Ethics and Social Responsibility in Strategic Planning Dissertation Example

Free Ethics and Social Responsibility in Strategic Planning Dissertation Example

Role of Ethics and Social Responsibility in Strategic Planning Your Name School Name Role of Ethics and Social Responsibility in Strategic Planning The strategic plans of large organizations tend to affect a wide variety of people and groups. Therefore, these organizations should carefully draft their strategic plan to accommodate these publics. The people who are affected by the actions of the company directly or indirectly are called stakeholders. The foremost aim of any organization is to satisfy its stakeholders by performing appropriate operations which benefit the latter. The management of the organization, while carrying out the process of strategic planning, has to look at many aspects. The first one is the economic aspect of a decision. To fulfill the stakeholder demands, the company has to be financially viable. Following that, the company also has to take into account the legal considerations that may be associated with a strategic decision (Tayşir & Pazarcık, 2013). However, another important aspect that companies take into account in the strategic planning process is ethics and social responsibility. With increasing awareness, the organizations have to take into consideration these aspects as well. Since strategic planning is related to long-term goals, the effect of ethics on these plans is clear. The companies have to inject the values in the planning process to ensure that the results are not only profitable but also ethical. The work of Tayşir and Pazarcık (2013) states that the companies have become increasingly aware of the business ethics in the strategic planning process. It is a result of the fact that many cases have occurred showing the lapse of companies in this regard which finally pushed those companies into ruin. In addition to that, the company’s financial performance is also affected by ethics. This is attributable to people’s tendency to favor the organizations that focus on business ethics as well. Hence, the ...