For example, a business’s ethical value can have an extensive influence on many levels an organization: ➢ Public Image and credibility: image is how a business is viewed by the entities or people within their environment...
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...UNIT 2 COMPLETION QUESTIONS: Monsanto Balances Environmental & Ethical Factors CASE SUMMARY: Summarize the key facts of the case in a paragraph. Monsanto Company is the world’s largest seed company specializing in biotechnology or genetic manipulations or organisms (Ferrell, Gatewood, Gatewood, & Taylor, 2010). Scientist of Monsanto spend numerous hours modifying crops, inserting new genes or adapting existing genes within plant seeds, to meet certain aims; for example, higher crop yields or insect resistance. Their seeds have increased quantity and availability of crops, and help all farmers worldwide increase food production and revenues. Monsanto was started in 1901 by John F. Queeny, selling food additives, food extracts, and artificial sweeteners to different companies. Times changed and in the seventies, Monsanto marketed its first roundup herbicide that would propel the company even more into the public’s consciousness. However, it did do that, but within a few years after the introduction of Agent Orange which contained carcinogenic chemical dioxin, Monsanto had legal problems and a lawsuit was filed in 1979 by veterans who claimed they had been harmed by the chemical. Monsanto and other manufacturers agreed to settle for $180 million. The leaders of Monsanto decided a new focus was needed and in 1981 the company made a change focusing on biotechnology. With this new quest, the company began selling soybeans, cotton, and canola seeds if they...
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...cases, how these intangibles within business organizations could interact with those organizations’ various external constituents or stakeholders should be stressed in the very beginning. As the cornerstone of the corporate strategy, risk management plays a crucial role in promoting business ethics and social responsibility. Since any failure to appear in business integrity could result in a ruin of reputation, both of employers and employees should commit themselves to maximize returns to their shareholders. Therefore, how to evaluate and control the risk within corporations has become the center of business development. Strengthening customer loyalty and investors’ confidence could differentiate companies from their competitors mainly by improving intra-organizational ethics. On the contrary, ignoring business ethics from the companies could encourage their major competitors to use that against them, thus resulting in an enormous loss of share in the market. In addition, taking the initiative in business ethics could allow corporations to avoid interruption of taxation and regulation. Conversely, the dishonest business acting is possible to force the company into litigation or penalization by the law agencies of local governments. However, merely concentrating on the intra-organizational ethics could underestimate the influence of extra-organizational force. The propriety of legal enforcement and monitor systems can also facilitate the business ethics within corporations. Without...
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...Abide by Your Code of Ethics | Skill Set: Economics | TOPIC OR UNIT OF STUDY | Business Ethics and Social Responsibility | CONTENT STANDARD(S) AND OBJECTIVE(S) | Students will * point out the areas in which businesses demonstrate social responsibility and ethics. * recognize consumerism. * determine current trends to improve the workplace for employees. * research how regulatory agencies protect consumers, workers, and the environment. | INTRODUCTION | Review with students how to prepare unbound reports. Have a class discussion of the 4 components of social responsibility and ethics. Discuss how business people use values to make decisions that are acquired through family, educational, social and religious institutions. Discuss business code of ethics and how it serves as a guideline to help managers and other employees in any organization make better decisionsStudents will conduct on-line research of 5 major corporate websites in order to write a code of ethics for a fictitious company they will create. The students will then describe how these ethical guidelines relate to any or all of the four (4) components of social responsibility. Students will look at 2-3 companies that have practiced unethical behavior. The students will make a multi-media presentation to the class describing any relationship between their company’s code of ethics and the four components of social responsibility. | ESSENTIAL QUESTION | What is ethical behavior and social responsibility...
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...Manager The Organization What Is Social Responsibility? Organizational Stakeholders The Ethic of Sustainability and the Natural Environment Evaluating Corporate Social Performance Economic Responsibilities Legal Responsibilities Ethical Responsibilities Discretionary Responsibilities Managing Company Ethics and Social Responsibility Ethical Individuals Ethical Leadership Organizational Structures and Systems Ethical Challenges in Turbulent Times Economic Performance Social Entrepreneurship Managerial Ethics and Corporate Social Responsibility LEARNING OBJECTIVES After studying this chapter, you should be able to do the following: 1 2 3 4 5 6 7 Define ethics and explain how ethical behavior relates to behavior governed by law and free choice. Explain the utilitarian, individualism, moral rights, and justice approaches for evaluating ethical behavior. Describe how individual and organizational factors shape ethical decision making. Define corporate social responsibility and how to evaluate it along economic, legal, ethical, and discretionary criteria. Describe four organizational approaches to environmental responsibility, and explain the philosophy of sustainability. Discuss how ethical organizations are created through ethical leadership and organizational structures and systems. Identify important stakeholders for an organization and discuss how managers balance the interests of various stakeholders. 118 Manager’s Challenge Timberland is known for great shirts...
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...became better known for its unique trading businesses. Besides buying and selling gas and electricity futures, it created whole new markets for such commodities like coal, water, electricity, gas etc... At the end of 2001 it was revealed that its reported financial condition was sustained substantially by institutionalized, systematic, and creatively planned accounting fraud. According to Thomas (2002), the drop of Enron's stock price from $90 per share in mid-2000 to less than $1 per share at the end of 2001, caused shareholders to lose nearly $11 billion. And Enron revised its financial statement for the previous five years and found that there was $586million in losses. Enron fall to bankruptcy on December 2, 2001. During this fraud persons who were involved were CFO, Andrew Fastow, chairman of the board, Kenneth Lay, CEO, Jeffrey Skilling. 2. Q-1 What are the systemic, Corporate nd individual issues raised by this case ? In the Enron fraud mainly involve persons are Andrew Fastow Enron and another one person is Arthur Anderson and then many other like jeff skilling and other. In this case in terms of systemic...
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...Corporate Sustainability and NGO-Activism: The Case of Corporate Watch Description and analysis of the mission, concept and impact of Corpwatch Corpwatch is an independent non-profit organization dealing with environmental, social and other topics. Therefore investigative research and journalism is practiced to inform public about environmental issues and to increase transparency. The organization was founded in 1996 in the San Francisco Bay Area. The project was started by the Tides Center and is led by a six-member Executive Committee of the Advisory Board. The foundation from which the organization emerged and evolved was the book, The Corporate Planet: Ecology and Politics in the Age of Globalization, written by 's founder Joshua Karliner, and published by Sierra Club Books in 1997. Another strong affiliated organization are the Friends of the Earth International. CorpWatch puts itself as a part of a diverse global movement for human rights, social justice, environmental sustainability, peace, corporate transparency and accountability. The Mission The vision of Corpwatch is to promote human, environmental, social and worker rights at the local, national and global levels by making corporate practices more transparent and holding corporations accountable for their actions. Actions, decisions, and policies undertaken and pursued by private corporations are seen with a huge impact on public life without public control, but only few mechanisms to hold them...
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...PART A: THE BUSINESS ORGANISATION, ITS STAKEHOLDERS AND THE EXTERNAL ENVIRONMENT Study Guide A1 The purpose and types of business organisation (a) (b) (c) (d) (e) Define ‘business organisations’ and explain why they are formed. Describe common features of business organisations. Outline how business organisations differ. List the industrial and commercial sectors in which business organisations operate. Identify the different types of business organisation: (i) (ii) (iii) (iv) (v) Commercial Not-for-profit Public sector Non-governmental organisations Cooperatives Intellectual level K K K K K A2 Stakeholders in business organisations (a) Define stakeholders and explain the agency relationship in business and how it may vary in different types of business organisation. Define internal, connected and external stakeholders and explain their impact on the organisation. Identify the main stakeholder groups and the objectives of each group. Explain how the different stakeholder groups interact and how their objectives may conflict with one another. Compare the power and influence of various stakeholder groups and how their needs should be accounted for, such as under the Mendelow framework. K (b) (c) (d) (e) K K K K EXAM FOCUS POINT This chapter lays the foundation for an understanding of what organisations are and how they are controlled. These topics represent a higher level of knowledge. According to the Study Guide you must be able to apply knowledge to exam...
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...Responsibility 2 August 2013 Abstract Though there are business leaders and philosophers that object to the belief or need of exhausting time, money or resources for the welfare of its people, be it consumers or employees, data indicates that those who do recognize their noblesse oblige will prosper (BP, pg 149). Practicing ethical business operations has been a talked about subject since the eighteenth and nineteenth centuries. Whether it is sustainability or social responsibility, approaches to business ethics have yet to be standardized. At the peak of today’s ethical environmental dilemmas stands Monsanto, the organization that prides itself on the ability to create sustainable agriculture. There are also scandals with regard to scrupulous or fraudulent investors, such as Bernard Madoff, who prosper at the expense of trusting individuals. Lending institutions have also taken advantage of the financially ill-informed consumers who have lost their homes and in some cases their families and lives as a result of subprime lending practices (cite). Toyota, who was once known as one of the world’s fastest growing auto makers (cite) deliberately ignored the safety of its consumers in effort to continue maximizing its profits. Organizations lacking business morals must understand that responsibility does not rest on one source, but rather it should be a collaborative effort between the companies, governments, and individuals (Business Ethics). Until standardized practices are followed...
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