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Str 582 Ethics

In: Business and Management

Submitted By silentplaya13
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STR 581
Week 1
Ethics Reflection Paper

Ethics, as defined by the MintzbergGhoshal, Lampel, & Quinn, 2003, is acquisition of values and goals, not of methods. Acting ethically is coming to know the difference between what is right and wrong, and doing the right thing. Social responsibility goes hand-in-hand with ethical decision-making, as social responsibility is the obligation to act in an ethical way. Ethics and social responsibility are required when developing a strategic plan especially when considering the stakeholders. In this paper, the subject will discuss the role of ethics and social responsibility in developing a strategic plan and analyze how my ethical perspective has evolved throughout my MBA program.

Stakeholders of a company include those with any interest in the firm such as the shareholders, managers, employees, customers or suppliers. Each has their own duties to be socially responsible. Shareholders responsibility is to make sure there is good return on investment. For managers and employees fair pay and good working conditions constitute social responsibility. And customers deserve fair prices and good quality products. Conflict may occur between shareholders and stakeholders, which is where proper ethical decisions need to be made. Some companies establish ethical committees to ³establish some kind of routine for probing into the general ethical climate of the firm´ (Mintzberg,Ghoshal, Lampel,& Quinn, 2003, p.299). Codes of conduct are also used to establish in what manner to act. Ethics needs to be integrated into a company¶s mission statement, value statement and strategic plans. If the strategic plan describes what the company stands for and what its purpose is, while keeping in mind the company values, it will lead to a strong strategic plan. ³Moral values constitute a truth-forming logic of action (Mintzberg et al, 2003,…...

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