November 5, 2012
Ethics Reflection Paper
Ethics oftentimes determines what is right and what is wrong. It is a moral code that determines values, morals, standards of behavior, principles, and ideas (“Ethic,” 2012). After careful review of the results achieved from the Ethics Awareness Inventory and Ethical Choices, decisions were made that helped to determine my ethical perspective. I will explain the role of ethics and social responsibility in developing a strategic plan, considering stakeholder’s needs. Also, I will explain how my ethical perspective has evolved throughout the course of my MBA program here at University of Phoenix.
Strategic planning involves organizing and developing strategies that the company will be utilizing towards their success. Such strategies involve the creation of a mission and vision statement, policies for the employees to abide by, and decisions to provide companies with success. From the perspective of a stakeholder, the success of the company is their primary concern. However, due to recent business scandals such as the Enron scandal and Bernard Madoff’s Ponzi scheme business ethics has become emergently important. In the Enron scandal, they became bankrupt due to hiding its debts and unethical practices by keeping their accounting and financial documents low key. In Madoff’s case, he was able to defraud investors over $50 billion dollars in the early 2000s (“What is a,” 2012).
As one can see, the role of ethics and social responsibility was a failure in both of these cases. No positive, ethical strategic plan was ever accounted for. Only unethical planning was accounted for which eventually caught up to both of the cases, which further proves their lack for social responsibility by hiding their unethical practices for so long. These two prime examples are key reasons as to why ethics is so important in the role of strategic...