Importance Of Ethics In Strategic Planning

Ethics are a set of moral principles that guide personal or group behavior. Ethics is actually a discipline of philosophy, and is sometimes referred to as ethical theory, moral theory, philosophical ethics, and moral philosophy. On the contrary, business ethics integrates the core elements of ethical philosophy into business activities, institutions, and organizations. Business ethics focuses on the study of moral standards-of right and wrong- and how these standards are applied (or not) to the production, distribution and utilization of goods and services. These standards are applicable to both individuals within an organization and the organization as a complete entity. It’s very evident that corporate ethics is much more complex than ethics alone. There are five important issues of ethics and social responsibility in the strategic planning process. They are the social responsibilities to the stakeholders, transparency, independence, respect, and fairness and truthfulness.

The strategic decisions of a large multinational corporation have the potential to impact millions of people across the globe. Failing to recognize the widespread impact of these decisions could result in negative

Constructive comments are a must in order to develop more intellectual conversations, but they should also be dealt with in a manner where no one will be offending in any way. Relationships are a very important key in strengthening the strategic planning process and also resulting in better decision-making.

During the planning process, the team should take a fair and truthful look at the possible risks and impact of decisions reached. These need to be thoroughly considered to maintain the welfare of the stakeholders such as employees and the society at large. Members should be truthful and frank in providing ideas and