ASSIGNMENT ON ‘ETHICS IN MANAGEMENT’
2) Meaning of Ethics in Management.
3) The Importance and Advantages of Good Business Ethics. 4) Relation between CSR and Business Process Management (BPM) 5) Linking Strategy and Social Responsibility
6) Introduction to the company.
7) Ethics of the company.
8) Iniatives by the company.
9) Milestones Achieved by ITC in CSR
This assignment on the ‘Ethics of Management’ analyzes the aforementioned concept in the light of a century old company, ITC Ltd through a strategic lens. First and foremost the topic has been explained and then by the means of the company and its business practices, the practicality of the concept has been shown. ITC Limited is a conglomerate with headquarters in Kolkata (India), having turnover of Rs.26, 259 crores, pretax profits Rs.6015 crores, has initiated a number of corporate social responsibility initiatives spread over 4 decades. Its market capitalization exceeds Rs. 100,000 crores. It started off as the Imperial Tobacco Company Ltd, A British owned company in Calcutta in 1910, as a single product company. It had successfully expanded its markets through market penetration & development and product development strategies and emerged as a leader in industry. After Independence the Government of India’s policies have put then Foreign Company in a disadvantageous position due to continuous hike in excise duties, the Foreign Exchange Regulation Act 1973 & regulatory pressure to reduce foreign ownership, etc .They changed name to India Tobacco Company ltd in 1970 and Indian share capital increased to 40% in 1974.the name changed to I.T.C Limited in line with their diversification strategies in view of changing environment. In 1975 they entered into Hotel business, followed by entry into paperboard business in 1977 ITC witnessed feverish strategic activities. Shri Y.C Deveshwar took over as chairman in 1996. ITC moved rapidly to apply the economic momentum of e-Chou pal (2000) to solve urgent social and environmental tasks. ITC launched Mission “Sunehra Kal”, a rural capacity building programmed fostering local initiatives to develop water and forest resources, open up new non-farm livelihoods, empower women economically and expand primary education. ITC's aspiration to be an exemplar in sustainability practices is manifest in its status as the only company in the world of its size and diversity to be 'carbon positive', 'water positive' and 'solid waste recycling positive.' In addition, ITC's businesses have created sustainable livelihoods for more than 5 million people, a majority of whom represent the poorest in rural India. In line with this strategy, ITC has expanded its FMCG portfolio to include items of daily consumption relevant to rural markets in a manner that leverages in-house capabilities. The company has also forayed into the branded Packaged Foods Business. It draws upon the unique sourcing capability of the ITC e-Choupal, the cuisine expertise of ITC Welcome group and the traditional strengths of trade marketing and distribution to provide distinct source of competitive advantage in the market place .The ITC has not only fulfilled economic, legal, ethical and discretionary social responsibilities but have contributed to the development of Indian economy as a whole, leading to higher level of positioning. ITC has consciously adopted CSR practices along with incremental changes in strategies to attain leadership position in competiveness & sustainable business practices which have prepared them to meet challenges of 21stcentury.
ETHICS IN MANAGEMENT
The literal meaning of the term ‘Ethics’ is, “Moral principles that govern a person's or group's behaviour.”
Where as the meaning of the term ‘Management’ is, “The responsibility for and control of a company or similar organization.” Ethics and...
Please join StudyMode to read the full document