Ethics and Social Responsibility

1313 WordsJul 21, 20136 Pages
Ethics and Social Responsibility MGT/498 February 26, 2013 Ethics and Social Responsibility Companies, such as Enron and WorldCom brought new awareness of the terms ethics and social responsibility. Thus, corporations are including ethics as part of the company’s strategic planning objectives (Cato Institute, 2013). This writing will assess the role of ethics and social responsibility in developing a corporate strategic plan. Further, the considerations of stakeholder needs, and agendas while developing said plan will also be addressed. In addition, an assessment of the Martha Stewart and ImClone scandal, along with preventative measures against similar future scandals is also provided.…show more content…
In a preventive measure against said scandal, Martha Stewart could have been more forthcoming and admitted to wrong doings earlier. Illustrating the characteristics of honesty and transparency in business allots the essential tools for ethics and social responsibility. The case would have gone a little easier on her if she had not altered phone records and documents as well. Stewart only stood to lose $40,000, as this is a small sum compared to the millions she has. This is also an illustration of greed and power, which drives this unethical behavior. Prior research is also a preventive measure as well as implementing an environmental scan, which is the first step in strategic planning, used to scope businesses or products before taking risks (Wheelen, & Hunger, 2010). Conclusion With the assessment of ethics and social responsibility, one has a broader view of its importance not only in business but also in one’s personal life as well. Practicing the fundamentals of good ethics will aid in eliminating numerous business scandals within global markets. This writing has assessed the role of ethics and social responsibility in developing a corporate strategic plan. Further, the considerations of stakeholder needs, and agendas while developing said plan has also been addressed. In addition, an assessment of the Martha Stewart and ImClone scandal, along with preventative measures against similar future
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