The Role Of Ethics And Social Responsibility

Ethics Reflection
Name:
Course:
Professor:
Date Due:
Explain The Role Of Ethics And Social Responsibility In Developing A Strategic Plan, Considering Stakeholder Needs.
A strategic plan is a very essential tool that is supposed to be a roadmap of a Company’s success. Companies aiming to build their assets base and their profitability have found it easier with the use of a strategic plan. However, the plan involves so many things that the management team should consider very seriously. This is because the business has to consider the welfare of the people that they will be dealing with. This is because consumers will want to buy from suppliers or to deal with companies that seem to care about their welfare, apart from just concentrating on making profits (Friedman, 1970). This is where the issue of ethics and social responsibility comes in.
There are those standards and conducts that are generally accepted by a company’s management as preferable in the society. These are business ethics. In the strategic plan, a company is supposed to sit and come up with some code of conduct that the society they operate in will feel comfortable being associated with it. At the same time, the company has a responsibility of coming up with well structured social responsibility activities. These are the things that the company can do to impact the society positively. Various companies are known to support the societies they are situated in.
Importance of Ethics and Social Responsibility in a Company’s Strategic Plan
The business law has coded some of the very basic ethics as rules and regulations that each and every company should follow. This means that if a company operates contrary to the set standards, then they will be on the wrong side of law and if sued by any of the stakeholders, they may be forced to part with a large sum of money as fines. However, companies have benefited even more by adhering the set standards and a...