Ethics Paper Essay

The role of morality and societal responsibility are resilient to the success of business. This withal is very important to the stakeholders and should be even to a greater extent important to management executives who have to make the decisions on whether to be respectable or unethical. This seems like a no brainer, but top aim officials have the daunting task of making difficult decisions that affects groups involved in the success of the lodge. This paper entrust bring into focus the ethics and friendly responsibility in creating a strategic plan bandage pickings in consideration stakeholder indispensabilitys and agendas.Business ethics is a make of ethics, which examines the ethical principles, and moral problems that occur in a business today. Ethics plays an important role in business today by establishing policies, procedures, and practices when creating a strategic plan. One such policy to have as a driving force for the company is a code of ethics, which outline s how an employee should behave while on the job. Having a code of ethics in place provide not only help employees behavior, but the implementation of strategic plan of guidelines that will take in consideration for stakeholder needs and agendas. kind responsibilities are the responsibilities of private corporations to society that goes beyond that of making a profit. When implementing a new strategic plan you have to take in identify the affects it will have on society as well as the boldness. Strategic decisions influence former(a) entities internally and externally. For instance, a decision to polish size by closing some distribution centers and discontinuing manufactured goods, affects not only the employees, but also the neighborhoods where the plants are located. This also hinders the consumers and suppliers with having no another(prenominal) source for the discontinued products (Wheelen & Hunger, 2010).These types of decisions bring forth questions as to regarding, the a ppropriateness of authentic missions, objectives, and strategies of businesses. Management must be able to come to compromise the deflexion in interests in an ethical manner to formulate a earthy strategic plan to meet the needs of the stakeholders. To answer this question, the corporation whitethorn need to engineer a strategy, which can explicitly articulate the organization with the role of ethics with stakeholders. This requires not only that management a separate picture of the organization key ethical approach but also that it understands the organization societal context, and undertakes stakeholder analysis to identify the issues and duties of each stakeholder (Wheelen & Hunger, 2010, pg.76).While researching an fabrication that continues to overstep its boundaries for stakeholder agendas. Pfizer, the world largest pharmaceutical company has been continually merchandise and selling drugs with unapproved uses. In 2004 Pfizer plead guilty to two felony counts of merch andise a drug for unapproved uses and paid 430 million in fines and penalties (Evans, 2009). United States attorneys office was assured by Pfizer lawyers that they will stop promoting drugs for unauthorized purposes. tailfin years later Pfizer plead guilty again for directing over 100 salespeople to promote Bextra, another unapproved medication. The fine this time was an Americas highest recorded fine ever of 1.19 billion. Since May 2004, Pfizer, Eli Lilly & Co., Bristol-Myers Squibb Co. and four other pharmaceutical companies have paid a total of $7 billion in fines and penalties for merchandising drug for unapproved uses (Evans, 2009).This shows that not only Pfizer, but other pharmaceutical companies are taking the approach of maximizing profits for the sake of stakeholders. In the readings it states that shareholders were unmoved by the actions of the company because each time the company had to gestate out billions in penalties the share price went up (Evans, 2009).This pract ice of marketing and selling unapproved medications have shown how irresponsible, unethical, and socially unaware these companies are. Lives are be mazed or changed forever because of some of the side effects of these medications that are being push by these organizations for a buck. To prevent such heinous acts we need only one of the pharmaceutical giants to step up and implement a strategic plan using more of an ethical approach in producing new drugs to the market. This can be attain by having the research through with(p) well in advance, publically documenting their finding, have more transparent marketing strategies, and making sure that all medications are FDA approve first forrader any distribution of a single pill. Another strategy to modify the industry is by using the input of the stakeholders which can give other alternatives to what route can the industry can use to maximize the benefits for all.In conclusion we can clearly see the importance of roles of ethics and social responsibilities are within an organizations strategic plans. Once a company has put itself in a position to use ethics and society to govern it duties to make sure business is held to a commonplace higher values. Only then will organizations such as Pfizer will understand that its more about the people than the profit. Stakeholders have a pivotal role in the advance of business because each company that have taken notice continues to thrive today even in a recession.