Ethics and Social Responsibility/ Explain the role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas.

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Ethics and Social Responsibility in Strategic Planning

Corporations when faced with difficult decisions have to keep in mind that the decisions that need making not only affect the corporation and the employees that work for the corporation, but it affects the corporations' stakeholders, and the public communities. The decisions made still need to keep the best interest of everyone involved without losing more of the corporation than what needs to be lost.

The role of ethics and social responsibility

Corporations have a great deal of responsibility to their stakeholders to make the best decisions for them as possible. However, the decisions should not be unethical that the reputation of the corporation is jeopardized. "Ethical responsibilities of an organization's management are to follow the generally held beliefs about behavior in society (Wheelen and Hunger, p. 58)." The courtesy to the community and the stakeholders of informing those affected of layoffs, closing business, or any other act that directly affects those involved is not required but expected on a society thought basis.

This act allows the people to adjust to the upcoming events gradually as oppose to suddenly and prevents anger and hostility toward the corporation. This is the portion of the social responsibility that the corporations have to the community where making a profit isn't as important as how the affects of dramatic change can take a toll on the communities that rely on the business for their needs.

Over stepping ethical boundaries

The Enron scandal is most likely the most talked about scandal to this day. Those involved and those who listened will always remember the impact it created on Corporate America. Top executives actions were in the form of "off-balance sheet partnerships used to hide the company's deteriorating finances, revenue from long-term contracts being recorded in the first...