BUSINESS ETHICS PAPER
Ethics in Business Paper
This paper will explain the importance of strong ethical values and explain the role of ethics, social responsibility, and sustainability in organizational strategy. This paper will examine the various types of shareholders that influence a company's strategies and identify at least one example of a company that exemplifies sustainability and social responsibility in their operation.
Role of Ethics, Social Responsibility, and Sustainability on Strategy
Ethics, social responsibility, and sustainability are one of several factors that have a negative or positive effect on an organization's strategy. For example, a company ethical value can have an affect on a company's business policies or code of ethics. This aspect of a company implements policies or procedures. For example, promotion of diversity and the prevention of discrimination among the consumers and employees of their company or organization. Providing a diverse and unbiased company or organization will allow businesses and companies to increase the chance of attracting a wider variety of current consumers, future consumers, investors, and employees to their company, regardless of race, gender, or religious preference.
Maintain a diverse workplace can have a positive effect on a company's credibility and ability to become more creative and innovative with their ideas as they will have a larger group of diverse people to pick from.
Companies can measure their short term and long term strategies by using tools such as metrics to evaluate if a company or organization is achieving their business goals, and ethical standards. When it comes to ethics a company has to monitor their company's public image or creditability levels. Public image is how a company is perceived by consumers or other entities in their market environment. If a company has shown a lack of trust or credibility,